CRPC PRACTICE EXAM LATEST 2024-2025 QUESTIONS
AND CORRECT ANSWERS WITH RATIONALES|ALREADY
GRADED A+
All of the following are ways that a person can voluntarily
transfer estate assets to another person or entity at death
except
A)
by will substitute.
B)
transfer on death (T.O.D.).
C)
by probate.
D)
by gift. - ANSWER-D
Which one of the following statements regarding Henry, who
recently married for the first time, is correct?
A)
In a community property state, any property Henry owns at
death will go to his spouse by right of survivorship.
B)
,Items received by a gift or inheritance during the marriage
are considered community property.
C)
In a community property state, Henry's spouse is deemed to
have a vested 50% interest in all of the property Henry owned
at the time of the marriage.
D)
In a community property state, Henry's earnings from his job
subsequent to the date of his marriage will be considered
community property. - ANSWER-D
Which one of the following statements regarding different
forms of property co-ownership is correct?
A)
Joint tenancy with right of survivorship (JTWROS), tenancy by
the entirety (TBE), and community property (CP) are all forms
of co-ownership that can be used by a husband and wife.
B)
JTWROS, TBE, and tenancy in common are all forms of co-
ownership that require the consent of other co-owners
before an owner can sell his or her interest in the asset.
C)
Payable on death (P.O.D.) and transfer on death (T.O.D.)
designations are completed gifts that give the named person
,the right to handle the account while the original owner is
alive.
D)
JTWROS, TBE, and CP are all forms of co-ownership that do
not require a probate proceeding when one tenant dies. -
ANSWER-A
Which one of the following actions would probably not
constitute the unauthorized practice of law by a non-attorney
financial planner?
A)
drafting a power of attorney for a client
B)
representing another person in court
C)
telling a client that property titled in joint tenancy with right
of survivorship will pass outside of probate at his or her
death, but that community property will be included in the
deceased's probate estate
D)
advising a client to conduct business as a partnership rather
than a corporation - ANSWER-C
, The continuing evolution of investment advice and the
regulation surrounding it will most likely lead to
A)
decreased client expectations of advisers and fees will stay
about the same.
B)
less and less government involvement with the financial
services industry.
C)
increased client expectations of advisers and downward
pressure on fees.
D)
minimal impact on client expectations of advisers or on any
fees being charged. - ANSWER-C
Homer and Marge are married. Homer died this year at age
66. Marge is his sole beneficiary for his IRA. What is/are
Marge's option(s) for handling the required minimum
distributions (RMDs) from his IRA assets?
I.Marge must begin distributions in the year following the
year Homer died.
II.Marge can move Homer's account into her previously
existing IRA. She will not be subject to RMDs until she
reaches age 72.
AND CORRECT ANSWERS WITH RATIONALES|ALREADY
GRADED A+
All of the following are ways that a person can voluntarily
transfer estate assets to another person or entity at death
except
A)
by will substitute.
B)
transfer on death (T.O.D.).
C)
by probate.
D)
by gift. - ANSWER-D
Which one of the following statements regarding Henry, who
recently married for the first time, is correct?
A)
In a community property state, any property Henry owns at
death will go to his spouse by right of survivorship.
B)
,Items received by a gift or inheritance during the marriage
are considered community property.
C)
In a community property state, Henry's spouse is deemed to
have a vested 50% interest in all of the property Henry owned
at the time of the marriage.
D)
In a community property state, Henry's earnings from his job
subsequent to the date of his marriage will be considered
community property. - ANSWER-D
Which one of the following statements regarding different
forms of property co-ownership is correct?
A)
Joint tenancy with right of survivorship (JTWROS), tenancy by
the entirety (TBE), and community property (CP) are all forms
of co-ownership that can be used by a husband and wife.
B)
JTWROS, TBE, and tenancy in common are all forms of co-
ownership that require the consent of other co-owners
before an owner can sell his or her interest in the asset.
C)
Payable on death (P.O.D.) and transfer on death (T.O.D.)
designations are completed gifts that give the named person
,the right to handle the account while the original owner is
alive.
D)
JTWROS, TBE, and CP are all forms of co-ownership that do
not require a probate proceeding when one tenant dies. -
ANSWER-A
Which one of the following actions would probably not
constitute the unauthorized practice of law by a non-attorney
financial planner?
A)
drafting a power of attorney for a client
B)
representing another person in court
C)
telling a client that property titled in joint tenancy with right
of survivorship will pass outside of probate at his or her
death, but that community property will be included in the
deceased's probate estate
D)
advising a client to conduct business as a partnership rather
than a corporation - ANSWER-C
, The continuing evolution of investment advice and the
regulation surrounding it will most likely lead to
A)
decreased client expectations of advisers and fees will stay
about the same.
B)
less and less government involvement with the financial
services industry.
C)
increased client expectations of advisers and downward
pressure on fees.
D)
minimal impact on client expectations of advisers or on any
fees being charged. - ANSWER-C
Homer and Marge are married. Homer died this year at age
66. Marge is his sole beneficiary for his IRA. What is/are
Marge's option(s) for handling the required minimum
distributions (RMDs) from his IRA assets?
I.Marge must begin distributions in the year following the
year Homer died.
II.Marge can move Homer's account into her previously
existing IRA. She will not be subject to RMDs until she
reaches age 72.
