1. All the following are principles common to fiduciary relationships EXCEPT

a) The fiduciary is under a duty to act for the benefit of the other party to the relationship as to matters within the scope of the relationship.

b) Traditionally, under common law, a fiduciary is under a duty not to delegate the performance of his or her own duties as fiduciary to a third person.

c) As to matters within the scope of the relationship, the fiduciary is under a duty not to profit at the expense of the other party to the relationship.

d) Once a person has been nominated to be a fiduciary, the person must act in a fiduciary capacity until discharged by the court.

2. All the following statements concerning a will are correct EXCEPT

a) It is irrevocable once executed.

b) It is a legal instrument.

c) It provides for the disposition of property at death.

d) It takes effect after death.

3. All the following statements concerning income taxation of estates and trusts are correct EXCEPT

a) An estate is a separate tax-paying entity.

b) A complex trust is a separate tax-paying entity.

c) Income distributed by a trust to an income beneficiary of the trust is taxable to the trust.

d) The executor or administrator of an estate is responsible for filing an income tax return.

4. All the following are types of interests in property EXCEPT

a) tenancies in common b) deeds c) life estates d) joint tenancies