AFIP CERT QUIZ QUESTIONS - CLA EXAM QUESTIONS
AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
If a lessee is not responsible at the end of the lease for the difference between the
residual value of the vehicle and its actual cash value or realized value, this
individual entered into a(n) _______ lease.
A. Closed-end
B. Open-end
C. A and B; both types of leases treat the differences in residual and realized
value in the same manner.
A. Closed-end
The Consumer Lease Act and Regulation M permit lease agreements to be printed
in any language, but they must be available in _______.
A. English
B. The customer's native language
C. Spanish
D. The language in which the transaction was conducted
A. English
If there is physical damage to the vehicle due to a car accident that occurs prior
to the lease end termination will GAP cover damages?
, A. Yes
B. No
B. No
Which of the following disclosures are required by the Consumer Leasing
Act/Reg. M to be on a lease agreement?
A. Detailed information regarding the lessee's responsibility for maintaining and
servicing the vehicle and the excess wear-and-tear standards and obligations
B. Whether the customer has the option of purchasing the vehicle at the end of
the lease, and if so, its price
C. Early termination procedures and responsibilities
D. The lessee's requirement to provide insurance as required by the lessor
E. All of the above
E. All of the above
CLA main purpose is to regulate personal property leases.
A. True
B. False
A. True
Consumer Leasing Act and Reg. M governs consumer lease transactions.
Consumer transactions are those in which the vehicles will be used primarily (51
percent of the time) for _______ purposes.
AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
If a lessee is not responsible at the end of the lease for the difference between the
residual value of the vehicle and its actual cash value or realized value, this
individual entered into a(n) _______ lease.
A. Closed-end
B. Open-end
C. A and B; both types of leases treat the differences in residual and realized
value in the same manner.
A. Closed-end
The Consumer Lease Act and Regulation M permit lease agreements to be printed
in any language, but they must be available in _______.
A. English
B. The customer's native language
C. Spanish
D. The language in which the transaction was conducted
A. English
If there is physical damage to the vehicle due to a car accident that occurs prior
to the lease end termination will GAP cover damages?
, A. Yes
B. No
B. No
Which of the following disclosures are required by the Consumer Leasing
Act/Reg. M to be on a lease agreement?
A. Detailed information regarding the lessee's responsibility for maintaining and
servicing the vehicle and the excess wear-and-tear standards and obligations
B. Whether the customer has the option of purchasing the vehicle at the end of
the lease, and if so, its price
C. Early termination procedures and responsibilities
D. The lessee's requirement to provide insurance as required by the lessor
E. All of the above
E. All of the above
CLA main purpose is to regulate personal property leases.
A. True
B. False
A. True
Consumer Leasing Act and Reg. M governs consumer lease transactions.
Consumer transactions are those in which the vehicles will be used primarily (51
percent of the time) for _______ purposes.
