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AFIP - BASIC CERTIFICATION COURSE | 151 QUESTIONS | WITH ALL PASSED ANSWERS!!
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AFIP - BASIC CERTIFICATION COURSE | 151 QUESTIONS | WITH ALL PASSED ANSWERS!!
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AFIP - BASICCERTIFICATION
COURSE | 151
QUESTIONS | WITH ALL
PASSED ANSWERS!!
AFIP
Evatee 9/10/24 AFIP
,AFIP - BASIC CERTIFICATION COURSE | 151
QUESTIONS | WITH ALL PASSED ANSWERS!!
The ________ issues UDAP violations to dealers, the ________ issues UDAAP
violations to dealers. Answer - 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. Answer - False
Which of the following events, if any, can terminate an offer? Answer - A.
Death or insanity of an offeree or offeror
What is "consideration" as it applies to a contract? Answer - 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? Answer - 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. Answer - 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. Answer - True
The CFPB issues UDAAP violations. UDAAP stands for: Answer - C. Unfair,
Deceptive, Abusive, Acts or Practices
A contract can be defined as an agreement that includes: Answer - 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? Answer - B. Karl arranges funding through the F&I manager for a vehicle
purchased at a dealership.
What is an acceleration clause? Answer - 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. Answer - A. force place
What do the letters in UDAP stand for? Answer - E. Unfair, Deceptive, Acts,
Practices
What are the three required elements of a contract? Answer - D. An offer,
acceptance, and consideration.
What are the criteria for "acceptance" of an offer? Answer - D. All of the above
The __________ issues UDAP violations to dealers, the __________ issues
UDAAP violations to dealers. Answer - A. CFPB, FTC
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