Cannon Trust School I Exam 2025/2026 –
Certified Questions, Verified Correct Answers &
Detailed Explanations
Terms in this set (164)
Your client owns a $200,000 home in $23,000
joint tenancy, a $15,000 car in his own
name, an $8,000 CD in his name
alone, and a $100,000-life insurance
policy with a cash value of $10,000,
payable to his wife. What is the value
of his probate estate?
- $23,000
- $33,000
- $223,000
- $333,000
,A simple trust earned $27,000 in $25,000
dividends. It paid $4,000 in trustee
fees, one-half
from income and one-half from
principal. Trust accounting income is
which of the following?
- $0
- $23,000
- $25,000
- $27,000
If the Trust Document is silent with Principal and Income Law of the State
respect to a certain cash transaction,
the Trust Administrator should first
look to which of the following for
guidance?
- Court of Jurisdiction
- Principal and Income Law of the
State
- Grantor
- OCC
,When determining a long-term 3-5%
sustainable rate of return for a
unitrust payout, which of the
following best represents the range
of high confidence payout
percentages?
- 1-2%
- 2-3%
- 3-5%
- 120% of the federal midterm rate
Which of the following is an example Gold bar
of tangible personal property?
- Gold bar
- Common stock certificate
- Patent
- Vacant land
Which of the following is an example Jewelry
of tangible personal property?
- Family residence
- IBM stock
- Jewelry
- Rental house
A to B for life, then to C. Following C has a remainder interest.
this transfer, which of the following is
true?
- A has a fee simple interest.
- B has a reversionary interest.
- C has a remainder interest.
- C has a life estate.
, Under joint tenants with rights of Her share passes to the surviving joint tenant
survivorship, when one tenant dies regardless of what her will says.
which of the following best
describes the result?
- Her share passes through her will
to her heirs.
- Her share passes by law to her
heirs, not through her will.
- Her share passes to the surviving
joint tenant regardless of what her
will says.
- The asset must be sold and the
estate gets 1/2 of the proceeds.
A decedent owns $400,000 in his $400,000
own name, a $200,000 home in joint
tenancy with his spouse and a
$100,000 life insurance policy with
the children as beneficiaries. Which
of the following is the amount
passing through probate?
- 0.
- $400,000.
- $500,000.
- $700,000.
Certified Questions, Verified Correct Answers &
Detailed Explanations
Terms in this set (164)
Your client owns a $200,000 home in $23,000
joint tenancy, a $15,000 car in his own
name, an $8,000 CD in his name
alone, and a $100,000-life insurance
policy with a cash value of $10,000,
payable to his wife. What is the value
of his probate estate?
- $23,000
- $33,000
- $223,000
- $333,000
,A simple trust earned $27,000 in $25,000
dividends. It paid $4,000 in trustee
fees, one-half
from income and one-half from
principal. Trust accounting income is
which of the following?
- $0
- $23,000
- $25,000
- $27,000
If the Trust Document is silent with Principal and Income Law of the State
respect to a certain cash transaction,
the Trust Administrator should first
look to which of the following for
guidance?
- Court of Jurisdiction
- Principal and Income Law of the
State
- Grantor
- OCC
,When determining a long-term 3-5%
sustainable rate of return for a
unitrust payout, which of the
following best represents the range
of high confidence payout
percentages?
- 1-2%
- 2-3%
- 3-5%
- 120% of the federal midterm rate
Which of the following is an example Gold bar
of tangible personal property?
- Gold bar
- Common stock certificate
- Patent
- Vacant land
Which of the following is an example Jewelry
of tangible personal property?
- Family residence
- IBM stock
- Jewelry
- Rental house
A to B for life, then to C. Following C has a remainder interest.
this transfer, which of the following is
true?
- A has a fee simple interest.
- B has a reversionary interest.
- C has a remainder interest.
- C has a life estate.
, Under joint tenants with rights of Her share passes to the surviving joint tenant
survivorship, when one tenant dies regardless of what her will says.
which of the following best
describes the result?
- Her share passes through her will
to her heirs.
- Her share passes by law to her
heirs, not through her will.
- Her share passes to the surviving
joint tenant regardless of what her
will says.
- The asset must be sold and the
estate gets 1/2 of the proceeds.
A decedent owns $400,000 in his $400,000
own name, a $200,000 home in joint
tenancy with his spouse and a
$100,000 life insurance policy with
the children as beneficiaries. Which
of the following is the amount
passing through probate?
- 0.
- $400,000.
- $500,000.
- $700,000.
