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QUESTION: 108

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?

The conditions under which the lease may be terminated before the end of its term
Whether or not the lessee has the option to purchase the property and at what price
Whether the lease may be extended at the option of the lessee
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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QUESTION: 108

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?

The conditions under which the lease may be terminated before the end of its term
Whether or not the lessee has the option to purchase the property and at what price
Whether the lease may be extended at the option of the lessee
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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QUESTION: 108

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?

The conditions under which the lease may be terminated before the end of its term
Whether or not the lessee has the option to purchase the property and at what price
Whether the lease may be extended at the option of the lessee
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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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?