Fiduciary License AZ Latest Exam
Questions and Already Passed Answers
(2025-2026) Set.
Within how many days is a certificate holder required to notify division staff of a felony
conviction? - Answer 10 days
A fiduciary was recently appointed as the guardian for a 10-year-old child who has been
diagnosed as autistic. The client was institutionalized at age three and now resides in a state
facility. The child shows no ability to express his thoughts and displays little emotion most of the
time. What standard should a fiduciary use in making decisions for the client? - Answer Best
Interests
An adult daughter has been residing with her father for the past 11 months. The adult daughter
coordinated medical care after her father was diagnosed with cancer. She paid his bills by
preparing checks for his signature. A fiduciary was appointed and subsequently discovered the
daughter used her father's funds to purchase a new vehicle titled solely in her name. What is
the fiduciary's responsibility in this case? - Answer A. Seek a restraining order against the
daughter to prevent her from visiting her father
B. File a petition with the Attorney General and request prosecution of the daughter C. Have the
daughter declared exempt from inheritance under her father's will
D. Seek recovery and, if necessary, file an action in Superior Court
(Correct D)
During the liquidation of assets, a personal representative places a classified ad in a local
newspaper to sell the jewelry of a decedent. The personal representative's daughter-in-law
responds to the ad with the intent to purchase the jewelry. How should the fiduciary handle this
situation? - Answer A. Decline to sell the jewelry to the daughter-in-law under any
circumstances
B. Suggest the daughter-in-law have a friend purchase the jewelry for her
C. Wait to see if other interested buyers come forward and, if not, sell the jewelry
to the daughter-in-law
D. Have the jewelry appraised by an independent appraiser and sell the jewelry to
the daughter-in-law for the appraised value
(Correct A)
, Change of Name or Address Notification - Answer A certificate holder shall notify division staff
of any change in name or business, directory, mailing or home address, telephone number or
email address within 30 days of any change, pursuant to the applicable sections of the ACJA.
The certificate holder shall make this notice in writing by U.S. Post, facsimile or email.
Conservator - Answer a person who is appointed by a court to manage the estate of a
protected person" as provided in A.R.S. § 14-1201(8)
Department Director - Answer Individual appointed by the governor of Arizona as provided in
A.R.S. § 41-604, to administer the Arizona Department of Veterans' Services
Devise (noun) - Answer A testamentary disposition of real or personal property and, when
used as a verb, means to dispose of real or personal property by will" as provided in A.R.S. § 14-
1201(12)
Devisee - Answer A person designated in a will to receive a devise" as provided in A.R.S. § 14-
1201(13)
Fiduciary - Answer (a) A person who for a fee serves as a court appointed guardian or
conservator for one or more persons who are unrelated to the fiduciary.
(b) A person who for a fee serves as a court appointed personal representative and who is not
related to the decedent, is not nominated in a will or by a power conferred in a will and is not a
devisee in the will.
(c) A public fiduciary appointed pursuant to section 14-5601.
(d) The department of veterans' services.
Financial Institution - Answer A bank that is insured by the federal deposit insurance
corporation and chartered under the laws of the United States or any state, a trust company
owned by a bank holding company that is regulated by the federal reserve board or a trust
company chartered under the laws of the United States or this state.
Foreign Personal Representative - Answer A personal representative appointed by another
jurisdiction" as provided in A.R.S. § 14-1201(19)
Guardian - Answer A person who has qualified as a guardian of a minor or incapacitated
person pursuant to testamentary or court appointment but excludes a person who is merely a
guardian ad litem" as provided in A.R.S. § 14-1201(22)
Questions and Already Passed Answers
(2025-2026) Set.
Within how many days is a certificate holder required to notify division staff of a felony
conviction? - Answer 10 days
A fiduciary was recently appointed as the guardian for a 10-year-old child who has been
diagnosed as autistic. The client was institutionalized at age three and now resides in a state
facility. The child shows no ability to express his thoughts and displays little emotion most of the
time. What standard should a fiduciary use in making decisions for the client? - Answer Best
Interests
An adult daughter has been residing with her father for the past 11 months. The adult daughter
coordinated medical care after her father was diagnosed with cancer. She paid his bills by
preparing checks for his signature. A fiduciary was appointed and subsequently discovered the
daughter used her father's funds to purchase a new vehicle titled solely in her name. What is
the fiduciary's responsibility in this case? - Answer A. Seek a restraining order against the
daughter to prevent her from visiting her father
B. File a petition with the Attorney General and request prosecution of the daughter C. Have the
daughter declared exempt from inheritance under her father's will
D. Seek recovery and, if necessary, file an action in Superior Court
(Correct D)
During the liquidation of assets, a personal representative places a classified ad in a local
newspaper to sell the jewelry of a decedent. The personal representative's daughter-in-law
responds to the ad with the intent to purchase the jewelry. How should the fiduciary handle this
situation? - Answer A. Decline to sell the jewelry to the daughter-in-law under any
circumstances
B. Suggest the daughter-in-law have a friend purchase the jewelry for her
C. Wait to see if other interested buyers come forward and, if not, sell the jewelry
to the daughter-in-law
D. Have the jewelry appraised by an independent appraiser and sell the jewelry to
the daughter-in-law for the appraised value
(Correct A)
, Change of Name or Address Notification - Answer A certificate holder shall notify division staff
of any change in name or business, directory, mailing or home address, telephone number or
email address within 30 days of any change, pursuant to the applicable sections of the ACJA.
The certificate holder shall make this notice in writing by U.S. Post, facsimile or email.
Conservator - Answer a person who is appointed by a court to manage the estate of a
protected person" as provided in A.R.S. § 14-1201(8)
Department Director - Answer Individual appointed by the governor of Arizona as provided in
A.R.S. § 41-604, to administer the Arizona Department of Veterans' Services
Devise (noun) - Answer A testamentary disposition of real or personal property and, when
used as a verb, means to dispose of real or personal property by will" as provided in A.R.S. § 14-
1201(12)
Devisee - Answer A person designated in a will to receive a devise" as provided in A.R.S. § 14-
1201(13)
Fiduciary - Answer (a) A person who for a fee serves as a court appointed guardian or
conservator for one or more persons who are unrelated to the fiduciary.
(b) A person who for a fee serves as a court appointed personal representative and who is not
related to the decedent, is not nominated in a will or by a power conferred in a will and is not a
devisee in the will.
(c) A public fiduciary appointed pursuant to section 14-5601.
(d) The department of veterans' services.
Financial Institution - Answer A bank that is insured by the federal deposit insurance
corporation and chartered under the laws of the United States or any state, a trust company
owned by a bank holding company that is regulated by the federal reserve board or a trust
company chartered under the laws of the United States or this state.
Foreign Personal Representative - Answer A personal representative appointed by another
jurisdiction" as provided in A.R.S. § 14-1201(19)
Guardian - Answer A person who has qualified as a guardian of a minor or incapacitated
person pursuant to testamentary or court appointment but excludes a person who is merely a
guardian ad litem" as provided in A.R.S. § 14-1201(22)
