Professional Florida
Guardianship State Exam
Complete Questions and Correct
Solutions ||A+ Graded
1) Guardian is charged with marshaling the wards assets. This means
that a guardian must - ANSWER ✔ Locate and take control of the
assets.
2) When preparing the initial inventory, the guardian should list the
value of an asset as to what date? - ANSWER ✔ Guardianship
inception date/GID
3) Intangible assets are - ANSWER ✔ Stocks/bonds, barrier bonds,
life insurance, loans and prepaid funerals.
4) A prepaid cremation or funeral is considered an asset of the ward -
ANSWER ✔ True
5) An audit fee of $85 must be paid to the clerk of the court if the
value of the wards estate is $25,000 or more as listed on the initial
inventory - ANSWER ✔ True
,6) How many days after the guardianship inception date must the
initial inventory be filed with the court? - ANSWER ✔ 60 days
7) Three ways to obtain the value of the wards real property -
ANSWER ✔ Formal appraisal, realtors market analysis, or tax
assessed value
8) Examples of documentation that should be attached to the initial
inventory Are - ANSWER ✔ Bank statements, appraisals or proof
of value of real property, investment account statements, trust
documents.
9) Florida statutes require that information regarding a trust created
for the ward prior to the guardianship be included in the inventory.
- ANSWER ✔ True.
10) Accordion could be sued by the wards air FX thing that he or
she was true prudent. - ANSWER ✔ True
11) Investments considered to be of minimum risk include -
ANSWER ✔ Savings account, money market accounts, mutual
funds and US treasury notes, certificates of deposit, or tax exempt
mutual funds and bonds.
12) Ancillary property means that the property is located -
ANSWER ✔ In another state
, 13) Credentials to look for when selecting a financial advisor are
- ANSWER ✔ Certified financial planner/CFP, registered
investment advisor/or IEA, chartered financial advisor/CHFC,
international Association of financial planner/IAFP, or a member
of the registry a financial advisors.
14) Guardian must get court approval to sell awards assets when?
- ANSWER ✔ Always
15) Guardian may do some things with the wards money without
the courtapproval. - ANSWER ✔ Checking accounts, savings
accounts, money market accounts, or certificates of deposit.
16) The prudent investor rule is a test of - ANSWER ✔ Conduct
and not performance results.
17) Investments considered a very high risks are collectibles, raw
land, or precious metals. - ANSWER ✔ True
18) For financial planning needs what might a guardian utilize to
determine how long the ward might live? - ANSWER ✔ Life
expectancy chart/tables
19) As a rule, the safer the investment is, the lower the return will
be. - ANSWER ✔ True
Guardianship State Exam
Complete Questions and Correct
Solutions ||A+ Graded
1) Guardian is charged with marshaling the wards assets. This means
that a guardian must - ANSWER ✔ Locate and take control of the
assets.
2) When preparing the initial inventory, the guardian should list the
value of an asset as to what date? - ANSWER ✔ Guardianship
inception date/GID
3) Intangible assets are - ANSWER ✔ Stocks/bonds, barrier bonds,
life insurance, loans and prepaid funerals.
4) A prepaid cremation or funeral is considered an asset of the ward -
ANSWER ✔ True
5) An audit fee of $85 must be paid to the clerk of the court if the
value of the wards estate is $25,000 or more as listed on the initial
inventory - ANSWER ✔ True
,6) How many days after the guardianship inception date must the
initial inventory be filed with the court? - ANSWER ✔ 60 days
7) Three ways to obtain the value of the wards real property -
ANSWER ✔ Formal appraisal, realtors market analysis, or tax
assessed value
8) Examples of documentation that should be attached to the initial
inventory Are - ANSWER ✔ Bank statements, appraisals or proof
of value of real property, investment account statements, trust
documents.
9) Florida statutes require that information regarding a trust created
for the ward prior to the guardianship be included in the inventory.
- ANSWER ✔ True.
10) Accordion could be sued by the wards air FX thing that he or
she was true prudent. - ANSWER ✔ True
11) Investments considered to be of minimum risk include -
ANSWER ✔ Savings account, money market accounts, mutual
funds and US treasury notes, certificates of deposit, or tax exempt
mutual funds and bonds.
12) Ancillary property means that the property is located -
ANSWER ✔ In another state
, 13) Credentials to look for when selecting a financial advisor are
- ANSWER ✔ Certified financial planner/CFP, registered
investment advisor/or IEA, chartered financial advisor/CHFC,
international Association of financial planner/IAFP, or a member
of the registry a financial advisors.
14) Guardian must get court approval to sell awards assets when?
- ANSWER ✔ Always
15) Guardian may do some things with the wards money without
the courtapproval. - ANSWER ✔ Checking accounts, savings
accounts, money market accounts, or certificates of deposit.
16) The prudent investor rule is a test of - ANSWER ✔ Conduct
and not performance results.
17) Investments considered a very high risks are collectibles, raw
land, or precious metals. - ANSWER ✔ True
18) For financial planning needs what might a guardian utilize to
determine how long the ward might live? - ANSWER ✔ Life
expectancy chart/tables
19) As a rule, the safer the investment is, the lower the return will
be. - ANSWER ✔ True
