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AAFM CTEP Practice Exam Questions
Chartered Trust & Estate Planner® (CTEP®) Certification Examination
Total Questions : 472
Update Date : May 18, 2026
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Last Week CTEP Exam Results
68
Customers Passed AAFM CTEP Exam
96%
Average Score In Real CTEP Exam
96%
Questions came from our CTEP dumps.
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AAFM CTEP Sample Question Answers
Question # 1A Hindu Undivided Family (HUF) is a separate entity for taxation under the provisions of_________of the Income Tax Act, 1961.
A. Section 2(3)
B. Section 2(1)
C. Section 3(2)
D. Section 2(31)
Question # 2
In case where the Filling Status is single, phase-out begin range is ____________ (as in2013).
A. $250,000
B. $372,500
C. $150,000
D. $300,000
Question # 3
__________________ is spoken rather than dictated or written.
A. Nuncupative Will
B. Notarial Will
C. Mirror Will
D. Simple Will
Question # 4
If the NPV of buy alternative is Positive and the NPV of incremental lease effect is negativethen the correct decision is to___________.
A. Lease the Asset
B. Buy the Asset
C. Not use the Asset
D. If the sum of the two NPV’s is positive, lease otherwise don’t use the asset
Question # 5
Mr. Nitin wants to know the value of estate (before taxation) as on 1st January 2013.
A. $10,363,509
B. $10,513,509
C. $10,280,000
D. None of the above
Question # 6
The Client wants to find out the value of estate that his spouse and each of their childrenwould receive assuming he dies today.
A. $2,804,035
B. $2,774,035
C. $2,757,333
D. $2,772,702
Question # 7
Where a transfer of value is from a UK-domiciled spouse to a non-UK domiciled spouse,then the exempt transfer is limited to ____________
A. £25,000
B. £35,000
C. £45,000
D. £55,000
Question # 8
A client has a minor child she is concerned about what might happen if she was todie,while the child was still young and unable to sensibly handle a sizeable inheritance,onesolution could be to draft her will so that the child receives the asset once reaching age 21this is an example of
A. A discretionary trust
B. A testamentary trust
C. An inter vivo trust
D. A family trust
Question # 9
There are _____________ types of Amortized Loans.
A. Two
B. Eight
C. Three
D. Four
Question # 10
In UK, the nil rate band for the 2012/2013 tax year is ____________
A. £250,000
B. £325,000
C. £350,000
D. £225,000
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