Sierra Pacific's Advertising Policy Quiz! Trivia
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- 1.All advertising must be approved by the Compliance Department prior to publication?
- A.
True
- B.
False
- 2."Advertising" includes
- A.
Messages in Newspapers, magazines, catalogs
- B.
Radio, video or public address announcements
- C.
Personal contacts with a consumer
- D.
Online messages
- E.
Brochures, leaflets, fliers, handouts, posters
- F.
Communication about an existing account
- 3.Communications used for business purposes, such as rate sheets or fliers for brokers and realtors must be compliant with Regulation Z (Truth in Lending Act).
- A.
True
- B.
False
- 4.Misleading ads include:
- A.
Misrepresentations about government endorsements
- B.
Implying association with the current lender
- C.
Disclosing the exact terms of the product
- D.
Misleading claims of debt reduction or elimination
- E.
Not fully describing the fixed or variable features of a loan
- F.
Disclosing who is the source of the advertisement
- 5.Sierra Pacific allows advertisements in a language other than English, IF the ad is mirrored in English
- A.
True
- B.
False
- 6.If the interest rate is stated in the advertisement, which of the following rules need not be applied?
- A.
The APR must be stated
- B.
All "Triggering Terms" under TILA must be stated
- C.
The APR must be in close proximity to the interest rate
- D.
The APR must be of similar size and prominence
- 7.Which four of these choices are considered a "trigger term" under TILA?
- A.
Loan Program
- B.
Down payment percentage or amount (credit sales)
- C.
Number of payments or period of repayment
- D.
Payment amount
- E.
Finance charge amount
- 8.Generally, all advertisements must contain the following:
- A.
Full company name, including dba's
- B.
Company and Individual NMLS number
- C.
Equal Housing Lender Logo
- D.
Picture of the Loan Officer
- E.
State license(s) information
- 9.Disclaimers should be contained in the small print at the bottom of the advertisement.
- A.
True
- B.
False
- 10.Why should advertisers be extremely careful in advertising through social media outlets?
- A.
There may be too few characters or space available for all required disclosures
- B.
They may be on the Do Not Call list
- C.
Mixing personal and business messages may be tricky
- D.
Privacy issues may arise
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