CPG CPG Property and Asset Management 2

Question 1

What does 'commingling of funds' mean in the context of professional guardianship?

Accepted Answer

Improperly mixing a ward's funds with the guardian's personal funds or another ward's funds

Answer

Commingling means improperly mixing a ward's funds with the guardian's personal funds or another ward's funds, which constitutes a serious breach of fiduciary duty.

Question 2

When a ward receives an inheritance during an active guardianship, the CPG must:

Accepted Answer

Report it to the court and incorporate it into the ward's estate accounting

Answer

Any inheritance received by the ward must be reported to the court and formally incorporated into the guardianship estate accounting.

Question 3

Which of the following actions constitutes a conflict of interest for a CPG managing a ward's assets?

Accepted Answer

Purchasing the ward's property for the guardian's own personal use

Answer

A guardian purchasing the ward's property for personal use constitutes direct self-dealing, which is a prohibited conflict of interest without explicit court approval.

Question 4

How should a CPG handle a ward's personal property such as jewelry, art, and collectibles?

Accepted Answer

Inventory, appraise, and secure them with court authorization required for any disposition

Answer

Personal property such as jewelry and collectibles must be inventoried, appraised, and secured, with court authorization required before any disposition is made.

Question 5

A ward's home is vacant while they reside in a care facility. What is the CPG's ongoing responsibility regarding the property?

Accepted Answer

Maintain the property, ensure it remains adequately insured, and manage it prudently

Answer

A CPG must maintain vacant property in good condition, keep it properly insured, and manage it prudently to preserve the asset's value for the ward.

(CPG) Certified Professional Guardian Practice Test

(CPG) Certified Professional Guardian Practice Test

CPG CPG Property and Asset Management 2