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Banking CRCM Exam
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) (Page 24 )

Updated On: 11-Jan-2026
Page 24 of 276
PDF with 463 Questions

Which of the following statements is true regarding the lessee's ability to purchase the leased property?

  1. The lessor must allow the lessee to purchase the leased property either during the lease term or at the end of the term.
  2. If the lessor allows the lessee to purchase the property at the end of the lease term, the lessor may not charge more than the equivalent of 12 monthly payments for the property.
  3. If the lessor allows the lessee to purchase the property at the end of the lease term, the purchase price must be disclosed in the initial disclosure statement.
  4. The purchase price of the leased property must be mutually agreed on by the lessor and the lessee.

Answer(s): C



Records regarding compliance with Regulation M must be kept for how long?

  1. Five years following consummation of the lease
  2. Two years after the disclosures are made
  3. Twenty-five months from consummation
  4. One year from the time the disclosures are made

Answer(s): B



First National's consumer leasing department placed an ad in the local paper that pictured a car with the caption, "Sign a lease with us and pay only $275 per month." What other information must this ad have?

  1. A statement that the transaction is not a loan
  2. The total amount due at consummation or delivery, the number of payments required, and any required security deposit
  3. The bank's policy regarding the purchase of the property by the lessee
  4. Disclosures regarding required insurance

Answer(s): B



Roberta Milton's car lease with First National Bank reached its termination on August 1. Roberta and the bank agreed to extend the lease on a month-tomonth basis without charging her a fee for doing so. What disclosure responsibilities does the bank have now?

  1. None are needed now.
  2. None, until after six months of the month-to-month lease
  3. The bank must make an entirely new initial disclosure
  4. The bank must disclose the estimated residual value at the end of six months

Answer(s): B



The initial disclosure requires that certain disclosures relating to the termination of a lease be given to the consumer. Which of these disclosures is NOT required?

  1. The conditions under which the lease may be terminated before the end of its term
  2. Whether or not the lessee has the option to purchase the property and at what price
  3. Whether the lease may be extended at the option of the lessee
  4. Whether the lessee will be liable for the difference between the estimated value of the property and its realized value at the termination or end of the lease

Answer(s): C



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