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AFIP BASIC CERTIFICATION ACTUAL EXAM NEWEST AFIP
BASIC CERTIFICATION EXAM PREPARATION/AFIP BASIC
CERTIFICATION PRACTICE EXAM 2025/2026 NEWEST
ACTUAL EXAM WITH COMPLETE QUESTIONS AND
VERIFIED ANSWERS |ALREADY GRADED A+|
What are the potential liabilities for a dealership that violates
CFA/Reg. M triggering term advertising requirements? -
ANSWER-D. All of the above
(True/False)
CLA is implemented by Regulation M? - ANSWER-True
The CLA and Reg. M permit lease agreements to be printed in
any language, but they must be available in ________ -
ANSWER-A. English
(True/False)
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According to Reg M, the APR must be disclosed. - ANSWER-
False
The main purpose of CLA is to regulate property leases. -
ANSWER-True
Which of the following are disclosures required on a lease
contract by the CLA/Reg. M? - ANSWER-D. All of the above
(True/False)
The CFA/Reg. M disclosures must be made prior to
consummation and in a form that the lessee can keep. -
ANSWER-True
Which of the following are triggering terms for a lease ad? -
ANSWER-D. All of the above
(True/False)
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CLA/Reg. M governs consumer lease transactions. Consumer
transactions are those in which vehicles will be used primarily (51
percent of the time) for household, personal, and family purposes.
- ANSWER-True
The total of the gross capitalized cost amount on a lease
agreement is comprised of the agreed upon value of the vehicle
and ______. - ANSWER-A. all of the above
Which of the following disclosures are NOT required by the
CSA/Reg. M to be on a lease agreement?
A. Detailed information regarding the lessee's responsibility for
maintaining and servicing the vehicle and the excess wear-and-
tear standards and obligations.
B. Whether the customer has the option or purchasing the vehicle
at the end of the lease, and if so, its price.
C. Early termination procedures and responsibilities.
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D. The lessee's requirement to provide insurance as required by
the lessor. - ANSWER-All are required.
Which of the following is/are criminal violation(s) of the CFA/Reg.
M? - ANSWER-D. All of the above.
On a lease agreement, what does the capitalized cost reduction
do? - ANSWER-C. Reduce the gross amount of a lease
transaction.
If a lessee is not responsible at the end of the lease for the
difference between the residual value of the vehicle and its actual
cash value or realized value, this individual entered into a(n)
_______ lease. - ANSWER-A. Close-end
(True/False)
AFIP BASIC CERTIFICATION ACTUAL EXAM NEWEST AFIP
BASIC CERTIFICATION EXAM PREPARATION/AFIP BASIC
CERTIFICATION PRACTICE EXAM 2025/2026 NEWEST
ACTUAL EXAM WITH COMPLETE QUESTIONS AND
VERIFIED ANSWERS |ALREADY GRADED A+|
What are the potential liabilities for a dealership that violates
CFA/Reg. M triggering term advertising requirements? -
ANSWER-D. All of the above
(True/False)
CLA is implemented by Regulation M? - ANSWER-True
The CLA and Reg. M permit lease agreements to be printed in
any language, but they must be available in ________ -
ANSWER-A. English
(True/False)
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According to Reg M, the APR must be disclosed. - ANSWER-
False
The main purpose of CLA is to regulate property leases. -
ANSWER-True
Which of the following are disclosures required on a lease
contract by the CLA/Reg. M? - ANSWER-D. All of the above
(True/False)
The CFA/Reg. M disclosures must be made prior to
consummation and in a form that the lessee can keep. -
ANSWER-True
Which of the following are triggering terms for a lease ad? -
ANSWER-D. All of the above
(True/False)
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CLA/Reg. M governs consumer lease transactions. Consumer
transactions are those in which vehicles will be used primarily (51
percent of the time) for household, personal, and family purposes.
- ANSWER-True
The total of the gross capitalized cost amount on a lease
agreement is comprised of the agreed upon value of the vehicle
and ______. - ANSWER-A. all of the above
Which of the following disclosures are NOT required by the
CSA/Reg. M to be on a lease agreement?
A. Detailed information regarding the lessee's responsibility for
maintaining and servicing the vehicle and the excess wear-and-
tear standards and obligations.
B. Whether the customer has the option or purchasing the vehicle
at the end of the lease, and if so, its price.
C. Early termination procedures and responsibilities.
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D. The lessee's requirement to provide insurance as required by
the lessor. - ANSWER-All are required.
Which of the following is/are criminal violation(s) of the CFA/Reg.
M? - ANSWER-D. All of the above.
On a lease agreement, what does the capitalized cost reduction
do? - ANSWER-C. Reduce the gross amount of a lease
transaction.
If a lessee is not responsible at the end of the lease for the
difference between the residual value of the vehicle and its actual
cash value or realized value, this individual entered into a(n)
_______ lease. - ANSWER-A. Close-end
(True/False)
