Cannon Trust School III Final Exam Review Questions And Answers 2025 2026 Guaranteed A+
All of the following are considered fiduciaries under OCC
Regulation 9, EXCEPT:
A. trustee.
B. executor/personal representative.
C. investment advisor in an agency account.
D. custodian with no investment discretion. - CORRECT ANSWER-
D. custodian with no investment discretion.
Your bank is sole trustee of a credit shelter trust. The trust
portfolio is invested in a diversified portfolio of domestic stocks
and bonds. The current beneficiary requests that the trustee
delegate a portion of its investment management responsibility to
a recognized third-party advisor who specializes in international
investing. The trust is governed by a state recognizing the Prudent
Investor Rule. The trustee should:
A. decline the request as an impermissible delegation of its trust
powers.
B. agree to the request subject to the review and approval of its
risk management committee.
C. agree to the request so long as it obtains authorization and
indemnification from all beneficiaries and reconfirm on an annual
basis.
D. agree to the request if satisfied that delegation will promote
investment
diversification, and monitor the investment advisor's activities and
performance. - CORRECT ANSWER-D. agree to the request if
satisfied that delegation will promote investment
diversification, and monitor the investment advisor's activities and
performance.
Your client used your firm's standard trust document. He requests
that you draft an amendment to the document. You should:
download via https://r.24zhen.com/N9DKU