Cannon Fundamentals Exam Questions With
Correct Answers 2026 Rated A+
In the Independence phase of the Life Cycle, which of the following is most likely to happen?
A: get an education
B: change jobs
C: begin financial planning
D: prepare for retirement - CORRECT ANSWER -A: get an education
Which business line is related to the management of a stock's registered owners or managing
the flow of funds in a bond issuance to raise capital for a new venture?
A: Personal Trust Services
B: Corporate Trust Services
C: Retirement Plan Services
D: Trust Department Services - CORRECT ANSWER -B: Corporate Trust Services
Which of the following statements does not describe trustees:
A: The trustee is the individual or corporation that has been granted control and power of
administration of the property transferred to the trust.
B: The trustee has the legal obligation to administer the trust based on the instructions within
the document for the sole benefit of the beneficiaries.
C: In some trusts, there may be multiple trustees.
,D: A trustee is the person or institution that makes the gift of assets or other p - CORRECT
ANSWER -D: A trustee is the person or institution that makes the gift of assets or other property
into the trust.
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B."
Will A or B receive the Decedent's automobile? - CORRECT ANSWER -A will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's residence? - CORRECT ANSWER -B will
receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's furniture & furnishing? - CORRECT
ANSWER -A will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B."
Will A or B receive the Decedent's bank account? - CORRECT ANSWER -B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's brokerage account? - CORRECT ANSWER -
B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's rental property? - CORRECT ANSWER -B
will receive
,A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's bicycle? - CORRECT ANSWER -A will
receive
Which of the following is an example of tangible personal property?
A.Family Residence
B.IBM Stock
C.Jewelry
D.Rental House - CORRECT ANSWER -C. Jewelry
Property such as trees or shrubbery purchased at a nursery become:
A.Real property when they are planted
B.Tangible property when they are sold
C.Real property when they are bought
D.Tangible property when they are possessed - CORRECT ANSWER -A: real property when they
are planted
A property comprised of land and everything attached to the land, including minerals such as
oil, iron ore, and others is known as:
A.Tangible personal property
B.Intangible personal property
C.Real property
D.Personal property - CORRECT ANSWER -C. real property
, Determine the result of the transfer for the following question.
A to B. Which of the following is true following this transfer?
A.B has a fee simple interest
B.B has a joint interest
C.A has a future interest
D.B has no interest in the property - CORRECT ANSWER -A. B has a fee simple interest
Determine the result of the transfer for the following question.
A to B for life and then to C. Which of the following is true following this transfer?
A.B has a fee simple determinable interest, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a life estate, C has a remainder interest
D.B has a fee simple determinable interest, C has a fee simple interest - CORRECT ANSWER -C. B
has a life estate, C has a remainder interest
Determine the result of the transfer for the following question.
A to B for 10 years and then to C. Which of the following is true following this transfer?
A.B has an estate for years, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a determinable interest, A has a reversionary interest
D.C has a reminder interest; A retains a life estate - CORRECT ANSWER -A. B has an estate for
years, C has a remainder interest
Correct Answers 2026 Rated A+
In the Independence phase of the Life Cycle, which of the following is most likely to happen?
A: get an education
B: change jobs
C: begin financial planning
D: prepare for retirement - CORRECT ANSWER -A: get an education
Which business line is related to the management of a stock's registered owners or managing
the flow of funds in a bond issuance to raise capital for a new venture?
A: Personal Trust Services
B: Corporate Trust Services
C: Retirement Plan Services
D: Trust Department Services - CORRECT ANSWER -B: Corporate Trust Services
Which of the following statements does not describe trustees:
A: The trustee is the individual or corporation that has been granted control and power of
administration of the property transferred to the trust.
B: The trustee has the legal obligation to administer the trust based on the instructions within
the document for the sole benefit of the beneficiaries.
C: In some trusts, there may be multiple trustees.
,D: A trustee is the person or institution that makes the gift of assets or other p - CORRECT
ANSWER -D: A trustee is the person or institution that makes the gift of assets or other property
into the trust.
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B."
Will A or B receive the Decedent's automobile? - CORRECT ANSWER -A will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's residence? - CORRECT ANSWER -B will
receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's furniture & furnishing? - CORRECT
ANSWER -A will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B."
Will A or B receive the Decedent's bank account? - CORRECT ANSWER -B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's brokerage account? - CORRECT ANSWER -
B will receive
A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's rental property? - CORRECT ANSWER -B
will receive
,A decedent's (D) Will states "All of my tangible personal property to A and the rest and residue
of my estate to B." Will A or B receive the Decedent's bicycle? - CORRECT ANSWER -A will
receive
Which of the following is an example of tangible personal property?
A.Family Residence
B.IBM Stock
C.Jewelry
D.Rental House - CORRECT ANSWER -C. Jewelry
Property such as trees or shrubbery purchased at a nursery become:
A.Real property when they are planted
B.Tangible property when they are sold
C.Real property when they are bought
D.Tangible property when they are possessed - CORRECT ANSWER -A: real property when they
are planted
A property comprised of land and everything attached to the land, including minerals such as
oil, iron ore, and others is known as:
A.Tangible personal property
B.Intangible personal property
C.Real property
D.Personal property - CORRECT ANSWER -C. real property
, Determine the result of the transfer for the following question.
A to B. Which of the following is true following this transfer?
A.B has a fee simple interest
B.B has a joint interest
C.A has a future interest
D.B has no interest in the property - CORRECT ANSWER -A. B has a fee simple interest
Determine the result of the transfer for the following question.
A to B for life and then to C. Which of the following is true following this transfer?
A.B has a fee simple determinable interest, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a life estate, C has a remainder interest
D.B has a fee simple determinable interest, C has a fee simple interest - CORRECT ANSWER -C. B
has a life estate, C has a remainder interest
Determine the result of the transfer for the following question.
A to B for 10 years and then to C. Which of the following is true following this transfer?
A.B has an estate for years, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a determinable interest, A has a reversionary interest
D.C has a reminder interest; A retains a life estate - CORRECT ANSWER -A. B has an estate for
years, C has a remainder interest
