AFIP - BASIC CERTIFICATION COURSE 2025 REAL EXAM
QUESTIONS |MOST TESTED QUESTIONS AND CORRECT
ANSWERS |100% ACCURATE|GET IT RIGHT!!
Question 1
The ________ issues UDAP violations to dealers, the ________ issues UDAAP violations to
dealers.
A. CFPB, FTC
B. FTC, CFPB
C. DOJ, CFPB
D. SEC, FTC
E. OCC, FDIC
Correct Answer: A) CFPB, FTC
Rationale: The provided text explicitly states, "The ________ issues UDAP violations
to dealers, the ________ issues UDAAP violations to dealers. A. CFPB, FTC".
Question 2
True or False: If circumstances require that a second lease agreement be executed, the
customer must be recontracted. The date recorded on the second agreement must be the date
of the original contract.
A. True
B. False
Correct Answer: B) False
Rationale: The provided text explicitly states, "(True/False) If circumstances require
that a second lease agreement be executed - the customer must be recontracted -
the date recorded on the second agreement must be the date of the original
contract. False".
,Question 3
Which of the following events, if any, can terminate an offer?
A. Death or insanity of an offeree or offeror
B. Acceptance by the offeree
C. Lapse of time specified in the offer
D. Rejection by the offeree
E. All of the above
Correct Answer: A) Death or insanity of an offeree or offeror
Rationale: The provided text states, "Which of the following events, if any, can
terminate an offer? A. Death or insanity of an offeree or offeror".
Question 4
What is "consideration" as it applies to a contract?
A. The requirement that each party to the contract receives something of value in
exchange for what is given
B. The agreement of both parties to all terms
C. The legal purpose of the contract
D. The capacity of the parties to enter a contract
E. A written document detailing the terms
Correct Answer: A) The requirement that each party to the contract receives
something of value in exchange for what is given
Rationale: The provided text states, "What is "consideration" as it applies to a
contract? A. The requirement that each party to the contract receives something
of value in exchange for what is given".
, Question 5
If a customer is re-contracted five days after the original agreement was executed, how should
the second agreement be treated?
A. As a modification of the original agreement.
B. As an entirely new agreement, with the date the second contract is executed
recorded on the installment sale agreement.
C. The original agreement's date should be used.
D. The second agreement is invalid.
E. As a continuation of the original contract.
Correct Answer: B) As an entirely new agreement, with the date the second contract
is executed recorded on the installment sale agreement.
Rationale: The provided text states, "If a customer is re-contracted five days after
the original agreement was executed, how should the second agreement be
treated? B. As an entirely new agreement, with the date the second contract is
executed recorded on the installment sale agreement."
Question 6
True or False: TILA/Reg Z treats "loans" and "credit sales" the same way since they are both
essentially a promise to pay.
A. True
B. False
Correct Answer: B) False
Rationale: The provided text explicitly states, "(True/False) TILA/Reg Z treats
QUESTIONS |MOST TESTED QUESTIONS AND CORRECT
ANSWERS |100% ACCURATE|GET IT RIGHT!!
Question 1
The ________ issues UDAP violations to dealers, the ________ issues UDAAP violations to
dealers.
A. CFPB, FTC
B. FTC, CFPB
C. DOJ, CFPB
D. SEC, FTC
E. OCC, FDIC
Correct Answer: A) CFPB, FTC
Rationale: The provided text explicitly states, "The ________ issues UDAP violations
to dealers, the ________ issues UDAAP violations to dealers. A. CFPB, FTC".
Question 2
True or False: If circumstances require that a second lease agreement be executed, the
customer must be recontracted. The date recorded on the second agreement must be the date
of the original contract.
A. True
B. False
Correct Answer: B) False
Rationale: The provided text explicitly states, "(True/False) If circumstances require
that a second lease agreement be executed - the customer must be recontracted -
the date recorded on the second agreement must be the date of the original
contract. False".
,Question 3
Which of the following events, if any, can terminate an offer?
A. Death or insanity of an offeree or offeror
B. Acceptance by the offeree
C. Lapse of time specified in the offer
D. Rejection by the offeree
E. All of the above
Correct Answer: A) Death or insanity of an offeree or offeror
Rationale: The provided text states, "Which of the following events, if any, can
terminate an offer? A. Death or insanity of an offeree or offeror".
Question 4
What is "consideration" as it applies to a contract?
A. The requirement that each party to the contract receives something of value in
exchange for what is given
B. The agreement of both parties to all terms
C. The legal purpose of the contract
D. The capacity of the parties to enter a contract
E. A written document detailing the terms
Correct Answer: A) The requirement that each party to the contract receives
something of value in exchange for what is given
Rationale: The provided text states, "What is "consideration" as it applies to a
contract? A. The requirement that each party to the contract receives something
of value in exchange for what is given".
, Question 5
If a customer is re-contracted five days after the original agreement was executed, how should
the second agreement be treated?
A. As a modification of the original agreement.
B. As an entirely new agreement, with the date the second contract is executed
recorded on the installment sale agreement.
C. The original agreement's date should be used.
D. The second agreement is invalid.
E. As a continuation of the original contract.
Correct Answer: B) As an entirely new agreement, with the date the second contract
is executed recorded on the installment sale agreement.
Rationale: The provided text states, "If a customer is re-contracted five days after
the original agreement was executed, how should the second agreement be
treated? B. As an entirely new agreement, with the date the second contract is
executed recorded on the installment sale agreement."
Question 6
True or False: TILA/Reg Z treats "loans" and "credit sales" the same way since they are both
essentially a promise to pay.
A. True
B. False
Correct Answer: B) False
Rationale: The provided text explicitly states, "(True/False) TILA/Reg Z treats
