(1) A trustee, without authorization by the court, may exercise the following powers:
(a) Powers conferred by the terms of the trust.
(b) Except as limited by the terms of the trust, all of the following powers: 1. All powers over the trust property that an unmarried, competent owner has over individually owned property. 2. Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property. 3. Any other powers conferred by this chapter.
(2) The exercise of a power is subject to the fiduciary duties prescribed by this chapter.
(3) A trustee has no power to give warranties in a sale, mortgage, or lease that are binding on the trustee personally.