CPG CPG Property and Asset Management 1

Question 1

What is the primary fiduciary duty of a CPG when managing a ward's property and assets?

Accepted Answer

Manage assets prudently and solely in the ward's best interest

Answer

A CPG's primary duty is to act as a prudent fiduciary, managing the ward's property and assets solely in the ward's best interest.

Question 2

Which investment standard typically governs decisions made by a professional guardian regarding a ward's assets?

Accepted Answer

The prudent investor standard requiring care, skill, and caution

Answer

The prudent investor standard requires guardians to make investment decisions with the care, skill, and caution that a reasonable, prudent person would exercise.

Question 3

Why must a CPG maintain separate accounts for each ward's funds?

Accepted Answer

It prevents commingling and protects each ward's assets from being mixed with others

Answer

Maintaining separate accounts prevents commingling, which protects each ward's assets and preserves clear financial accountability for every individual ward.

Question 4

What is the purpose of completing an inventory at the commencement of a guardianship?

Accepted Answer

To document all of the ward's assets and liabilities at the time guardianship begins

Answer

An inventory documents all of the ward's assets and liabilities at the inception of guardianship, establishing a critical baseline for fiduciary management.

Question 5

When should a CPG obtain an independent appraisal of a ward's real property?

Accepted Answer

Before selling, transferring, or making significant decisions about the property

Answer

An independent appraisal should be obtained before selling, transferring, or making significant decisions about real property to verify fair market value.

(CPG) Certified Professional Guardian Practice Test

(CPG) Certified Professional Guardian Practice Test

CPG CPG Property and Asset Management 1