1. Which of the following best defines a fiduciary?
A. A person with financial training
B. A person responsible for another’s property
C. A court judge
D. A real estate broker
CORRECT Answer: B
Explanation: A fiduciary is someone entrusted to manage another person’s
assets, finances, or well-being, acting in their best interest.
2. The Professional Fiduciaries Bureau operates under which California
department?
A. Department of Finance
B. Department of Insurance
C. Department of Consumer Affairs
D. Department of Justice
CORRECT Answer: C
Explanation: The Bureau is part of the California Department of Consumer
Affairs, regulating fiduciaries such as conservators, guardians, and trustees.
3. Which of the following is NOT a role typically performed by a
professional fiduciary?
A. Executor of an estate
B. Guardian of a minor
C. Conservator of a person
D. Defense attorney in probate court
CORRECT Answer: D
,Explanation: Defense attorneys are not fiduciaries. Fiduciary roles include
executors, guardians, conservators, and trustees.
4. To qualify for licensure, a fiduciary must pass which exam?
A. Certified Financial Planner Exam
B. Series 7 Exam
C. California Professional Fiduciary Exam
D. CPA Exam
CORRECT Answer: C
Explanation: A candidate must pass the state-specific California Professional
Fiduciary Exam to be licensed.
5. How often must a fiduciary license be renewed in California?
A. Annually
B. Every 2 years
C. Every 4 years
D. Never
CORRECT Answer: B
Explanation: California fiduciary licenses must be renewed every 2 years,
including completing continuing education.
6. A fiduciary must avoid:
A. Dual representation
B. Personal biases
C. Conflicts of interest
D. All of the above
CORRECT Answer: D
Explanation: A fiduciary must avoid conflicts, maintain neutrality, and act
solely in the best interests of the client.
7. What is the minimum age requirement to apply for a fiduciary license in
California?
A. 18
B. 21
C. 25
D. No minimum
,CORRECT Answer: B
Explanation: Applicants must be at least 21 years old to qualify for a
professional fiduciary license in California.
8. How many hours of pre-licensing education are required for fiduciaries?
A. 15
B. 20
C. 30
D. 40
CORRECT Answer: D
Explanation: A minimum of 30 hours of pre-licensing education is required for
fiduciaries, covering core competencies and ethics.
9. A conservator may be appointed for which purpose?
A. To file taxes for the government
B. To manage a corporation
C. To care for a person unable to manage their affairs
D. To sell real estate only
CORRECT Answer: C
Explanation: Conservators are court-appointed to care for adults who cannot
manage their own personal or financial matters.
10. Which document must be filed to begin conservatorship proceedings?
A. Petition for Guardianship
B. Request for Mediation
C. Petition for Appointment of Probate Conservator
D. Motion to Appear
CORRECT Answer: C
Explanation: The “Petition for Appointment of Probate Conservator” initiates
the legal process for conservatorship.
11. Which type of fiduciary is most commonly involved in managing a
trust?
A. Trustee
B. Executor
C. Public Guardian
, D. Power of Attorney
CORRECT Answer: A
Explanation: A trustee is responsible for administering a trust according to its
terms and the beneficiary's best interest.
12. How long must a fiduciary retain client records?
A. 1 year
B. 3 years
C. 5 years
D. 7 years
CORRECT Answer: C
Explanation: California law typically requires fiduciaries to retain client
records for at least 5 years.
13. What fiduciary duty requires the fiduciary to act with loyalty and
honesty?
A. Duty of Prudence
B. Duty of Loyalty
C. Duty of Reporting
D. Duty of Advocacy
CORRECT Answer: B
Explanation: The duty of loyalty means placing the client’s interests above
personal gain or other parties’ interests.
14. Which term describes the legal authority for someone to act on
another’s behalf in financial matters?
A. Conservatorship
B. Trust
C. Power of Attorney
D. Guardian ad litem
CORRECT Answer: C
Explanation: A Power of Attorney grants someone authority to make financial
decisions for another person.
15. What is a common reason a fiduciary may be removed by a court?
A. Client requests removal
A. A person with financial training
B. A person responsible for another’s property
C. A court judge
D. A real estate broker
CORRECT Answer: B
Explanation: A fiduciary is someone entrusted to manage another person’s
assets, finances, or well-being, acting in their best interest.
2. The Professional Fiduciaries Bureau operates under which California
department?
A. Department of Finance
B. Department of Insurance
C. Department of Consumer Affairs
D. Department of Justice
CORRECT Answer: C
Explanation: The Bureau is part of the California Department of Consumer
Affairs, regulating fiduciaries such as conservators, guardians, and trustees.
3. Which of the following is NOT a role typically performed by a
professional fiduciary?
A. Executor of an estate
B. Guardian of a minor
C. Conservator of a person
D. Defense attorney in probate court
CORRECT Answer: D
,Explanation: Defense attorneys are not fiduciaries. Fiduciary roles include
executors, guardians, conservators, and trustees.
4. To qualify for licensure, a fiduciary must pass which exam?
A. Certified Financial Planner Exam
B. Series 7 Exam
C. California Professional Fiduciary Exam
D. CPA Exam
CORRECT Answer: C
Explanation: A candidate must pass the state-specific California Professional
Fiduciary Exam to be licensed.
5. How often must a fiduciary license be renewed in California?
A. Annually
B. Every 2 years
C. Every 4 years
D. Never
CORRECT Answer: B
Explanation: California fiduciary licenses must be renewed every 2 years,
including completing continuing education.
6. A fiduciary must avoid:
A. Dual representation
B. Personal biases
C. Conflicts of interest
D. All of the above
CORRECT Answer: D
Explanation: A fiduciary must avoid conflicts, maintain neutrality, and act
solely in the best interests of the client.
7. What is the minimum age requirement to apply for a fiduciary license in
California?
A. 18
B. 21
C. 25
D. No minimum
,CORRECT Answer: B
Explanation: Applicants must be at least 21 years old to qualify for a
professional fiduciary license in California.
8. How many hours of pre-licensing education are required for fiduciaries?
A. 15
B. 20
C. 30
D. 40
CORRECT Answer: D
Explanation: A minimum of 30 hours of pre-licensing education is required for
fiduciaries, covering core competencies and ethics.
9. A conservator may be appointed for which purpose?
A. To file taxes for the government
B. To manage a corporation
C. To care for a person unable to manage their affairs
D. To sell real estate only
CORRECT Answer: C
Explanation: Conservators are court-appointed to care for adults who cannot
manage their own personal or financial matters.
10. Which document must be filed to begin conservatorship proceedings?
A. Petition for Guardianship
B. Request for Mediation
C. Petition for Appointment of Probate Conservator
D. Motion to Appear
CORRECT Answer: C
Explanation: The “Petition for Appointment of Probate Conservator” initiates
the legal process for conservatorship.
11. Which type of fiduciary is most commonly involved in managing a
trust?
A. Trustee
B. Executor
C. Public Guardian
, D. Power of Attorney
CORRECT Answer: A
Explanation: A trustee is responsible for administering a trust according to its
terms and the beneficiary's best interest.
12. How long must a fiduciary retain client records?
A. 1 year
B. 3 years
C. 5 years
D. 7 years
CORRECT Answer: C
Explanation: California law typically requires fiduciaries to retain client
records for at least 5 years.
13. What fiduciary duty requires the fiduciary to act with loyalty and
honesty?
A. Duty of Prudence
B. Duty of Loyalty
C. Duty of Reporting
D. Duty of Advocacy
CORRECT Answer: B
Explanation: The duty of loyalty means placing the client’s interests above
personal gain or other parties’ interests.
14. Which term describes the legal authority for someone to act on
another’s behalf in financial matters?
A. Conservatorship
B. Trust
C. Power of Attorney
D. Guardian ad litem
CORRECT Answer: C
Explanation: A Power of Attorney grants someone authority to make financial
decisions for another person.
15. What is a common reason a fiduciary may be removed by a court?
A. Client requests removal
