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QUESTION: 104

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?

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

Answer(s): C

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QUESTION: 105

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

At the time of the application
Before the consummation of the lease
Before the first payment due under the lease
Within 10 days after consummation of the lease

Answer(s): B

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QUESTION: 105

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

At the time of the application
Before the consummation of the lease
Before the first payment due under the lease
Within 10 days after consummation of the lease

Answer(s): B

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QUESTION: 105

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

At the time of the application
Before the consummation of the lease
Before the first payment due under the lease
Within 10 days after consummation of the lease

Answer(s): B

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QUESTION: 106

A bank does not know all of the specific information to be disclosed on the lease at the time of the consummation. What may the bank do after attempting to obtain the information?

Omit the unknown disclosures
Estimate the amounts and note that the information is estimated
Delay consummation of the transaction until the information is ascertained
Estimate the information based on averages of all other leasing transactions the bank has made within the last six months

Answer(s): B

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Free CRCM Exam Braindumps CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) Questions 104–106 (page: 64)

QUESTION: 104

QUESTION: 105

QUESTION: 105

QUESTION: 105

QUESTION: 106

Free CRCM Exam Braindumps
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) Questions 104–106 (page: 64)