AFIP Certification Questions With
Correct Answers
FTC bfine bamount b- bcorrect banswers✔✔$46,517
UDAP b- bcorrect banswers✔✔Unfair band bDeceptive bActs band bPractices
3 belements bof ba bcontract b- bcorrect banswers✔✔offer, bacceptance, bconsideration
2 bways bto bprotect bthe bfinance bsource b(involving binsurance) b- bcorrect
banswers✔✔Force-place binsurance, bAccelerate bthe bbalance
Force-place binsurance b- bcorrect banswers✔✔Coverage bpremium bis bforced binto bthe
bcar bpayment
Accelerate bthe bbalance b- bcorrect banswers✔✔Make bthe bfull bloan bamount bdue b&
bpayable
Right bof bRecission b- bcorrect banswers✔✔ability bfor bsomeone bto bterminate ba
bcontract b("cooling boff")
In ba bRISA bwho bowns bthe bvehicle? b- bcorrect banswers✔✔The bcustomer
On ba bleased bvehicle bwho bowns bthe bvehicle? b- bcorrect banswers✔✔The blessor
Security bInterest b- bcorrect banswers✔✔A bcreditor's bright bto buse bcollateral bto
brecover ba bdebt.
Reg bZ bon bTILA brequires bwhat b6 bdisclosures b- bcorrect banswers✔✔1) bAPR
2) bFinance bCharge
3) bAmount bFinanced
4) bTotal bPayments
5) bTotal bSales bPrice
6) bPayment bSchedule
Total bSales bPrice bon bRISA bincludes... b- bcorrect banswers✔✔1) bTotal bnumber bof
bcash bpayments
2) bCash bDown
, 3) bNet btrade-in
TILA bstands bfor b__________, band bthe bReg bassociated bwith bit bis bReg b_____ b-
bcorrect banswers✔✔Truth bin bLending bAct; bReg bZ
When breferring bto bthe bTILA bbox bon bthe bcontract, bwhat binformation bis bdisclosed
bfor bPayments? b- bcorrect banswers✔✔The b# bof bpayments, bthe bamount bof beach
bpayment, band bthe bdue bdate
Disclosing bthe bContract b- bstate bspecific b- bat bthe btime bof bconsummation, bthe
bcontract bis bbetween bthese b2 bparties: b- bcorrect banswers✔✔Customer b& bselling
bdealer
Deferred bDown bPayment b- bwhen bdealing bwith ba bHold bCheck, bthese b4 bthings bmust
bbe bfollowed: b- bcorrect banswers✔✔- bpayment bmust bbe bprocessed bbefore bthe b2nd
bscheduled bmonthly bpayment
- bamount bcannot bbe bincluded bin bAmt. bFinanced
- bnot bsubjected bto ba bfinance bcharge b
- bnot brecorded bon bthe bcontract b(except bin bCalifornia**)
Negative bEquity b- btwo bthings byou bcannot bdo: b- bcorrect banswers✔✔- bincrease bthe
bvalue bof bvehicle bto bbury bnegative bequity
- brecord ba bnegative bamount bon bthe bDown bPayment bline
2 btypes bof bNegative bEquity bmethods b- bcorrect banswers✔✔Gross b& bNet
Negative bEquity b- bGross bAmt. bmethod b- bcorrect banswers✔✔- bnegative bequity b—->
baddt'l bamt. bfinanced bline
- bdown bpmt. b—> bdown bpmt. bline
Negative bEquity b- bNet bAmt. bmethod b- bcorrect banswers✔✔- bnegative bequity b—->
bsubtract bcash bdown bpmt. b... bttl bgoes bon bthe baddt'l bamt. bfinanced bline
- bdown bpmt. bgets babsorbed, bso b$0 bgoes bon bdown bpmt. bline b- b***** bOR bif bthe
bdown bpmt. bis bmore bthan bthe bnegative bequity, bthe btotal bamt. b(equity bminus bcash)
bgoes bon bthe bdown bpmt. bline
What bdoes bFTC bstand bfor band bwhat bwas bits bresponsibility? b- bcorrect
banswers✔✔Oversee bFranchise bNew
What bdoes bCFPB bregulate? b- bcorrect banswers✔✔- bbuy bhere bpay bhere
- bused bindependent bdealers
- blease bhere bpay bhere
- bfinance bsources
Who boversees bUDAP? b- bcorrect banswers✔✔FTC
Correct Answers
FTC bfine bamount b- bcorrect banswers✔✔$46,517
UDAP b- bcorrect banswers✔✔Unfair band bDeceptive bActs band bPractices
3 belements bof ba bcontract b- bcorrect banswers✔✔offer, bacceptance, bconsideration
2 bways bto bprotect bthe bfinance bsource b(involving binsurance) b- bcorrect
banswers✔✔Force-place binsurance, bAccelerate bthe bbalance
Force-place binsurance b- bcorrect banswers✔✔Coverage bpremium bis bforced binto bthe
bcar bpayment
Accelerate bthe bbalance b- bcorrect banswers✔✔Make bthe bfull bloan bamount bdue b&
bpayable
Right bof bRecission b- bcorrect banswers✔✔ability bfor bsomeone bto bterminate ba
bcontract b("cooling boff")
In ba bRISA bwho bowns bthe bvehicle? b- bcorrect banswers✔✔The bcustomer
On ba bleased bvehicle bwho bowns bthe bvehicle? b- bcorrect banswers✔✔The blessor
Security bInterest b- bcorrect banswers✔✔A bcreditor's bright bto buse bcollateral bto
brecover ba bdebt.
Reg bZ bon bTILA brequires bwhat b6 bdisclosures b- bcorrect banswers✔✔1) bAPR
2) bFinance bCharge
3) bAmount bFinanced
4) bTotal bPayments
5) bTotal bSales bPrice
6) bPayment bSchedule
Total bSales bPrice bon bRISA bincludes... b- bcorrect banswers✔✔1) bTotal bnumber bof
bcash bpayments
2) bCash bDown
, 3) bNet btrade-in
TILA bstands bfor b__________, band bthe bReg bassociated bwith bit bis bReg b_____ b-
bcorrect banswers✔✔Truth bin bLending bAct; bReg bZ
When breferring bto bthe bTILA bbox bon bthe bcontract, bwhat binformation bis bdisclosed
bfor bPayments? b- bcorrect banswers✔✔The b# bof bpayments, bthe bamount bof beach
bpayment, band bthe bdue bdate
Disclosing bthe bContract b- bstate bspecific b- bat bthe btime bof bconsummation, bthe
bcontract bis bbetween bthese b2 bparties: b- bcorrect banswers✔✔Customer b& bselling
bdealer
Deferred bDown bPayment b- bwhen bdealing bwith ba bHold bCheck, bthese b4 bthings bmust
bbe bfollowed: b- bcorrect banswers✔✔- bpayment bmust bbe bprocessed bbefore bthe b2nd
bscheduled bmonthly bpayment
- bamount bcannot bbe bincluded bin bAmt. bFinanced
- bnot bsubjected bto ba bfinance bcharge b
- bnot brecorded bon bthe bcontract b(except bin bCalifornia**)
Negative bEquity b- btwo bthings byou bcannot bdo: b- bcorrect banswers✔✔- bincrease bthe
bvalue bof bvehicle bto bbury bnegative bequity
- brecord ba bnegative bamount bon bthe bDown bPayment bline
2 btypes bof bNegative bEquity bmethods b- bcorrect banswers✔✔Gross b& bNet
Negative bEquity b- bGross bAmt. bmethod b- bcorrect banswers✔✔- bnegative bequity b—->
baddt'l bamt. bfinanced bline
- bdown bpmt. b—> bdown bpmt. bline
Negative bEquity b- bNet bAmt. bmethod b- bcorrect banswers✔✔- bnegative bequity b—->
bsubtract bcash bdown bpmt. b... bttl bgoes bon bthe baddt'l bamt. bfinanced bline
- bdown bpmt. bgets babsorbed, bso b$0 bgoes bon bdown bpmt. bline b- b***** bOR bif bthe
bdown bpmt. bis bmore bthan bthe bnegative bequity, bthe btotal bamt. b(equity bminus bcash)
bgoes bon bthe bdown bpmt. bline
What bdoes bFTC bstand bfor band bwhat bwas bits bresponsibility? b- bcorrect
banswers✔✔Oversee bFranchise bNew
What bdoes bCFPB bregulate? b- bcorrect banswers✔✔- bbuy bhere bpay bhere
- bused bindependent bdealers
- blease bhere bpay bhere
- bfinance bsources
Who boversees bUDAP? b- bcorrect banswers✔✔FTC
