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Pass the AAFM Certification CTEP Questions and answers with ExamsMirror

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95% Same Questions
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Viewing questions 41-50 out of questions
Questions # 41:

Which of the following statement(s) about Discretionary Trust is/are correct?

Question # 41

Options:

A.

All of the above

B.

All except (i)

C.

All except (iii)

D.

Only (ii)

Questions # 42:

A trust which is created and operating during the Grantors lifetime is called________________

Options:

A.

InterVivos Trust

B.

Express Trust

C.

Either of the above

D.

None of the above

Questions # 43:

A written instrument is necessary when a Trust is created in relation to an immovable property of the value of ______________ and upwards.

Options:

A.

Rs 1,00,000

B.

Rs. 100

C.

Rs. 10,000

D.

Rs, 10,00,000

Questions # 44:

In __________, a protective trust is a type of trust that was devised for use in estate planning.

Options:

A.

UK

B.

USA

C.

India

D.

None of the above

Questions # 45:

A Discretionary Trust can be formed for the benefit of ________________________

Options:

A.

Only Living

B.

Only Non Living

C.

Both Living and Non Living

D.

Either Living or Non-Living

Questions # 46:

Which of the following statements about the age of majority is/are correct?

Question # 46

Options:

A.

Only (i)

B.

Neither (i) or (ii)

C.

Both (i) and (ii)

D.

Only (ii)

Questions # 47:

Which of the following structure of Unborn Trust is not valid?

Options:

A.

A minor creating Trust for Would-be-Husband

B.

An unmarried person creating trust for Would-be-Mother-in-Law

C.

A married person creating trust for Would-be-Daughter

D.

Both a and b

Questions # 48:

Which of the following statement(s) about Uniform Gifts to Minor Act (UGMA) is/are correct?

Question # 48

Options:

A.

Neither (i) or (ii)

B.

Both (i) and (ii)

C.

Only (i)

D.

Only (ii)

Questions # 49:

Which of the following Trust is employed by the law as an “Equitable Remedy”?

Options:

A.

Discretionary Trust

B.

Non-Discretionary Trust

C.

Express Trust

D.

Constructive Trust

Questions # 50:

A Written Trust deed is always desirable, if not required statutorily, due to which of the following benefits?

Question # 50

Options:

A.

All of the above

B.

All except (ii)

C.

All except (ii)

D.

Both (ii) and (iii)

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