Fundamentals Flashcards
1
Q
Reverse Mortgage Repayment Tiggers
A
Death
Conclusion of Term
Absence of homeowner from home for a minimum of 1 year
2
Q
Types of “Incidental” Advice
A
Lawyers, Accountants, Teachers
3
Q
License to receive commission for selling mutual funds
A
Series 6 or 7
4
Q
License to receive commission for selling variable annuities
A
Series 6 or 7, AND state variable insurance producer’s license
5
Q
Educational accounts: Creditor protected
A
Money held in Coverdell or 529 for more than 2 years
6
Q
Drug Felony: Education Credits
A
CANNOT get AOC
CAN get LLC
7
Q
Does the CFP Board Publish a Suspension?
A
Yes, suspensions are automatically published, even if an applicant does not have marks yet.
8
Q
First meeting with new client, provide them with what?
A
Written disclosure of all material information
