AFIP Certification Practice Exam With Complete
Questions And 100% Correct Answers| Updated
Version!
Possible penalties for violating an unfair, deceptive and
abusive trade practices is the loss of a dealer license as
well as punitive penalties and/or jail time.
True or False - ANSWER-True
Doing the right thing applies to which statement below?
a. Fair and Consistent Product Pricing
b. Clarity as to disclosure of F&I Products
,c. Providing a clear and consistent paper trail
d. All of the above - ANSWER-All of the above
Based on the February 2020 reversion, you can now offer
GAP to an active duty military member or members of their
family?
True or False - ANSWER-True
Magunson-Moss Warranty Act - ANSWER-Requires
sellers to provide consumers with detailed information
about warranty coverages
,Gramm-Leach-Bliley Act - ANSWER-Focuses on handling
and collecting customers information
OFAC - ANSWER-Office of Foreign Asset Control
Lemon Law - ANSWER-This act embellishes the federal
warranty legislation, requiring manufactures to perform
within the context of their written warranty and prescribes
time periods for repair by the dealer/manufacturer and or
refund or replacement if repair is not accomplished
Unfair, Deceptive, or Abusive Acts or Practices -
ANSWER-misleading or harmful behaviors by those who
offer financial products or services to consumers. Unfair,
, deceptive, or abusive acts and practices as defined by the
Dodd-frank act are illegal
Omissions - ANSWER-not disclosing a material fact that it
known may well lead the consumer to a different decision
Improper Disclosures - ANSWER-not exposing a material
fact or concealing a fact that would reasonably result in a
different decision by your consumer
Misrepresentations - ANSWER-making false statements or
failing to disclose material facts to the consumer
Questions And 100% Correct Answers| Updated
Version!
Possible penalties for violating an unfair, deceptive and
abusive trade practices is the loss of a dealer license as
well as punitive penalties and/or jail time.
True or False - ANSWER-True
Doing the right thing applies to which statement below?
a. Fair and Consistent Product Pricing
b. Clarity as to disclosure of F&I Products
,c. Providing a clear and consistent paper trail
d. All of the above - ANSWER-All of the above
Based on the February 2020 reversion, you can now offer
GAP to an active duty military member or members of their
family?
True or False - ANSWER-True
Magunson-Moss Warranty Act - ANSWER-Requires
sellers to provide consumers with detailed information
about warranty coverages
,Gramm-Leach-Bliley Act - ANSWER-Focuses on handling
and collecting customers information
OFAC - ANSWER-Office of Foreign Asset Control
Lemon Law - ANSWER-This act embellishes the federal
warranty legislation, requiring manufactures to perform
within the context of their written warranty and prescribes
time periods for repair by the dealer/manufacturer and or
refund or replacement if repair is not accomplished
Unfair, Deceptive, or Abusive Acts or Practices -
ANSWER-misleading or harmful behaviors by those who
offer financial products or services to consumers. Unfair,
, deceptive, or abusive acts and practices as defined by the
Dodd-frank act are illegal
Omissions - ANSWER-not disclosing a material fact that it
known may well lead the consumer to a different decision
Improper Disclosures - ANSWER-not exposing a material
fact or concealing a fact that would reasonably result in a
different decision by your consumer
Misrepresentations - ANSWER-making false statements or
failing to disclose material facts to the consumer
