Exam CRCM topic 1 question 42 discussion

Actual exam question from ABA's CRCM

Question #: 42
Topic #: 1

In Consumer Leasing Act Content of non-segregated disclosures may be made separately or as part of another document (such as the lease agreement); however, other information cannot be stated, used, or placed so as to mislead or confuse the consumer. Other disclosures include all of the following EXCEPT:

A. A statement of the conditions under which the lessee or lessor may terminate the lease before the end of the lease term, along with the amount (or a description of the method of how the amount is determined) of any penalty or other charge for early termination
B. Whether the lessee has the option to purchase the leased property during the lease term and, if applicable, the purchase price (or method for determining it) and when the lessee may exercise it
C. The lessee's right to an independent appraisal of the property if the lessee's liability at the end of the lease is based on the realized value of the leased property, and that the appraisal will be binding on all parties
D. A statement of maintenance responsibilities including the counter bank responsible and a description of the responsibility

Show Suggested Answer

Suggested Answer: D 🗳️

by Cam22 at March 15, 2024, 1:08 a.m.

Comments

Submit Cancel

Dex24

7 months ago

Page 61

upvoted 1 times

...

Cam22

8 months, 3 weeks ago

This option does not fit with the requirements for non-segregated disclosures under the Consumer Leasing Act. The Act focuses on financial terms and conditions, rights, and obligations related to the lease. Maintenance responsibilities are typically outlined in the lease agreement, but the concept of a "counter bank responsible" does not align with the disclosures mandated by the Consumer Leasing Act.

upvoted 1 times

...