CANNON FUNDAMENTALS EXAM
QUESTIONS AND ANSWERS 100% PASS.
In the Independence phase of the Life Cycle, which of the following is most likely to happen?
A: get an education
B: change jobs
C: begin financial planning
D: prepare for retirement - ANS A: get an education
Which business line is related to the management of a stock's registered owners or managing
the flow of funds in a bond issuance to raise capital for a new venture?
A: Personal Trust Services
B: Corporate Trust Services
C: Retirement Plan Services
D: Trust Department Services - ANS B: Corporate Trust Services
Which of the following statements does not describe trustees:
A: The trustee is the individual or corporation that has been granted control and power of
administration of the property transferred to the trust.
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,B: The trustee has the legal obligation to administer the trust based on the instructions within
the document for the sole benefit of the beneficiaries.
C: In some trusts, there may be multiple trustees.
D: A trustee is the person or institution that makes the gift of assets or other p - ANS D: A
trustee is the person or institution that makes the gift of assets or other property into the trust.
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B."
Will A or B receive the Decedent's automobile? - ANS A will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's residence? - ANS B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's furniture & furnishing? - ANS A will
receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B."
Will A or B receive the Decedent's bank account? - ANS B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's brokerage account? - ANS B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's rental property? - ANS B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's bicycle? - ANS A will receive
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,Which of the following is an example of tangible personal property?
A.Family Residence
B.IBM Stock
C.Jewelry
D.Rental House - ANS C. Jewelry
Property such as trees or shrubbery purchased at a nursery become:
A.Real property when they are planted
B.Tangible property when they are sold
C.Real property when they are bought
D.Tangible property when they are possessed - ANS A: real property when they are planted
A property comprised of land and everything attached to the land, including minerals such as
oil, iron ore, and others is known as:
A.Tangible personal property
B.Intangible personal property
C.Real property
D.Personal property - ANS C. real property
Determine the result of the transfer for the following question.
A to B. Which of the following is true following this transfer?
A.B has a fee simple interest
B.B has a joint interest
C.A has a future interest
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, D.B has no interest in the property - ANS A. B has a fee simple interest
Determine the result of the transfer for the following question.
A to B for life and then to C. Which of the following is true following this transfer?
A.B has a fee simple determinable interest, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a life estate, C has a remainder interest
D.B has a fee simple determinable interest, C has a fee simple interest - ANS C. B has a life
estate, C has a remainder interest
Determine the result of the transfer for the following question.
A to B for 10 years and then to C. Which of the following is true following this transfer?
A.B has an estate for years, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a determinable interest, A has a reversionary interest
D.C has a reminder interest; A retains a life estate - ANS A. B has an estate for years, C has a
remainder interest
Determine the result of the transfer for the following question.
A to B as long as B is found drug-free in annual tests. Which of the following is true following
this transfer?
A.B has a fee simple interest
B.B has a determinable interest subject to a condition
C.B has a remainder interest
D.B has a life estate - ANS B. B has a determinable interest subject to a condition
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QUESTIONS AND ANSWERS 100% PASS.
In the Independence phase of the Life Cycle, which of the following is most likely to happen?
A: get an education
B: change jobs
C: begin financial planning
D: prepare for retirement - ANS A: get an education
Which business line is related to the management of a stock's registered owners or managing
the flow of funds in a bond issuance to raise capital for a new venture?
A: Personal Trust Services
B: Corporate Trust Services
C: Retirement Plan Services
D: Trust Department Services - ANS B: Corporate Trust Services
Which of the following statements does not describe trustees:
A: The trustee is the individual or corporation that has been granted control and power of
administration of the property transferred to the trust.
2026 STUDY MATERIAL @COPYRIGHT RESERVED 1
,B: The trustee has the legal obligation to administer the trust based on the instructions within
the document for the sole benefit of the beneficiaries.
C: In some trusts, there may be multiple trustees.
D: A trustee is the person or institution that makes the gift of assets or other p - ANS D: A
trustee is the person or institution that makes the gift of assets or other property into the trust.
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B."
Will A or B receive the Decedent's automobile? - ANS A will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's residence? - ANS B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's furniture & furnishing? - ANS A will
receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B."
Will A or B receive the Decedent's bank account? - ANS B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's brokerage account? - ANS B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's rental property? - ANS B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's bicycle? - ANS A will receive
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,Which of the following is an example of tangible personal property?
A.Family Residence
B.IBM Stock
C.Jewelry
D.Rental House - ANS C. Jewelry
Property such as trees or shrubbery purchased at a nursery become:
A.Real property when they are planted
B.Tangible property when they are sold
C.Real property when they are bought
D.Tangible property when they are possessed - ANS A: real property when they are planted
A property comprised of land and everything attached to the land, including minerals such as
oil, iron ore, and others is known as:
A.Tangible personal property
B.Intangible personal property
C.Real property
D.Personal property - ANS C. real property
Determine the result of the transfer for the following question.
A to B. Which of the following is true following this transfer?
A.B has a fee simple interest
B.B has a joint interest
C.A has a future interest
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, D.B has no interest in the property - ANS A. B has a fee simple interest
Determine the result of the transfer for the following question.
A to B for life and then to C. Which of the following is true following this transfer?
A.B has a fee simple determinable interest, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a life estate, C has a remainder interest
D.B has a fee simple determinable interest, C has a fee simple interest - ANS C. B has a life
estate, C has a remainder interest
Determine the result of the transfer for the following question.
A to B for 10 years and then to C. Which of the following is true following this transfer?
A.B has an estate for years, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a determinable interest, A has a reversionary interest
D.C has a reminder interest; A retains a life estate - ANS A. B has an estate for years, C has a
remainder interest
Determine the result of the transfer for the following question.
A to B as long as B is found drug-free in annual tests. Which of the following is true following
this transfer?
A.B has a fee simple interest
B.B has a determinable interest subject to a condition
C.B has a remainder interest
D.B has a life estate - ANS B. B has a determinable interest subject to a condition
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