Quiz for B2B: The Basics of Commercial Lending (2022)
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Question 1 of 10
1. Question
- For the purposes of Regulation B, a completed application for a commercial loan is required to have 6 pieces of information which are the consumer’s name, the consumer’s income, the consumer’s social security number to obtain a credit report, the property address, an estimate of the value of the property, and the mortgage loan amount sought.
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Question 2 of 10
2. Question
2. When a creditor receives an application for a consumer loan the creditor, by regulation, must:
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Question 3 of 10
3. Question
3. The Military Lending Act does not apply to commercial credit unless the credit is extended to and for an unincorporated business that generates less than $500,000 in gross revenue.
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Question 4 of 10
4. Question
4. For the purposes of Regulation B and commercials loans
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Question 5 of 10
5. Question
5. When it comes to the Fair Credit Reporting Act (FCRA):
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Question 6 of 10
6. Question
6. The Flood Disaster Protection Act (FDPA):
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Question 7 of 10
7. Question
7. For a bank’s Customer Identification Program (CIP), since a customer is a “person”, banks are not required to have a CIP as it is solely the bank’s discretion to have such a program in place:
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Question 8 of 10
8. Question
8. What are maximum coverage limits in the Regular Program under the National Flood Insurance Program (NFIP) for a non-residential building?
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Question 9 of 10
9. Question
9. Beneficial Ownership can apply to:
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Question 10 of 10
10. Question
10. When can a bank require the signature of spouse on a commercial loan?