CRCM Exam Online Prep UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Adjustable Rate Mortgage (ARM) - CORRECT ANSWER - A loan with a variable rate,
secured by the consumer's dwelling, and a term of over one year.
Adverse Action - CORRECT ANSWER - Refusal to grant credit on the requested terms,
unless a counteroffer is accepted within 90 days.
Adverse Action Notice - CORRECT ANSWER - Informs loan applicants of a denied loan,
required within 30 days of a completed application for consumer credit.
Annual Percentage Rate (APR) - CORRECT ANSWER - Denotes a loan's cost expressed
as an annualized percentage rate, reflecting interest and other finance charges.
Annual Percentage Yield (APY) - CORRECT ANSWER - Reflects the total interest paid
on an account, based on the interest rate and compounding frequency.
Average Prime Offer Rate (APOR) - CORRECT ANSWER - Estimate of market rates for
prime mortgages, used to determine loan categories and provisions of Regulation Z.
B Notice - CORRECT ANSWER - Received from the IRS informing the bank of an
incorrect taxpayer identification number.
Business Day - CORRECT ANSWER - A day on which the creditor's offices are open to
the public for carrying on substantially all of its business functions.
Changed Circumstance - CORRECT ANSWER - Extraordinary event beyond the control
of any interested party, or new information specific to the consumer or transaction.
, Closed-End Credit - CORRECT ANSWER - All consumer credit other than open-end
credit, with a defined plan and imposed finance charges.
Closing Disclosure (CD) - CORRECT ANSWER - TRID rules disclosure providing
information on the final costs of the mortgage transaction.
Consumer Credit - CORRECT ANSWER - Credit offered or extended to a consumer for
personal, family, or household purposes.
Consumer Lease - CORRECT ANSWER - A lease covering personal property made to an
individual for personal, family, or household purposes.
Consumer Report - CORRECT ANSWER - Any communication bearing on a consumer's
creditworthiness, credit standing, or mode of living.
Investment Test - CORRECT ANSWER - Evaluates a bank's record of meeting
community credit needs through qualified investments.
Lending Test - CORRECT ANSWER - Evaluates a bank's record of meeting the credit
needs of its assessment area through various lending activities.
Service Test - CORRECT ANSWER - Analyzes the availability and effectiveness of a
bank's systems for delivering retail banking products and services.
Credit Score - CORRECT ANSWER - Numerical value used to predict the likelihood of
certain credit behaviors.
Currency Transaction Report (CTR) - CORRECT ANSWER - Required for currency
transactions in excess of $10,000 in one business day, including detailed customer information.
ACTUAL Exam Questions and CORRECT
Answers
Adjustable Rate Mortgage (ARM) - CORRECT ANSWER - A loan with a variable rate,
secured by the consumer's dwelling, and a term of over one year.
Adverse Action - CORRECT ANSWER - Refusal to grant credit on the requested terms,
unless a counteroffer is accepted within 90 days.
Adverse Action Notice - CORRECT ANSWER - Informs loan applicants of a denied loan,
required within 30 days of a completed application for consumer credit.
Annual Percentage Rate (APR) - CORRECT ANSWER - Denotes a loan's cost expressed
as an annualized percentage rate, reflecting interest and other finance charges.
Annual Percentage Yield (APY) - CORRECT ANSWER - Reflects the total interest paid
on an account, based on the interest rate and compounding frequency.
Average Prime Offer Rate (APOR) - CORRECT ANSWER - Estimate of market rates for
prime mortgages, used to determine loan categories and provisions of Regulation Z.
B Notice - CORRECT ANSWER - Received from the IRS informing the bank of an
incorrect taxpayer identification number.
Business Day - CORRECT ANSWER - A day on which the creditor's offices are open to
the public for carrying on substantially all of its business functions.
Changed Circumstance - CORRECT ANSWER - Extraordinary event beyond the control
of any interested party, or new information specific to the consumer or transaction.
, Closed-End Credit - CORRECT ANSWER - All consumer credit other than open-end
credit, with a defined plan and imposed finance charges.
Closing Disclosure (CD) - CORRECT ANSWER - TRID rules disclosure providing
information on the final costs of the mortgage transaction.
Consumer Credit - CORRECT ANSWER - Credit offered or extended to a consumer for
personal, family, or household purposes.
Consumer Lease - CORRECT ANSWER - A lease covering personal property made to an
individual for personal, family, or household purposes.
Consumer Report - CORRECT ANSWER - Any communication bearing on a consumer's
creditworthiness, credit standing, or mode of living.
Investment Test - CORRECT ANSWER - Evaluates a bank's record of meeting
community credit needs through qualified investments.
Lending Test - CORRECT ANSWER - Evaluates a bank's record of meeting the credit
needs of its assessment area through various lending activities.
Service Test - CORRECT ANSWER - Analyzes the availability and effectiveness of a
bank's systems for delivering retail banking products and services.
Credit Score - CORRECT ANSWER - Numerical value used to predict the likelihood of
certain credit behaviors.
Currency Transaction Report (CTR) - CORRECT ANSWER - Required for currency
transactions in excess of $10,000 in one business day, including detailed customer information.
