Free American Bankers Association CRCM Practice Exam Questions and Answers 2026

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Total 465 Questions | Updated On: Apr 02, 2026

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Question 1

Which of the following interest-bearing accounts is EXEMPT from Form 1099 annual information reporting requirements under IRS regulations?

A : Time certificates of deposit

B : Money market deposit accounts

C : Individual retirement accounts

D : Negotiable order of withdrawal accounts

Answer: C

Question 2

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?

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

Question 3

Under content of disclosures long term disclosures may include the following, as applicable EXCLUDING:

A : Notification that the product is optional

B : Explanation of debt-suspension agreement

C : Lump-sum payment of fee with no refund

D : Refund of fee paid in lump sum

Answer: D

Question 4

_____________requires that a statement of purpose be obtained from borrowers whose loans are to be greater than $100,000 and that will be secured by margin stock. Loans made for the purpose of purchasing margin stock are subject to additional limitations

A : Regulation U

B : Regulation V

C : . Regulation Z

D : Regulation X

Answer: A

Question 5

Examples of unfair practices mentioned in guidelines against Predatory and Abusive Lending includes loan flipping and loan equity stripping. It is said that:

A : Loan flipping may be unfair because it increases the chances of foreclosure by decreasing home equity and increasing debt burden

B : Equity stripping is the practice of making loans secured by the consumer’s home but with high, upfront fees that are financed and secured by the home

C : Loan flipping is the practice of making loans secured by the consumer’s home but with high, upfront fees that are financed and secured by the home

D : Equity stripping may be unfair because it increases the chances of foreclosure by decreasing home equity and increasing debt burden

Answer: A,B

Page: 1 / 93

Total 465 Questions | Updated On: Apr 02, 2026

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