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AFIP BASIC CERTIFICATION EXAM NEWEST 2026 ACTUAL EXAM
WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED||
(True/False) If you conduct a used car transaction in Spanish, you
are only required to give the customer a copy of the Spanish
Buyers Guide at the end of the transaction and not post the
buyers guide in Spanish on the vehicle? - ANSWER-False
The Used Car Rule prohibits: - ANSWER-C. Both A and B
A dealer voluntarily chooses NOT to sell a car as is. The dealer
does NOT provide an express written warranty. The window
sticker must indicate the vehicle is sold with _______. -
ANSWER-A. Implied warranties only
What is the penalty for violating the Used Car Rule in 2022? -
ANSWER-D. $46,517
When can a vehicle be sold as is? - ANSWER-C. A and B
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(True/False) If "certified" used cars are covered by a warranty
issued by a third-party company at no cost to the customer, this
information is properly posted on the Buyers Guide by checking
two boxes. The NO DEALER WARRANTY box notes that the
dealer is not providing the warranty - and the OTHER USED
VEHICLE WARRANTY box indicates that a warranty is provided
by a third party. - ANSWER-True
Which of the following would the FTC NOT consider a deceptive
or unfair act or practice under the Used Car Rule? - ANSWER-
They are all considered
Under Equal Credit Opportunity Act and Reg B, you cannot
discourage a prospective applicant from applying for credit based
on a prohibited basis by _______. - ANSWER-D. All of the above
(True/False) The Credit Score Disclosure/Risk Based
Pricing/Exception Notice does not have to be given to everyone,
only those you run credit on? - ANSWER-True
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Which Act does Regulation B implement? - ANSWER-C. Equal
Credit Opportunity Act
(True/False) Since Auto Dealers fall under the guidance of the
FCRA and are considered Creditors; the Risk Based Pricing and
Adverse Action notices are a responsibility of the Dealer. -
ANSWER-True
(True/False) Best practices dictate that the exception notice be
signed by the customer and retained in the customer's file. -
ANSWER-True
(True/False)
As it relates to an applicant's spouse or former spouse, an F&I
manager may ask:
1. Whether the spouse will be contractually liable for the
installment sale contract (a co-buyer)
2. Whether the applicant is relying on the spouse's income to be
creditworthy, even though the spouse isn't signing the contract)
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3. Whether the applicant resides in a community property state
4. Whether the applicant is relying on alimony, child support or
separate maintenance payments from the spouse or former
spouse as a basis for repayment of the credit requested -
ANSWER-True
What is the purpose of the Risk-Based Pricing Rule? - ANSWER-
B. To alert higher-risk consumers that a creditor's decision could
result in the consumer receiving less favorable terms than those
offered to other customers.
If a request for credit is rejected by a lender based on the terms
originally submitted and the customer and the lender (and dealer)
all agree to a different set of terms, which of the following should
happen? - ANSWER-A. An adverse action notice need not be
issued by any party because the customer and lender (and
dealer) accepted the new terms.
(True/False) In addition to the federal discrimination rules under
Equal Credit Opportunity Act and Regulation B, many states have
AFIP BASIC CERTIFICATION EXAM NEWEST 2026 ACTUAL EXAM
WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED||
(True/False) If you conduct a used car transaction in Spanish, you
are only required to give the customer a copy of the Spanish
Buyers Guide at the end of the transaction and not post the
buyers guide in Spanish on the vehicle? - ANSWER-False
The Used Car Rule prohibits: - ANSWER-C. Both A and B
A dealer voluntarily chooses NOT to sell a car as is. The dealer
does NOT provide an express written warranty. The window
sticker must indicate the vehicle is sold with _______. -
ANSWER-A. Implied warranties only
What is the penalty for violating the Used Car Rule in 2022? -
ANSWER-D. $46,517
When can a vehicle be sold as is? - ANSWER-C. A and B
,2|Page
(True/False) If "certified" used cars are covered by a warranty
issued by a third-party company at no cost to the customer, this
information is properly posted on the Buyers Guide by checking
two boxes. The NO DEALER WARRANTY box notes that the
dealer is not providing the warranty - and the OTHER USED
VEHICLE WARRANTY box indicates that a warranty is provided
by a third party. - ANSWER-True
Which of the following would the FTC NOT consider a deceptive
or unfair act or practice under the Used Car Rule? - ANSWER-
They are all considered
Under Equal Credit Opportunity Act and Reg B, you cannot
discourage a prospective applicant from applying for credit based
on a prohibited basis by _______. - ANSWER-D. All of the above
(True/False) The Credit Score Disclosure/Risk Based
Pricing/Exception Notice does not have to be given to everyone,
only those you run credit on? - ANSWER-True
,3|Page
Which Act does Regulation B implement? - ANSWER-C. Equal
Credit Opportunity Act
(True/False) Since Auto Dealers fall under the guidance of the
FCRA and are considered Creditors; the Risk Based Pricing and
Adverse Action notices are a responsibility of the Dealer. -
ANSWER-True
(True/False) Best practices dictate that the exception notice be
signed by the customer and retained in the customer's file. -
ANSWER-True
(True/False)
As it relates to an applicant's spouse or former spouse, an F&I
manager may ask:
1. Whether the spouse will be contractually liable for the
installment sale contract (a co-buyer)
2. Whether the applicant is relying on the spouse's income to be
creditworthy, even though the spouse isn't signing the contract)
, 4|Page
3. Whether the applicant resides in a community property state
4. Whether the applicant is relying on alimony, child support or
separate maintenance payments from the spouse or former
spouse as a basis for repayment of the credit requested -
ANSWER-True
What is the purpose of the Risk-Based Pricing Rule? - ANSWER-
B. To alert higher-risk consumers that a creditor's decision could
result in the consumer receiving less favorable terms than those
offered to other customers.
If a request for credit is rejected by a lender based on the terms
originally submitted and the customer and the lender (and dealer)
all agree to a different set of terms, which of the following should
happen? - ANSWER-A. An adverse action notice need not be
issued by any party because the customer and lender (and
dealer) accepted the new terms.
(True/False) In addition to the federal discrimination rules under
Equal Credit Opportunity Act and Regulation B, many states have
