10 exam-style questions with answers and explanations, straight from our 1,066-question bank. Tap an answer to check yourself. When you're ready, take the scored version in the free practice test.
The CTEP exam has 75 questions and runs 1 hour 55 minutes.
These 10 free CTEP questions are organized by exam domain, so you can see how each part of the Chartered Trust and Estate Planner (CTEP) blueprint is tested. Reveal the answer and explanation under each question.
Mr. Sharma's mutual fund folio names his elder son as sole nominee. His later registered will leaves those units equally to both sons. The elder son claims the whole folio, citing the nomination. Who is entitled?
Correct answer: A - Both sons equally, as the will overrides the nomination
Ramesh, a Hindu, dies intestate. He is survived by his father, his mother, his widow, and one son. His self-acquired flat is worth ₹1.6 crore. What is his father's share of the flat?
Correct answer: A - Nothing, as Class I heirs exclude him entirely
Imran, a Sunni Muslim, wishes to bequeath 60% of his net estate to a charitable hospital. His heirs do not consent. What is the effect of the bequest?
Correct answer: C - Valid only up to one-third of the net estate
A client shows you a will he typed himself, signed, and had attested by two witnesses. It is neither registered nor stamped. What is the status of this will?
Correct answer: B - Valid, because a will requires neither registration nor stamping
A Hindu dies leaving a duly executed will that disposes of a flat in Mumbai and appoints his daughter as executor. Is probate mandatory?
Correct answer: C - Yes, as the property lies within Bombay's original jurisdiction
A client's principal goal is to spare his family the delay, cost, and publicity of probate on his death. Which structure achieves that goal?
Correct answer: C - A living (inter vivos) trust
A settlor creates a family trust and expressly reserves, in the deed, a power to revoke it at any time. In whose hands is the trust income assessable?
Correct answer: A - The settlor, because the transfer is revocable
Vikram's business carries heavy creditor exposure. He wants his new life policy's proceeds to reach his wife and children free from any risk of attachment by those creditors. Which route achieves this?
Correct answer: A - Effecting the policy under Section 6 of the MWP Act, 1874
Anil, an Indian resident who has never lived in the United States, holds USD 800,000 of US-listed shares directly in his own name. He dies in Mumbai. What is his US federal estate tax position?
Correct answer: D - Taxable on the value above USD 60,000
Priya, an NRI in Dubai, wishes to buy ten acres of agricultural land in Karnataka, funded from her NRE account. Under FEMA, may she proceed?
Correct answer: D - No, as an NRI may take agricultural land only by inheritance
The CTEP exam also covers these domains. Drill them in the full free practice test:
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