1|Page
CA Fiduciary: Legal and Courts Latest Actual Verified
Exam And Practice Exam With Complete 150
Questions And Correct Detailed Answers|| Newest
Exam!!!
Licensee Kennie Mae's neighbor, Buzz, wants to sell his
house but doesn't want to sign an agency agreement.
Kennie Mae works with Buzz to list and show the property
and negotiate offers. After the property sells, Buzz
discovers that Kennie Mae didn't present all offers to him,
and he sues Kennie Mae. Kennie Mae claims that
because she didn't have an agency agreement with Buzz,
she wasn't required to perform all fiduciary duties. What
legal principle applies here? - Answer-The doctrine of
estoppel keeps Kennie Mae from disavowing the agency
relationship because she provided agency tasks for Buzz.
Which statement is not true about Ethics?
a. Fiduciaries whose license is in good standing with the
Professional Fiduciaries Bureau may be considered as
alternatives to family members by probate judges.
b. An ethical person does the right thing by conforming to
professional standards of conduct.
c. Ethical conduct is considered a "lower" standard of
conduct than a legal standard.
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d. Conservators, both family members and professional
fiduciaries, are expected to adhere to the Professional
Fiduciaries Code of Ethics. - Answer-Everyone appointed
as a conservator, professional or not, must sign and
acknowledge Judicial Council Form GC-348 DUTIES OF
CONSERVATOR AND ACKNOWLEDGEMENT OF
RECEIPT OF CONSERVATORS HANDBOOK. Answer: C
In protecting the conservatee's confidentiality, which of the
following would the conservator not do?
a. Limit information disclosure only to what is necessary
and relevant.
b. Tell the conservatee's ex-wife about his terminal illness.
c. Refuse to discuss information that may be detrimental
to the well-being of the client.
d. Assist the conservatee in communicating sensitive
information. - Answer-The conservator "stands in the
shoes" of the conservatee. Only that information that is in
the best interest of the conservatee should be disclosed.
Answer: B
Which one of the following is an ethical issue for the
conservator?
a. Never exceeding your legal authority.
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b. Taking extra money out of the conservatee's account for
your expenses.
c. Thorough and accurate documentation of your
conservatee's financial matters.
d. Not being influenced by the un-ethical behavior of fellow
professionals. - Answer-It's not your money. Don't touch it.
Expenses for the conservatorship estate should be paid
with estate assets. Conservators who incur out of pocket
expenses must include those in their petition for fees.
Answer: B
In hiring an attorney for the trust, which one of the
following statements would not be a good choice?
a. Hire an attorney with experience in trusts.
b. Get references from friends if you do not know an
experienced trust attorney.
c. Changing an attorney either in a court supervised trust
requires the filing and the court approval of a Substitution
of Attorney.
d. An attorney with experience in real estate would be
suitable. - Answer-Attorneys, like many professionals,
specialize in specific areas of the law. There are very few
general practice attorneys. Answer: D
, 4|Page
The administrative duties of a fiduciary do not include
which statement?
a. Knowledge that, in some instances, the terms of the
trust override the CA Probate Code.
b. Terms of the trust are to be followed explicitly, even if
those terms dictate something illegal.
c. The Court will evaluate your decisions concerning trust
administration.
d. Trust administrator is expected to fulfill their duties using
care, skill and caution. - Answer-When in doubt—
PETITION THE COURT FOR INSTRUCTIONS. Answer: B
Which of the following is the most serious consequence of
treating a customer as a client? - Answer-Breaching your
duty to your actual client
What's the term for someone who has agency
representation with the licensee? - Answer-Client
In which of the following listing agreement terminations is
there LEAST likely to be a penalty for terminating the
agreement? - Answer-The client and agent mutually agree
to terminate the listing.
CA Fiduciary: Legal and Courts Latest Actual Verified
Exam And Practice Exam With Complete 150
Questions And Correct Detailed Answers|| Newest
Exam!!!
Licensee Kennie Mae's neighbor, Buzz, wants to sell his
house but doesn't want to sign an agency agreement.
Kennie Mae works with Buzz to list and show the property
and negotiate offers. After the property sells, Buzz
discovers that Kennie Mae didn't present all offers to him,
and he sues Kennie Mae. Kennie Mae claims that
because she didn't have an agency agreement with Buzz,
she wasn't required to perform all fiduciary duties. What
legal principle applies here? - Answer-The doctrine of
estoppel keeps Kennie Mae from disavowing the agency
relationship because she provided agency tasks for Buzz.
Which statement is not true about Ethics?
a. Fiduciaries whose license is in good standing with the
Professional Fiduciaries Bureau may be considered as
alternatives to family members by probate judges.
b. An ethical person does the right thing by conforming to
professional standards of conduct.
c. Ethical conduct is considered a "lower" standard of
conduct than a legal standard.
,2|Page
d. Conservators, both family members and professional
fiduciaries, are expected to adhere to the Professional
Fiduciaries Code of Ethics. - Answer-Everyone appointed
as a conservator, professional or not, must sign and
acknowledge Judicial Council Form GC-348 DUTIES OF
CONSERVATOR AND ACKNOWLEDGEMENT OF
RECEIPT OF CONSERVATORS HANDBOOK. Answer: C
In protecting the conservatee's confidentiality, which of the
following would the conservator not do?
a. Limit information disclosure only to what is necessary
and relevant.
b. Tell the conservatee's ex-wife about his terminal illness.
c. Refuse to discuss information that may be detrimental
to the well-being of the client.
d. Assist the conservatee in communicating sensitive
information. - Answer-The conservator "stands in the
shoes" of the conservatee. Only that information that is in
the best interest of the conservatee should be disclosed.
Answer: B
Which one of the following is an ethical issue for the
conservator?
a. Never exceeding your legal authority.
,3|Page
b. Taking extra money out of the conservatee's account for
your expenses.
c. Thorough and accurate documentation of your
conservatee's financial matters.
d. Not being influenced by the un-ethical behavior of fellow
professionals. - Answer-It's not your money. Don't touch it.
Expenses for the conservatorship estate should be paid
with estate assets. Conservators who incur out of pocket
expenses must include those in their petition for fees.
Answer: B
In hiring an attorney for the trust, which one of the
following statements would not be a good choice?
a. Hire an attorney with experience in trusts.
b. Get references from friends if you do not know an
experienced trust attorney.
c. Changing an attorney either in a court supervised trust
requires the filing and the court approval of a Substitution
of Attorney.
d. An attorney with experience in real estate would be
suitable. - Answer-Attorneys, like many professionals,
specialize in specific areas of the law. There are very few
general practice attorneys. Answer: D
, 4|Page
The administrative duties of a fiduciary do not include
which statement?
a. Knowledge that, in some instances, the terms of the
trust override the CA Probate Code.
b. Terms of the trust are to be followed explicitly, even if
those terms dictate something illegal.
c. The Court will evaluate your decisions concerning trust
administration.
d. Trust administrator is expected to fulfill their duties using
care, skill and caution. - Answer-When in doubt—
PETITION THE COURT FOR INSTRUCTIONS. Answer: B
Which of the following is the most serious consequence of
treating a customer as a client? - Answer-Breaching your
duty to your actual client
What's the term for someone who has agency
representation with the licensee? - Answer-Client
In which of the following listing agreement terminations is
there LEAST likely to be a penalty for terminating the
agreement? - Answer-The client and agent mutually agree
to terminate the listing.
