AFIP - Basic Certification Course exam
|\ |\ |\ |\ |\ |\
with answers |\
The ________ issues UDAP violations to dealers, the
|\ |\ |\ |\ |\ |\ |\ |\
________ issues UDAAP violations to dealers.
|\ |\ |\ |\ |\
CPFB, FTC |\
(True/False) If 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.
|\ |\ |\ |\ |\ |\ |\ |\
False
Which of the following events, if any, can terminate an
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
offer?
A. Death or insanity of an offeree or offeror
|\ |\ |\ |\ |\ |\ |\ |\
,What is "consideration" as it applies to a contract?
|\ |\ |\ |\ |\ |\ |\ |\
A. The requirement that each party to the contract
|\ |\ |\ |\ |\ |\ |\ |\ |\
receives something of value in exchange for what is given
|\ |\ |\ |\ |\ |\ |\ |\ |\
If a customer is re-contracted five days after the original
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
agreement was executed, how should the second |\ |\ |\ |\ |\ |\ |\
agreement be treated? |\ |\
B. As an entirely new agreement, with the date the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
second contract is executed recorded on the installment
|\ |\ |\ |\ |\ |\ |\ |\
sale agreement. |\
(True/False) TILA/Reg Z treats "loans" and "credit sales"|\ |\ |\ |\ |\ |\ |\ |\
the same way since they are both essentially a promise to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
pay.
|\
False
,Although not specifically 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.
|\
True
The CFPB issues UDAAP violations. UDAAP stands for:
|\ |\ |\ |\ |\ |\ |\
C. Unfair, Deceptive, Abusive, Acts or Practices
|\ |\ |\ |\ |\ |\
A contract can be defined as an agreement that includes:
|\ |\ |\ |\ |\ |\ |\ |\ |\
C. A promise or set of promises that the law enforces or
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
protects
Which of the following is considered a "credit sale"
|\ |\ |\ |\ |\ |\ |\ |\ |\
transaction under TILA/Reg Z? |\ |\ |\
, B. Karl arranges funding through the F&I manager for a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
vehicle purchased at a dealership.
|\ |\ |\ |\
What is an acceleration clause?
|\ |\ |\ |\
B. If the customer defaults under the contract, the lender
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
can make the full outstanding balance due and payable
|\ |\ |\ |\ |\ |\ |\ |\
An installment sale contract may contain a provision that
|\ |\ |\ |\ |\ |\ |\ |\ |\
allows the lender to _______ property insurance if the
|\ |\ |\ |\ |\ |\ |\ |\ |\
customer fails to obtain insurance or lets it lapse.
|\ |\ |\ |\ |\ |\ |\ |\
A. force place
|\ |\
What do the letters in UDAP stand for?
|\ |\ |\ |\ |\ |\ |\
E. Unfair, Deceptive, Acts, Practices
|\ |\ |\ |\
|\ |\ |\ |\ |\ |\
with answers |\
The ________ issues UDAP violations to dealers, the
|\ |\ |\ |\ |\ |\ |\ |\
________ issues UDAAP violations to dealers.
|\ |\ |\ |\ |\
CPFB, FTC |\
(True/False) If 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.
|\ |\ |\ |\ |\ |\ |\ |\
False
Which of the following events, if any, can terminate an
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
offer?
A. Death or insanity of an offeree or offeror
|\ |\ |\ |\ |\ |\ |\ |\
,What is "consideration" as it applies to a contract?
|\ |\ |\ |\ |\ |\ |\ |\
A. The requirement that each party to the contract
|\ |\ |\ |\ |\ |\ |\ |\ |\
receives something of value in exchange for what is given
|\ |\ |\ |\ |\ |\ |\ |\ |\
If a customer is re-contracted five days after the original
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
agreement was executed, how should the second |\ |\ |\ |\ |\ |\ |\
agreement be treated? |\ |\
B. As an entirely new agreement, with the date the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
second contract is executed recorded on the installment
|\ |\ |\ |\ |\ |\ |\ |\
sale agreement. |\
(True/False) TILA/Reg Z treats "loans" and "credit sales"|\ |\ |\ |\ |\ |\ |\ |\
the same way since they are both essentially a promise to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
pay.
|\
False
,Although not specifically 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.
|\
True
The CFPB issues UDAAP violations. UDAAP stands for:
|\ |\ |\ |\ |\ |\ |\
C. Unfair, Deceptive, Abusive, Acts or Practices
|\ |\ |\ |\ |\ |\
A contract can be defined as an agreement that includes:
|\ |\ |\ |\ |\ |\ |\ |\ |\
C. A promise or set of promises that the law enforces or
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
protects
Which of the following is considered a "credit sale"
|\ |\ |\ |\ |\ |\ |\ |\ |\
transaction under TILA/Reg Z? |\ |\ |\
, B. Karl arranges funding through the F&I manager for a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
vehicle purchased at a dealership.
|\ |\ |\ |\
What is an acceleration clause?
|\ |\ |\ |\
B. If the customer defaults under the contract, the lender
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
can make the full outstanding balance due and payable
|\ |\ |\ |\ |\ |\ |\ |\
An installment sale contract may contain a provision that
|\ |\ |\ |\ |\ |\ |\ |\ |\
allows the lender to _______ property insurance if the
|\ |\ |\ |\ |\ |\ |\ |\ |\
customer fails to obtain insurance or lets it lapse.
|\ |\ |\ |\ |\ |\ |\ |\
A. force place
|\ |\
What do the letters in UDAP stand for?
|\ |\ |\ |\ |\ |\ |\
E. Unfair, Deceptive, Acts, Practices
|\ |\ |\ |\
