QUESTION 1 Under the Equal Credit Opportunity Act: alimony received and child su

Question

QUESTION 1

Under the Equal Credit Opportunity Act:

alimony received and child support payments are not considered sources of income.

questions concerning plans for children should be asked before sanctioning credit.

if the credit is refused, the creditor, on demand, must disclose the reasons for rejection.

the creditor must ask all credit applicants for a statement of marital status.

a spouse is required to cosign irrespective of the other spouse's creditworthiness.

2 points   

QUESTION 2

The _____ amended the Truth in Lending Act by requiring credit card issuers to disclose in a uniform manner the annual percentage rate, annual fees, grace period, and other information on credit card applications.

Fair Credit Reporting Act

Consumer Leasing Act

Truth in Lending Act

Fair Credit and Charge Card Disclosure Act

Credit Card Accountability, Responsibility, and Disclosure Act

2 points   

QUESTION 3

The Uniform Commercial Code permits sellers to exclude warranties in whole or in part.

True

False

2 points   

QUESTION 4

A tenancy that will last only so long as the landlord and tenant desire is known as a(n) _____.

open listing

fee simple estate

estate for years

tenancy at will

periodic tenancy

2 points   

QUESTION 5

This is an organized codification of the common laws of contracts.

The Restatement of the Law of Contracts

The Uniform Commercial Code

Implied in law

Case law

International Sale of Goods

alimony received and child support payments are not considered sources of income.

questions concerning plans for children should be asked before sanctioning credit.

if the credit is refused, the creditor, on demand, must disclose the reasons for rejection.

the creditor must ask all credit applicants for a statement of marital status.

a spouse is required to cosign irrespective of the other spouse's creditworthiness.

Explanation / Answer

Equal Credit Opportunity Act (ECOA)

if the credit is refused, the creditor, on demand, must disclose the reasons for rejection.

according to this act the creditor should not do discrimination among the applicants.

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Fair Credit and Charge Card Disclosure Act

In the year 1989 Fair Credit & Charge Card Disclosure Act amended the TILA.

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True

The UCC gives permit to the sellers to exclude warranties in whole or in part.

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tenancy at will

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Restatement of the Law of Contracts

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