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Exam CRCM topic 1 question 306 discussion

Actual exam question from ABA's CRCM
Question #: 306
Topic #: 1
[All CRCM Questions]

Information reports must include which of the following details?

  • A. Name, address, and TIN of the borrower
  • B. Purpose of the loan
  • C. Address of the property securing the mortgage
  • D. Fair market value of the property at the time of the loan
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Suggested Answer: A 🗳️

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Cam22
3 months, 4 weeks ago
Selected Answer: A
Information reports, such as those required for mortgage interest reporting to the IRS, typically include details such as the name, address, and TIN of the borrower. This information is crucial for tax reporting purposes. While options B, C, and D may be relevant details in the context of mortgage transactions, they are not typically included in information reports required for tax reporting purposes.
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