New /
CRCM – Questions With Correct Answers
/ // // // // //
In /
/which /
/of /
/the /
/following /
/transactions //is //a //disclosure //statement //to //the //consumer //required? //- //verified //answer(s)-
✔✔A /
/$125,000 /
/loan /
/to /
/purchase /
/and /
/secured /
/by /
/an /
/unimproved /
/lot //on //which //the //borrower //eventually //plans //to //build //a //home //for //retirement
Which /
/of /
/the //following //charges //is //generally //to //be //a //prepaid //finance //charge? //- //verified //answer(s)-
✔✔Points //paid //by //the //borrower //in //cash //at //closing
Which //of //these //transactions //requires //the //earliest //disclosure? //- //verified //answer(s)-
✔✔A //$200,000 //loan //with //a //variable //interest //rate //to //purchase //a //residence
If /
/an /
/advertisement /
,/for //
a/
/lender's /
/mortgage /
/loan /
/product /
/states /
/that //"we /
/offer /
/15 /
/and /
/30 /
/year /
/loans," //what //additional //disclosures //are //required //by //Regulation //Z? //- //verified //answer(s)-
✔✔The /
/terms //repayment, //amount //of //the //down //payment //(in //a //credit //sale), //and //the //APR
For /
/how /
/long /
/must //
a/
/lender /
/retain //evidence //of //compliance //with //the //Truth //in //Lending //Act? //- //verified //answer(s)-
✔✔Two /
/years /
/after //the //disclosures //are //required //to //be //made, //except //for //mortgages, //which //have //a //five
//year //retention //requirement
Which //of //the //following //closed-
end //loans //is //subject //to //the //right //of //rescission? //- //verified //answer(s)-
✔✔A /
/home //improvement //loan //for //the //borrower's //principal //dwelling, //secured //by //the //dwelling
,For //how //long //may //consumers //exercise //the //right //to //rescind //transactions //in //closed-
end //loans? //- //verified //answer(s)-
✔✔Three /
/business /
/days /
/after /
/the /
/later /
/of //the //consummation, //delivery //of //notice //of //the //right //to //rescind, //or //delivery //of //required
//disclosures
Which /
/of /
/the /
/following /
/disclosures /
/is //NOT //required //on //the //itemization //of //amount //financed? //- //verified //answer(s)-
✔✔An //itemization //of //the //various //types //of //finance //charges
Borrower //
A/
/has //
a/
/variable /
/rate /
/loan /
/secured /
/by /
/his //principal //dwelling //for //a //term //of //10 //years. //Which //of //the //following //is //NOT //a //Truth //in
//Lending //requirement //for //his //loan? //- //verified //answer(s)-
✔✔Limiting //the //number //of //interest //rate //increases //in //each //calendar //year
The /
/State /
/National /
, /Bank /
/credit /
/card /
/program /
/includes //an //annual //fee //that //equals //a //percentage //of //the //average //balance //of //the //account
//during /
/the /
/previous /
/year. /
/Of /
/the /
/following /
/statements, /
/which /
/is /
/true /
/regarding /
/the //Truth //in //Lending //requirements //applicable //to //this //fee? //- //verified //answer(s)-
✔✔The /
/bank /
/must /
/disclose /
/in /
/the /
/initial /
/application /
/or /
/solicitation /
/either /
/the /
/fee /
/amount /
/or /
/the //percentage //amount //and //identify //the //amount //against //which //the //percentage //is //based
Which /
/statement /
CRCM – Questions With Correct Answers
/ // // // // //
In /
/which /
/of /
/the /
/following /
/transactions //is //a //disclosure //statement //to //the //consumer //required? //- //verified //answer(s)-
✔✔A /
/$125,000 /
/loan /
/to /
/purchase /
/and /
/secured /
/by /
/an /
/unimproved /
/lot //on //which //the //borrower //eventually //plans //to //build //a //home //for //retirement
Which /
/of /
/the //following //charges //is //generally //to //be //a //prepaid //finance //charge? //- //verified //answer(s)-
✔✔Points //paid //by //the //borrower //in //cash //at //closing
Which //of //these //transactions //requires //the //earliest //disclosure? //- //verified //answer(s)-
✔✔A //$200,000 //loan //with //a //variable //interest //rate //to //purchase //a //residence
If /
/an /
/advertisement /
,/for //
a/
/lender's /
/mortgage /
/loan /
/product /
/states /
/that //"we /
/offer /
/15 /
/and /
/30 /
/year /
/loans," //what //additional //disclosures //are //required //by //Regulation //Z? //- //verified //answer(s)-
✔✔The /
/terms //repayment, //amount //of //the //down //payment //(in //a //credit //sale), //and //the //APR
For /
/how /
/long /
/must //
a/
/lender /
/retain //evidence //of //compliance //with //the //Truth //in //Lending //Act? //- //verified //answer(s)-
✔✔Two /
/years /
/after //the //disclosures //are //required //to //be //made, //except //for //mortgages, //which //have //a //five
//year //retention //requirement
Which //of //the //following //closed-
end //loans //is //subject //to //the //right //of //rescission? //- //verified //answer(s)-
✔✔A /
/home //improvement //loan //for //the //borrower's //principal //dwelling, //secured //by //the //dwelling
,For //how //long //may //consumers //exercise //the //right //to //rescind //transactions //in //closed-
end //loans? //- //verified //answer(s)-
✔✔Three /
/business /
/days /
/after /
/the /
/later /
/of //the //consummation, //delivery //of //notice //of //the //right //to //rescind, //or //delivery //of //required
//disclosures
Which /
/of /
/the /
/following /
/disclosures /
/is //NOT //required //on //the //itemization //of //amount //financed? //- //verified //answer(s)-
✔✔An //itemization //of //the //various //types //of //finance //charges
Borrower //
A/
/has //
a/
/variable /
/rate /
/loan /
/secured /
/by /
/his //principal //dwelling //for //a //term //of //10 //years. //Which //of //the //following //is //NOT //a //Truth //in
//Lending //requirement //for //his //loan? //- //verified //answer(s)-
✔✔Limiting //the //number //of //interest //rate //increases //in //each //calendar //year
The /
/State /
/National /
, /Bank /
/credit /
/card /
/program /
/includes //an //annual //fee //that //equals //a //percentage //of //the //average //balance //of //the //account
//during /
/the /
/previous /
/year. /
/Of /
/the /
/following /
/statements, /
/which /
/is /
/true /
/regarding /
/the //Truth //in //Lending //requirements //applicable //to //this //fee? //- //verified //answer(s)-
✔✔The /
/bank /
/must /
/disclose /
/in /
/the /
/initial /
/application /
/or /
/solicitation /
/either /
/the /
/fee /
/amount /
/or /
/the //percentage //amount //and //identify //the //amount //against //which //the //percentage //is //based
Which /
/statement /
