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Question 1: A limited power-of-attorney gives the designated person the right to
I. order the sale of an asset owned by the account holder and have a check written to the account
holder
for the amount of the proceeds.
II. obtain account statements, including tax statements, on behalf of the account holder.
III. order the purchase of an asset for the account holder's account.
A. I, II, and III
B. I and II only
C. II and III only
D. I and III only
Correct Answer: C
Explanation: Only Selections II and III are true. A limited power-of-attorney gives the designated
person
the right to obtain account statements, including tax statements, on behalf of the account holder and
to
order the purchase of an asset for the account holder's account. Only a full (or unlimited)
power-of-attorney allows the designated person to withdraw any proceeds from the account.
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