exam questions

Exam CRCM All Questions

View all questions & answers for the CRCM exam

Exam CRCM topic 1 question 149 discussion

Actual exam question from ABA's CRCM
Question #: 149
Topic #: 1
[All CRCM Questions]

Hector Martinez is a loan officer in a non-community property state. He receives a verbal request for a small business working capital loan from Leon Rogers for his technology consulting business. The business is a sole proprietorship. Mr. Rogers gives Hector a written business plan for his business, a financial statement for the business for the past two years, and a personal financial statement that includes information on himself and his wife. Can Hector assume that the application is a joint application from Mr. Rogers and his wife?

  • A. Yes. Because the financial statement is signed by both Mr. and Mrs. Rogers and includes joint information, the application can be considered to be from both spouses.
  • B. Yes. Because the business is a sole proprietorship, the spouse's financial information is important.
  • C. No. The bank cannot assume the application is a joint one simply on the basis of submission of joint financial information.
  • D. No. Because the business is a sole proprietorship, the bank should assume the application is for individual credit.
Show Suggested Answer Hide Answer
Suggested Answer: C 🗳️

Comments

Chosen Answer:
This is a voting comment (?). It is better to Upvote an existing comment if you don't have anything to add.
Switch to a voting comment New
Cam22
4 months ago
Selected Answer: C
C - Question in the guide
upvoted 1 times
...
Community vote distribution
A (35%)
C (25%)
B (20%)
Other
Most Voted
A voting comment increases the vote count for the chosen answer by one.

Upvoting a comment with a selected answer will also increase the vote count towards that answer by one. So if you see a comment that you already agree with, you can upvote it instead of posting a new comment.

SaveCancel
Loading ...
exam
Someone Bought Contributor Access for:
SY0-701
London, 1 minute ago