5/29/25, 8:58 AM Cannon CTFA Prep (2025) ACTUAL EXAM (TESTING REAL EXAM QUESTIONS) AND VERIFIED ANSWERS (MULTIPLE CHOIC…
Cannon CTFA Prep (2025) ACTUAL EXAM
(TESTING REAL EXAM QUESTIONS) AND
VERIFIED ANSWERS (MULTIPLE CHOICES)
|COMPLETE SOLUTIONS |A+ GRADED |100%
CORRECT!!
Save
Terms in this set (140)
https://quizlet.com/1049290989/cannon-ctfa-prep-2025-actual-exam-testing-real-exam-questions-and-verified-answers-multiple-choices-complete-sol… 1/86
,5/29/25, 8:58 AM Cannon CTFA Prep (2025) ACTUAL EXAM (TESTING REAL EXAM QUESTIONS) AND VERIFIED ANSWERS (MULTIPLE CHOIC…
Jean and John Simmons B. $175,000 - or one-half the value
are married and own their
own home as tenants by
entirety. When John dies
the home is valued at
$350,000. How much will
be counted in his gross
taxable estate?
A. None, as it passes
directly to his spouse,
Jean.
B. $175,000 - or one-half
of the value
C. $225,000 - or the full
amount minus the
$125,000 one-time
exclusion for capital gains
on a person residence.
D. $350,000 - the full
amount is includable.
Once a will is properly B. for the state for which it was prepared.
drafted it is valid:
A. in all states.
B. for the state for which it
was prepared.
C. in all states for a period
of 5 years.
D. for the state for which it
was prepared for a period
of 5 years.
https://quizlet.com/1049290989/cannon-ctfa-prep-2025-actual-exam-testing-real-exam-questions-and-verified-answers-multiple-choices-complete-sol… 2/86
,5/29/25, 8:58 AM Cannon CTFA Prep (2025) ACTUAL EXAM (TESTING REAL EXAM QUESTIONS) AND VERIFIED ANSWERS (MULTIPLE CHOIC…
In managing personal C. reasonable income and preservation of capital
trust assets, a trustee including purchasing power
should seek which of the
following?
A. maximum income
B. preservation of capital
C. reasonable income and
preservation of capital,
including purchasing
power
D. maximum income and
reasonable preservation
of capital
A decedent's estate being C. Explain that he may not purchase the car from the
settled by your bank estate.
contains an antique
automobile. One of the
directors of your bank
indicates that he would
like to buy it. You should
do which of the following?
A. Sell it to him at a
bargain price and
befriend him.
B. Have a qualified
appraisal done and offer it
to him at that value.
C. Explain that he may not
purchase the car from the
estate.
D. Arrange for a public
auction at which he may
buy it if he is the highest
bidder.
https://quizlet.com/1049290989/cannon-ctfa-prep-2025-actual-exam-testing-real-exam-questions-and-verified-answers-multiple-choices-complete-sol… 3/86
, 5/29/25, 8:58 AM Cannon CTFA Prep (2025) ACTUAL EXAM (TESTING REAL EXAM QUESTIONS) AND VERIFIED ANSWERS (MULTIPLE CHOIC…
If you hold a rental A. Never
property in an irrevocable
trust, when is it all right to
rent to an employee of
your trust department?
A. Never
B. When the employee
pays fair rent.
C. When the employee
has been with you at least
5 years and can be
trusted.
D. When the employee
has no connection with
the account or
beneficiaries.
Which of the following B. Uniform Gifts to Minors Account
generally may NOT hold
real property?
A. Revocable Living Trusts
trusteed by a corporate
fiduciary.
B. Uniform Gift to Minors
Account
C. 2503(c) Minors Trust
D. Uniform Transfer to
Minors Account
https://quizlet.com/1049290989/cannon-ctfa-prep-2025-actual-exam-testing-real-exam-questions-and-verified-answers-multiple-choices-complete-sol… 4/86
Cannon CTFA Prep (2025) ACTUAL EXAM
(TESTING REAL EXAM QUESTIONS) AND
VERIFIED ANSWERS (MULTIPLE CHOICES)
|COMPLETE SOLUTIONS |A+ GRADED |100%
CORRECT!!
Save
Terms in this set (140)
https://quizlet.com/1049290989/cannon-ctfa-prep-2025-actual-exam-testing-real-exam-questions-and-verified-answers-multiple-choices-complete-sol… 1/86
,5/29/25, 8:58 AM Cannon CTFA Prep (2025) ACTUAL EXAM (TESTING REAL EXAM QUESTIONS) AND VERIFIED ANSWERS (MULTIPLE CHOIC…
Jean and John Simmons B. $175,000 - or one-half the value
are married and own their
own home as tenants by
entirety. When John dies
the home is valued at
$350,000. How much will
be counted in his gross
taxable estate?
A. None, as it passes
directly to his spouse,
Jean.
B. $175,000 - or one-half
of the value
C. $225,000 - or the full
amount minus the
$125,000 one-time
exclusion for capital gains
on a person residence.
D. $350,000 - the full
amount is includable.
Once a will is properly B. for the state for which it was prepared.
drafted it is valid:
A. in all states.
B. for the state for which it
was prepared.
C. in all states for a period
of 5 years.
D. for the state for which it
was prepared for a period
of 5 years.
https://quizlet.com/1049290989/cannon-ctfa-prep-2025-actual-exam-testing-real-exam-questions-and-verified-answers-multiple-choices-complete-sol… 2/86
,5/29/25, 8:58 AM Cannon CTFA Prep (2025) ACTUAL EXAM (TESTING REAL EXAM QUESTIONS) AND VERIFIED ANSWERS (MULTIPLE CHOIC…
In managing personal C. reasonable income and preservation of capital
trust assets, a trustee including purchasing power
should seek which of the
following?
A. maximum income
B. preservation of capital
C. reasonable income and
preservation of capital,
including purchasing
power
D. maximum income and
reasonable preservation
of capital
A decedent's estate being C. Explain that he may not purchase the car from the
settled by your bank estate.
contains an antique
automobile. One of the
directors of your bank
indicates that he would
like to buy it. You should
do which of the following?
A. Sell it to him at a
bargain price and
befriend him.
B. Have a qualified
appraisal done and offer it
to him at that value.
C. Explain that he may not
purchase the car from the
estate.
D. Arrange for a public
auction at which he may
buy it if he is the highest
bidder.
https://quizlet.com/1049290989/cannon-ctfa-prep-2025-actual-exam-testing-real-exam-questions-and-verified-answers-multiple-choices-complete-sol… 3/86
, 5/29/25, 8:58 AM Cannon CTFA Prep (2025) ACTUAL EXAM (TESTING REAL EXAM QUESTIONS) AND VERIFIED ANSWERS (MULTIPLE CHOIC…
If you hold a rental A. Never
property in an irrevocable
trust, when is it all right to
rent to an employee of
your trust department?
A. Never
B. When the employee
pays fair rent.
C. When the employee
has been with you at least
5 years and can be
trusted.
D. When the employee
has no connection with
the account or
beneficiaries.
Which of the following B. Uniform Gifts to Minors Account
generally may NOT hold
real property?
A. Revocable Living Trusts
trusteed by a corporate
fiduciary.
B. Uniform Gift to Minors
Account
C. 2503(c) Minors Trust
D. Uniform Transfer to
Minors Account
https://quizlet.com/1049290989/cannon-ctfa-prep-2025-actual-exam-testing-real-exam-questions-and-verified-answers-multiple-choices-complete-sol… 4/86
