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Exam 45: Consumer Law

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Question 41

Multiple Choice

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Which of the following is NOT required for real estate transactions?

A) Homes must be sold with a one-year warranty unless they expressly state "As Is"
B) Anyone planning to sell or lease 100 or more lots of unimproved land must file an initial statement of record with HUD
C) A lender must give a buyer an estimate of cost before finalizing a real estate purchase
D) HUD must approve an initial statement of record from anyone planning to sell or lease 100 or more lots of unimproved land
E) Mortgage lenders are required to provide certain disclosures to buyers.

F) A) and B)
G) A) and C)

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Question 42

Multiple Choice

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A new draft law in ________ does not specify the type of person that a deceptive advertisement would affect, such as a reasonable consumer, like the US laws require.

A) China
B) Portugal
C) Australia
D) Venezuela
E) Mexico

F) B) and E)
G) A) and B)

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Question 43

Multiple Choice

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Pantelone lost her mother in an accident. When she went to the funeral home, she was given a booklet that itemized the price information about the funeral's expense. This information is required under the ________.

Which of the following was the first federal legislation passed regulating food and drugs?

If a person believes that she is a victim of identity theft, she may contact the FTC and an alert will be placed in her credit files.

Which of the following permits repeated transactions and assesses a finance charge on unpaid balances?

The Federal Trade Commission was created through ________

The purpose of the Truth in Lending Act is to require sellers disclose loan and/or credit terms to consumers.

Creditors may require, under the Equal Credit Opportunity Act, that a spouse cosign a loan application regardless of the credit worthiness of the applicant.

XL Sandwich Shop wants to publish an advertisement in the local news and run a similar ad on TV. The company wants to make sure it can follow all rules and regulations set forth by the FTC. What guide could XL Sandwich Shop make use of to get a detailed explanation of the rules?

Which of the following is not expressly prohibited by the Fair Debt Collection Practices Act?

[Convertibles] Oscar, a new car dealer, advertised that a new brand of convertible called Wind would be available at his dealership for the price of $10,000 each. He had only three Wind vehicles, however; and when those were sold, he tried to convince shoppers to purchase a much more expensive new convertible at a price of $25,000. Rosa, a customer who decided to purchase one of the more expensive vehicles, needed financing in order to do so. She had $10,000 to pay on the car and sought a loan from XYZ Bank for the remainder. She wanted the loan for a specific amount of time. XYZ Bank offered her the loan and she agreed. The only information she received from XYZ Bank was confirmation that she borrowed $15,000 at an 8 percent interest rate. After receiving several complaints, the Federal Trade Commission disapproved of Oscar's action in regard to the Wind vehicles. After appropriate proceedings, the Commission proceeded to issue a cease-and-desist order involving Oscar's misleading advertisement in regard to Wind vehicles and also in regard to any other vehicles he offered for sale. -Oscar was engaged in what kind of objectionable advertising, if any, when he offered convertibles for sale for $10,000 but only had three and then tried to convince customers to purchase a much more expensive vehicle?

Which of the following is true regarding the obligation, if any, of a consumer who discovers that a company has sent the consumer unsolicited merchandise through the U.S. mail?

What is required by federal law in regard to mail-order sales by the 1975 Mail-Order rule as amended by the Mail or Telephone Order Merchandise rule of 1993?

A drug company has a diabetes drug which is FDA approved only to treat diabetes. The company runs ads implying that the drug is very good for treating seizures. Which of the following is true of the drug company's actions:

Which of the following was passed in response to the growing number of identity theft cases?

Which of the following schemes involves websites attracting users by having them click on ads that appear to be, but are actually not, from well-known brands with the sites then installing spyware or viruses on computers?

Which of the following is the only authorized site for government-required free credit reports from the three major reporting agencies?

In order to give consumers a choice regarding telemarking calls, the ________ was implemented by the FTC.

Under the FTCA, the existence of deceptive advertisements is enough alone to prove damages for recovery when individual civil suits are filed for deceptive practices.