Question 5 (2 points)

Which duty prohibits a trustee from personally profiting from his/her position as trustee (other than the compensation allowed by contract or law)?

Question 5 options:

	Duty to take possession of and preserve trust property
	Duty of loyalty
	Duty to prevent the investment of the trust property
	Duty to make payments of income and principal to the named beneficiaries

Question 6 (2 points)

Which of the following is a type of implied trust?

Question 6 options:

	Testamentary trust
	Private trust
	Active trust
	Constructive trust

Question 7 (2 points)

Which is NOT a subcategory of express trusts?

Question 7 options:

	Inter vivos or testamentary trusts
	Private or public trusts
	Active or passive trusts
	Implied or nonimplied trusts

Question 8 (2 points)

Which is NOT a type of resulting trust?

Question 8 options:

	Failed trust
	Purchase-money resulting trust
	Implied trust
	Excessive endowment trust

Question 9 (2 points)

Which function CANNOT be performed by a pour-over will?

Question 9 options:

	It can allow the testator to name a personal guardian for minor children.
	It can dispose of property that the testator neglected to add to the trust before death.
	It can dispose of property acquired by the testator through gifts, inheritance, or good fortune shortly before death.
	It can be used independently as a substitute for a will.

Question 10 (2 points)

Which is NOT an advantage of using a revocable living trust as a substitute for a will?

Question 10 options:

	The need for court-appointed guardians for minors is eliminated.
	Publicity is avoided.
	The settlor maintains ownership of assets.
	A living trust is not under the control or supervision of the probate court.