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Legal
Power Of Attorney (Poa) Quiz
10 Questions
|
By Bmcquay | Updated: Mar 21, 2022
| Attempts: 377
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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
Related Topics
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Constitution
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