AFIP - Basic Certification Course Questions & Answers
Latest Update
Terms in this set (151)
The _____ issues UDAP CPFB, FTC 3 multiple choice options
violations to dealers, the ________
issues UDAAP violations to
dealers.
(True/False) If circumstances False 1 multiple choice option
require that a second lease
agreement be executed - the
customer must be recontracted
- the date recorded on the
second agreement must be the
date of the original contract.
Which of the following events, if A. Death or insanity of an offeree or offeror
any, can terminate an offer? 3 multiple choice options
A. The requirement that each party to the contract receives
What is "consideration" as it
something of value in exchange for what is given
applies to a contract?
3 multiple choice options
If a customer is re-contracted B. As an entirely new agreement, with the date the second
five days after the original contract is executed recorded on the installment sale
agreement was executed, how agreement.
should the second agreement
1 multiple choice option
be treated?
,(True/False) TILA/Reg Z treats False 1 multiple choice option
"loans" and "credit sales" the
same way since they are both
essentially a promise to pay.
Although not specifically True 1 multiple choice option
required by the TILA or Reg Z.,
an installment sale contract may
contain an acceleration clause.
This is a contract provision that
allows the funding source who
accepted the assignment of the
installment sale agreement to
require the customer to pay all
or part of the outstanding
balance if certain requirements
are not met.
The CFPB issues UDAAP C. Unfair, Deceptive, Abusive, Acts or Practices
violations. UDAAP stands for: 2 multiple choice options
C. A promise or set of promises that the law enforces or
A contract can be defined as an
protects
agreement that includes:
3 multiple choice options
Which of the following is B. Karl arranges funding through the F&I manager for a vehicle
considered a "credit sale" purchased at a dealership.
transaction under TILA/Reg Z? 1 multiple choice option
B. If the customer defaults under the contract, the lender can
What is an acceleration clause? make the full outstanding balance due and payable
2 multiple choice options
An installment sale contract A. force place 2 multiple choice options
may contain a provision that
allows the lender to _______
property insurance if the
customer fails to obtain
insurance or lets it lapse.
What do the letters in UDAP E. Unfair, Deceptive, Acts, Practices 3 multiple choice options
stand for?
What are the three required D. An offer, acceptance, and consideration.
elements of a contract? 3 multiple choice options
What are the criteria for D. All of the above 3 multiple choice options
"acceptance" of an offer?
, The ______ issues UDAP A. CFPB, FTC 3 multiple choice options
violations to dealers, the __________
issues UDAAP violations to
dealers.
(True/False) The dealer is the True 1 multiple choice option
creditor in a typical credit
transaction.
As noted in the Truth in Lending D. None of the above 3 multiple choice options
Act and Reg. Z, if the customer
owes more on the trade-in than
the used car manager allowed,
should the F&I manager do?
Which of the following D. Both A and C 3 multiple choice options
transactions are NOT regulation
by TILA/Reg Z?
Latest Update
Terms in this set (151)
The _____ issues UDAP CPFB, FTC 3 multiple choice options
violations to dealers, the ________
issues UDAAP violations to
dealers.
(True/False) If circumstances False 1 multiple choice option
require that a second lease
agreement be executed - the
customer must be recontracted
- the date recorded on the
second agreement must be the
date of the original contract.
Which of the following events, if A. Death or insanity of an offeree or offeror
any, can terminate an offer? 3 multiple choice options
A. The requirement that each party to the contract receives
What is "consideration" as it
something of value in exchange for what is given
applies to a contract?
3 multiple choice options
If a customer is re-contracted B. As an entirely new agreement, with the date the second
five days after the original contract is executed recorded on the installment sale
agreement was executed, how agreement.
should the second agreement
1 multiple choice option
be treated?
,(True/False) TILA/Reg Z treats False 1 multiple choice option
"loans" and "credit sales" the
same way since they are both
essentially a promise to pay.
Although not specifically True 1 multiple choice option
required by the TILA or Reg Z.,
an installment sale contract may
contain an acceleration clause.
This is a contract provision that
allows the funding source who
accepted the assignment of the
installment sale agreement to
require the customer to pay all
or part of the outstanding
balance if certain requirements
are not met.
The CFPB issues UDAAP C. Unfair, Deceptive, Abusive, Acts or Practices
violations. UDAAP stands for: 2 multiple choice options
C. A promise or set of promises that the law enforces or
A contract can be defined as an
protects
agreement that includes:
3 multiple choice options
Which of the following is B. Karl arranges funding through the F&I manager for a vehicle
considered a "credit sale" purchased at a dealership.
transaction under TILA/Reg Z? 1 multiple choice option
B. If the customer defaults under the contract, the lender can
What is an acceleration clause? make the full outstanding balance due and payable
2 multiple choice options
An installment sale contract A. force place 2 multiple choice options
may contain a provision that
allows the lender to _______
property insurance if the
customer fails to obtain
insurance or lets it lapse.
What do the letters in UDAP E. Unfair, Deceptive, Acts, Practices 3 multiple choice options
stand for?
What are the three required D. An offer, acceptance, and consideration.
elements of a contract? 3 multiple choice options
What are the criteria for D. All of the above 3 multiple choice options
"acceptance" of an offer?
, The ______ issues UDAP A. CFPB, FTC 3 multiple choice options
violations to dealers, the __________
issues UDAAP violations to
dealers.
(True/False) The dealer is the True 1 multiple choice option
creditor in a typical credit
transaction.
As noted in the Truth in Lending D. None of the above 3 multiple choice options
Act and Reg. Z, if the customer
owes more on the trade-in than
the used car manager allowed,
should the F&I manager do?
Which of the following D. Both A and C 3 multiple choice options
transactions are NOT regulation
by TILA/Reg Z?
