AFIP Basic Certification Course - Questions With
Detailed Solutions
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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 False 1 multiple choice option
circumstances 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 A. Death or insanity of an offeree or offeror
events, if any, can
3 multiple choice options
terminate an offer?
A. The requirement that each party to the contract
What is "consideration" as receives something of value in exchange for what is
it applies to a contract? given
3 multiple choice options
,If a customer is re- B. As an entirely new agreement, with the date the
contracted five days after second contract is executed recorded on the
the original agreement installment sale agreement.
was executed, how should
the second agreement be 1 multiple choice option
treated?
(True/False) TILA/Reg Z False 1 multiple choice option
treats "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
2 multiple choice options
for:
A contract can be defined C. A promise or set of promises that the law enforces
as an agreement that or protects
includes: 3 multiple choice options
,Which of the following is B. Karl arranges funding through the F&I manager for
considered a "credit sale" a vehicle purchased at a dealership.
transaction under
1 multiple choice option
TILA/Reg Z?
B. If the customer defaults under the contract, the
What is an acceleration lender can make the full outstanding balance due and
clause? payable
2 multiple choice options
An installment sale A. force place 2 multiple choice options
contract 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 E. Unfair, Deceptive, Acts, Practices
UDAP stand for? 3 multiple choice options
What are the three D. An offer, acceptance, and consideration.
required elements of a
3 multiple choice options
contract?
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 True 1 multiple choice option
the creditor in a typical
credit transaction.
, As noted in the Truth in D. None of the above 3 multiple choice options
Lending 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?
Detailed Solutions
Save
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 False 1 multiple choice option
circumstances 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 A. Death or insanity of an offeree or offeror
events, if any, can
3 multiple choice options
terminate an offer?
A. The requirement that each party to the contract
What is "consideration" as receives something of value in exchange for what is
it applies to a contract? given
3 multiple choice options
,If a customer is re- B. As an entirely new agreement, with the date the
contracted five days after second contract is executed recorded on the
the original agreement installment sale agreement.
was executed, how should
the second agreement be 1 multiple choice option
treated?
(True/False) TILA/Reg Z False 1 multiple choice option
treats "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
2 multiple choice options
for:
A contract can be defined C. A promise or set of promises that the law enforces
as an agreement that or protects
includes: 3 multiple choice options
,Which of the following is B. Karl arranges funding through the F&I manager for
considered a "credit sale" a vehicle purchased at a dealership.
transaction under
1 multiple choice option
TILA/Reg Z?
B. If the customer defaults under the contract, the
What is an acceleration lender can make the full outstanding balance due and
clause? payable
2 multiple choice options
An installment sale A. force place 2 multiple choice options
contract 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 E. Unfair, Deceptive, Acts, Practices
UDAP stand for? 3 multiple choice options
What are the three D. An offer, acceptance, and consideration.
required elements of a
3 multiple choice options
contract?
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 True 1 multiple choice option
the creditor in a typical
credit transaction.
, As noted in the Truth in D. None of the above 3 multiple choice options
Lending 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?
