Fiduciary License AZ Latest Actual Exam And
Practice Exam With Complete 150 Questions And
Correct Detailed Answers| Brand New Version!
Within how many days is a certificate holder required to notify division
staff of a felony conviction? - ANSWER-10 days
A fiduciary was recently appointed as the guardian for a 10-year-old
child who has been diagnosed as autistic. The client was
institutionalized at age three and now resides in a state facility. The
child shows no ability to express his thoughts and displays little emotion
most of the time. What standard should a fiduciary use in making
decisions for the client? - ANSWER-Best Interests
An adult daughter has been residing with her father for the past 11
months. The adult daughter coordinated medical care after her father
was diagnosed with cancer. She paid his bills by preparing checks for his
signature. A fiduciary was appointed and subsequently discovered the
daughter used her father's funds to purchase a new vehicle titled solely
in her name. What is the fiduciary's responsibility in this case? -
ANSWER-A. Seek a restraining order against the daughter to prevent
her from visiting her father
B. File a petition with the Attorney General and request prosecution of
the daughter C. Have the daughter declared exempt from inheritance
under her father's will
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,D. Seek recovery and, if necessary, file an action in Superior Court
(Correct D)
During the liquidation of assets, a personal representative places a
classified ad in a local newspaper to sell the jewelry of a decedent. The
personal representative's daughter-in-law responds to the ad with the
intent to purchase the jewelry. How should the fiduciary handle this
situation? - ANSWER-A. Decline to sell the jewelry to the daughter-in-
law under any circumstances
B. Suggest the daughter-in-law have a friend purchase the jewelry for
her
C. Wait to see if other interested buyers come forward and, if not, sell
the jewelry
to the daughter-in-law
D. Have the jewelry appraised by an independent appraiser and sell the
jewelry to
the daughter-in-law for the appraised value
(Correct A)
When must you notify division staff of a misdemeanor or felony
conviction? - ANSWER-A certificate holder shall notify division staff
within ten days of a misdemeanor or felony conviction.
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, Change of Name or Address Notification - ANSWER-A certificate holder
shall notify division staff of any change in name or business, directory,
mailing or home address, telephone number or email address within 30
days of any change, pursuant to the applicable sections of the ACJA. The
certificate holder shall make this notice in writing by U.S. Post, facsimile
or email.
Conservator - ANSWER-a person who is appointed by a court to manage
the estate of a protected person" as provided in A.R.S. § 14-1201(8)
Department Director - ANSWER-Individual appointed by the governor of
Arizona as provided in A.R.S. § 41-604, to administer the Arizona
Department of Veterans' Services
Devise (noun) - ANSWER-A testamentary disposition of real or personal
property and, when used as a verb, means to dispose of real or
personal property by will" as provided in A.R.S. § 14-1201(12)
Devisee - ANSWER-A person designated in a will to receive a devise" as
provided in A.R.S. § 14-1201(13)
Fiduciary - ANSWER-(a) A person who for a fee serves as a court
appointed guardian or conservator for one or more persons who are
unrelated to the fiduciary.
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Practice Exam With Complete 150 Questions And
Correct Detailed Answers| Brand New Version!
Within how many days is a certificate holder required to notify division
staff of a felony conviction? - ANSWER-10 days
A fiduciary was recently appointed as the guardian for a 10-year-old
child who has been diagnosed as autistic. The client was
institutionalized at age three and now resides in a state facility. The
child shows no ability to express his thoughts and displays little emotion
most of the time. What standard should a fiduciary use in making
decisions for the client? - ANSWER-Best Interests
An adult daughter has been residing with her father for the past 11
months. The adult daughter coordinated medical care after her father
was diagnosed with cancer. She paid his bills by preparing checks for his
signature. A fiduciary was appointed and subsequently discovered the
daughter used her father's funds to purchase a new vehicle titled solely
in her name. What is the fiduciary's responsibility in this case? -
ANSWER-A. Seek a restraining order against the daughter to prevent
her from visiting her father
B. File a petition with the Attorney General and request prosecution of
the daughter C. Have the daughter declared exempt from inheritance
under her father's will
1|Page
,D. Seek recovery and, if necessary, file an action in Superior Court
(Correct D)
During the liquidation of assets, a personal representative places a
classified ad in a local newspaper to sell the jewelry of a decedent. The
personal representative's daughter-in-law responds to the ad with the
intent to purchase the jewelry. How should the fiduciary handle this
situation? - ANSWER-A. Decline to sell the jewelry to the daughter-in-
law under any circumstances
B. Suggest the daughter-in-law have a friend purchase the jewelry for
her
C. Wait to see if other interested buyers come forward and, if not, sell
the jewelry
to the daughter-in-law
D. Have the jewelry appraised by an independent appraiser and sell the
jewelry to
the daughter-in-law for the appraised value
(Correct A)
When must you notify division staff of a misdemeanor or felony
conviction? - ANSWER-A certificate holder shall notify division staff
within ten days of a misdemeanor or felony conviction.
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, Change of Name or Address Notification - ANSWER-A certificate holder
shall notify division staff of any change in name or business, directory,
mailing or home address, telephone number or email address within 30
days of any change, pursuant to the applicable sections of the ACJA. The
certificate holder shall make this notice in writing by U.S. Post, facsimile
or email.
Conservator - ANSWER-a person who is appointed by a court to manage
the estate of a protected person" as provided in A.R.S. § 14-1201(8)
Department Director - ANSWER-Individual appointed by the governor of
Arizona as provided in A.R.S. § 41-604, to administer the Arizona
Department of Veterans' Services
Devise (noun) - ANSWER-A testamentary disposition of real or personal
property and, when used as a verb, means to dispose of real or
personal property by will" as provided in A.R.S. § 14-1201(12)
Devisee - ANSWER-A person designated in a will to receive a devise" as
provided in A.R.S. § 14-1201(13)
Fiduciary - ANSWER-(a) A person who for a fee serves as a court
appointed guardian or conservator for one or more persons who are
unrelated to the fiduciary.
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