Question 1

Of the following practices, which one is NOT accepted in insurance and annuity sales?

Options :

A : Reviewing insurance company ratings

B : Monitoring customer complaints against insurance companies

C : Verifying that personnel are properly licensed

D : Churning accounts

Answer: D

Question 2

Your institution has identified a transaction by an existing depositor that should be blocked under

OFAC requirements. The branch manager contacts you for specific instructions. Before reporting the

transaction to OFAC, what should the bank do?

Options :

A : Reject the transaction

B : Process the transaction

C :

Close the customer’s account

D : Place the funds in an interest-bearing account

Answer: D

Question 3

It means a direction by the consumer that the financial institution not discloses nonpublic personal information about the consumer to a non-affiliated third party, except as permitted by the regulation. What is it?

Options :

A : Opt-out

B : Re-disclosure

C : Non-affiliated

D : Both B and C

Answer: A

Question 4

On foreclosure, which of the following loans is subject to the reporting requirements for foreclosed and abandoned property?

Options :

A : A loan made to purchase a family car, secured by the car

B : An unsecured loan made to purchase a computer used in the borrower’s business

C : A loan made to purchase a residence, secured by the residence

D : A loan made to purchase a home computer, secured by the computer

Answer: C

Question 5

First National’s consumer leasing department placed an ad in the local paper that pictured a car with the caption, “Sign a lease with us and pay only $275 per month.” What other information must this ad have?

Options :

A : A statement that the transaction is not a loan

B : The total amount due at consummation or delivery, the number of payments required, and any required security deposit

C : The bank’s policy regarding the purchase of the property by the lessee

D : Disclosures regarding required insurance

Answer: B

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