PSCI 7310 Trust Concepts, Rights, and Fiduciary Duties: Legal and Ethical Framework

Trust Concepts Rights And Fiduciary Duties

1. Trust involves property held by:

 A. Beneficiary

 B. Trustee

 C. Settlor

 D. Court

Answer: B

2. Trustee holds property for benefit of:

 A. Himself

 B. Beneficiary

 C. Settlor

 D. State

Answer: B

3. Express trust is created by:

 A. Law

 B. Agreement

 C. Prescription

 D. Court

Answer: B

4. Implied trust arises by:

 A. Contract

 B. Operation of law

 C. Donation

 D. Registration

Answer: B

5. Trustee duty includes:

 A. Self benefit

,  B. Loyalty

 C. Profit sharing

 D. Ownership

Answer: B

6. Beneficiary may compel trustee to:

 A. Sell property

 B. Perform obligations

 C. Transfer ownership

 D. Register trust

Answer: B

7. Trust property is separate from:

 A. Trustee assets

 B. Beneficiary assets

 C. Settlor assets

 D. Court property

Answer: A

8. Breach of trust results in:

 A. Criminal liability

 B. Civil liability

 C. Automatic termination

 D. Void trust

Answer: B

9. Trust is extinguished by:

 A. Fulfillment of purpose

 B. Registration

 C. Delay

 D. Court order only