CISP Practice Questions - ABA Certified IRA Services Professional Exam - CISP Practice Questions - ABA Certified IRA Services Professional Exam

Question 1

A bank uses Form 5305-A to open a new Traditional IRA for a customer. What type of account does this IRS model agreement create?

A Traditional IRA custodial account A Traditional IRA trust account A Roth IRA custodial account A SIMPLE IRA established by the employer

Correct Answer:

A Traditional IRA custodial account

Question 2

Which IRS model form does a bank use to open a Roth IRA structured as a trust account?

Form 5305 Form 5305-R Form 5305-RA Form 5305-SA

Correct Answer:

Form 5305-R

Question 3

An employer wants to adopt a SEP using a designated financial institution model. Which IRS form does the employer use to establish the plan?

Form 5305-SIMPLE Form 5305-SEP Form 5305-SA Form 5304-SIMPLE

Correct Answer:

Form 5305-SEP

Question 4

A new IRA owner wants the bank to act as trustee with full investment discretion using a customized non-model document. What disclosure timing rule applies?

The bank must give the disclosure statement at least 7 days before account opening or refund all contributions on request within the 7-day revocation period The bank may deliver the disclosure statement up to 30 days after the first contribution The bank does not have to deliver a disclosure statement when using a customized document The disclosure statement is required only for Roth IRAs

Correct Answer:

The bank must give the disclosure statement at least 7 days before account opening or refund all contributions on request within the 7-day revocation period

Question 5

An IRA owner names her three adult children as primary beneficiaries with no specified percentages. The plan document is silent on how to split the account. How should the bank pay the proceeds at death?

Equally among the three children To the oldest child first To the children's mother as default To the IRA owner's estate

Correct Answer:

Equally among the three children

Question 1

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About this Exam

Prepare with the CISP Practice Questions - ABA Certified IRA Services Professional Exam practice quiz. This question bank includes 100 questions covering owner, traditional, distribution, roth, and wants. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CISP Practice Questions - ABA Certified IRA Services Professional Exam

This practice set contains 100 questions from the matching question bank and focuses on owner, traditional, distribution, roth, and wants. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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CISP Practice Questions - ABA Certified IRA Services Professional Exam

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