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Free CRCM Exam Braindumps (page: 78)

Page 78 of 344
PDF with 463 Questions

Milton Edwards leased an automobile from First National Bank. The lease contained a provision whereby Milton would be liable for the automobile at the end of the lease based on its fair market value. At the end of the lease, the bank notified Milton that the value of the automobile, based on industry publications, was $10,500 and required him to pay that amount to obtain ownership of the property. Milton objected and requested that the car be individually appraised.What must the bank do?

  1. Nothing; an estimate of the value based on industry standards is sufficient
  2. Hire an independent appraiser to appraise the automobile (both parties agree to be bound by the appraisal)
  3. Allow Milton to hire an independent appraiser to appraise the automobile (both parties agree to be bound by the appraisal)
  4. Use the average of the car value as determined by a third party appraiser Milton hires with the original bank appraisal

Answer(s): C



Milton Edwards leased an automobile from First National Bank. The lease contained a provision whereby Milton would be liable for the automobile at the end of the lease based on its fair market value. At the end of the lease, the bank notified Milton that the value of the automobile, based on industry publications, was $10,500 and required him to pay that amount to obtain ownership of the property. Milton objected and requested that the car be individually appraised.What must the bank do?

  1. Nothing; an estimate of the value based on industry standards is sufficient
  2. Hire an independent appraiser to appraise the automobile (both parties agree to be bound by the appraisal)
  3. Allow Milton to hire an independent appraiser to appraise the automobile (both parties agree to be bound by the appraisal)
  4. Use the average of the car value as determined by a third party appraiser Milton hires with the original bank appraisal

Answer(s): C



Milton Edwards leased an automobile from First National Bank. The lease contained a provision whereby Milton would be liable for the automobile at the end of the lease based on its fair market value. At the end of the lease, the bank notified Milton that the value of the automobile, based on industry publications, was $10,500 and required him to pay that amount to obtain ownership of the property. Milton objected and requested that the car be individually appraised.What must the bank do?

  1. Nothing; an estimate of the value based on industry standards is sufficient
  2. Hire an independent appraiser to appraise the automobile (both parties agree to be bound by the appraisal)
  3. Allow Milton to hire an independent appraiser to appraise the automobile (both parties agree to be bound by the appraisal)
  4. Use the average of the car value as determined by a third party appraiser Milton hires with the original bank appraisal

Answer(s): C



When must disclosures on consumer leasing transactions subject to Regulation M be made?

  1. At the time of the application
  2. Before the consummation of the lease
  3. Before the first payment due under the lease
  4. Within 10 days after consummation of the lease

Answer(s): B



Page 78 of 344



Post your Comments and Discuss Banking CRCM exam with other Community members:

LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
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LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
upvote

LeAnne Hair commented on August 24, 2023
I think question 204 has an incorrect solution. It should be D-Regulation E
UNITED STATES
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Igor commented on April 10, 2020
Guys, leave no stones unturned. Try to study every questions and anything other supplementary material you have. The exam is not easy. I just wrote mine and if it wss not for these questions I would have not have passed it.
BULGARIA
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Lori commented on July 20, 2017
I had a good result. Worth the money.
UNITED STATES
upvote

Chipps commented on July 20, 2017
Studying from this dump helped me understand the concept and what comes in the exam. But I only get about 80 to 85% of the questions not 100% as it is claimed. Well... still good enough to pass.
UNITED STATES
upvote