Fiduciary License AZ Exam Questions and Correct Answers
Question 1
Within how many days is a certificate holder required to notify division staff of a felony conviction?
Correct Answer
10 days
Question 2
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?
Correct Answer
Best Interests
Page 1 of 25
,Question 3
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?
Correct 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)
Question 4
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?
Correct 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)
Page 2 of 25
, Question 5
When must you notify division staff of a misdemeanor or felony conviction?
Correct Answer
A certificate holder shall notify division staff within ten days of a misdemeanor or felony conviction.
Question 6
Change of Name or Address Notification
Correct 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.
Question 7
Conservator
Correct 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)
Question 8
Department Director
Correct Answer
Individual appointed by the governor of Arizona as provided in A.R.S. § 41-604, to administer the Arizona Department of
Veterans' Services
Page 3 of 25
Question 1
Within how many days is a certificate holder required to notify division staff of a felony conviction?
Correct Answer
10 days
Question 2
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?
Correct Answer
Best Interests
Page 1 of 25
,Question 3
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?
Correct 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)
Question 4
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?
Correct 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)
Page 2 of 25
, Question 5
When must you notify division staff of a misdemeanor or felony conviction?
Correct Answer
A certificate holder shall notify division staff within ten days of a misdemeanor or felony conviction.
Question 6
Change of Name or Address Notification
Correct 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.
Question 7
Conservator
Correct 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)
Question 8
Department Director
Correct Answer
Individual appointed by the governor of Arizona as provided in A.R.S. § 41-604, to administer the Arizona Department of
Veterans' Services
Page 3 of 25
