Power Of Attorney (Poa) Quiz

10 Questions | Total Attempts: 177

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Power Of Attorney (Poa) Quiz

Quiz Description


Questions and Answers
  • 1. 
    A Power of Attorney (POA) and a Letter of Attorney serve the same purpose.
    • A. 

      True

    • B. 

      False

  • 2. 
    CME requires that all POAs be presented to the Credit Union in writing.
    • A. 

      True

    • B. 

      False

  • 3. 
    A long as it is notarized, CME has a legal obligation to accept any POA authorized by the Member.
    • A. 

      True

    • B. 

      False

  • 4. 
    A POA may only be used in situations where the Member is physically or mentally incapacitated.
    • A. 

      True

    • B. 

      False

  • 5. 
    A POA continues to be valid after the death of the Member who authorized it.
    • A. 

      True

    • B. 

      False

  • 6. 
    A "durable" POA is terminated if the Member becomes disabled or incompetent.
    • A. 

      True

    • B. 

      False

  • 7. 
    A "general" or "complete" POA grants unrestricted authority to the designated agent.
    • A. 

      True

    • B. 

      False

  • 8. 
    A bank account is an example of "real" property.
    • A. 

      True

    • B. 

      False

  • 9. 
    POA documentation must specifically grant authority over financial transactions and bank accounts in order to be accepted.
    • A. 

      True

    • B. 

      False

  • 10. 
    A "general" POA automatically allows an agent to change a beneficiary designation on the Member's IRA.
    • A. 

      True

    • B. 

      False

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