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ABA CRCM Practice Test - Questions Answers, Page 19

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Question 181

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It is a corporation or a non-depository institution that maintains an account with a Reserve Bank

A.
Savings and loan associations
A.
Savings and loan associations
Answers
B.
Clearing institution
B.
Clearing institution
Answers
C.
A foreign banker
C.
A foreign banker
Answers
D.
Insured credit unions
D.
Insured credit unions
Answers
Suggested answer: B
asked 16/09/2024
Kenneth Joines
39 questions

Question 182

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It is an instrument or promise or order to pay money (whether negotiable or non negotiable) sent by a sender and payable in a Federal Reserve District or sent to and collectible in funds acceptable to a Reserve Bank. An electronic image of an this document together with electronic information describing that item in an approved format will be considered a valid instrument.

A.
Item
A.
Item
Answers
B.
Debt collection form
B.
Debt collection form
Answers
C.
Validation form
C.
Validation form
Answers
D.
Correspondent check
D.
Correspondent check
Answers
Suggested answer: A
asked 16/09/2024
Ali Abbas
28 questions

Question 183

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An electronic image of an item together with electronic information describing that item in an approved format will be considered a valid instrument. Common forms of instruments are the following EXCEPT:

A.
Checks: Drafts drawn on a bank and payable on demand
A.
Checks: Drafts drawn on a bank and payable on demand
Answers
B.
Pay checks
B.
Pay checks
Answers
C.
Cash items: Checks or other items payable on demand and collectible at par and accepted at the Reserve Bank
C.
Cash items: Checks or other items payable on demand and collectible at par and accepted at the Reserve Bank
Answers
D.
Noncash items: Items that a Reserve Bank classifies as requiring special handling
D.
Noncash items: Items that a Reserve Bank classifies as requiring special handling
Answers
Suggested answer: B
asked 16/09/2024
Miguel Tuimil Galdo
40 questions

Question 184

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Reserve Banks must issue operating circulars, which, together with Regulation J, govern the details of handling items through the Reserve Bank, including

A.
Handling of government items and foreign instruments
A.
Handling of government items and foreign instruments
Answers
B.
Handling of foreign instruments
B.
Handling of foreign instruments
Answers
C.
Handling of government items
C.
Handling of government items
Answers
D.
Handling of clearing instruments
D.
Handling of clearing instruments
Answers
Suggested answer: A
asked 16/09/2024
Alejandro Rodriguez
32 questions

Question 185

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One of the check collection requirements is sending items to Reserve Banks. In this requirement:

A.
A sender other than a Reserve Bank may send any item to the Reserve Bank with which it maintains an account
A.
A sender other than a Reserve Bank may send any item to the Reserve Bank with which it maintains an account
Answers
B.
The following parties are deemed to have handled items, in this order: * The initial sender * The initial sender's administrative Reserve Bank * The Reserve Bank that receives the item from the initial sender * Any other Reserve Bank that receives the item from a Reserve Bank
B.
The following parties are deemed to have handled items, in this order: * The initial sender * The initial sender's administrative Reserve Bank * The Reserve Bank that receives the item from the initial sender * Any other Reserve Bank that receives the item from a Reserve Bank
Answers
C.
Reserve Banks must receive cash items and other items (checks) at par
C.
Reserve Banks must receive cash items and other items (checks) at par
Answers
D.
A foreign bank that maintains reserves under the International Banking Act of 1978
D.
A foreign bank that maintains reserves under the International Banking Act of 1978
Answers
Suggested answer: A, B, C
asked 16/09/2024
Abdullah Mousa
45 questions

Question 186

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Any of the following foreign correspondents for which the Federal Reserve maintains an account EXCEPT:

A.
A foreign bank
A.
A foreign bank
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B.
A foreign banker's Lessee
B.
A foreign banker's Lessee
Answers
C.
A foreign state
C.
A foreign state
Answers
D.
A foreign correspondent or agency
D.
A foreign correspondent or agency
Answers
Suggested answer: B
asked 16/09/2024
Venish Arumugam
35 questions

Question 187

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By sending an item to a Reserve Bank, a sender:

A.
Never authorizes the Reserve Bank to handle the item based on this regulation and the Reserve Bank's circulars
A.
Never authorizes the Reserve Bank to handle the item based on this regulation and the Reserve Bank's circulars
Answers
B.
Warranties for electronic items that are substitute checks
B.
Warranties for electronic items that are substitute checks
Answers
C.
Warrants to each Reserve Bank handling the item that it has good title, that it is entitled to enforce the item, that the item has not been materially altered, and that the item bears all endorsements applied by parties that previously handled the item in paper or electronic form
C.
Warrants to each Reserve Bank handling the item that it has good title, that it is entitled to enforce the item, that the item has not been materially altered, and that the item bears all endorsements applied by parties that previously handled the item in paper or electronic form
Answers
D.
The sender makes all of the warranties set forth in the Uniform Commercial Code (UCC) as if the item were subject to the UCC and makes all of the Regulation CC warranties as if the electronic item were a paper item subject to that regulation
D.
The sender makes all of the warranties set forth in the Uniform Commercial Code (UCC) as if the item were subject to the UCC and makes all of the Regulation CC warranties as if the electronic item were a paper item subject to that regulation
Answers
Suggested answer: C, D
asked 16/09/2024
Gabriel Pereira Dias
36 questions

Question 188

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The sender agrees to indemnify each Reserve Bank for:

A.
Any loss or expense resulting from sender's lack of authority
A.
Any loss or expense resulting from sender's lack of authority
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B.
Any action taken by the Reserve Bank within the scope of its authority in the handling of the item
B.
Any action taken by the Reserve Bank within the scope of its authority in the handling of the item
Answers
C.
An electronic item that is not a substitute check is not liable for any amount paid by a Reserve Bank that is attributable to the Reserve Bank's own lack of good faith or failure to exercise ordinary care
C.
An electronic item that is not a substitute check is not liable for any amount paid by a Reserve Bank that is attributable to the Reserve Bank's own lack of good faith or failure to exercise ordinary care
Answers
D.
Any warranty made by the Reserve Bank under Regulation J, Regulation CC, or the UCC
D.
Any warranty made by the Reserve Bank under Regulation J, Regulation CC, or the UCC
Answers
Suggested answer: A, B, D
asked 16/09/2024
Lionel Fitzgerald Gweth
44 questions

Question 189

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The sender's liability for warranties and indemnities that a Reserve Bank makes for a substitute check is subject to the following conditions and limitations EXCEPT:

A.
The sender of an original check is not liable for amounts paid by the Reserve Bank absent the sender's agreement to the contrary
A.
The sender of an original check is not liable for amounts paid by the Reserve Bank absent the sender's agreement to the contrary
Answers
B.
The sender's liability under Regulation CC is not altered by the Regulation J provisions
B.
The sender's liability under Regulation CC is not altered by the Regulation J provisions
Answers
C.
Failure of sender to have authority to make the required warranties and agreements
C.
Failure of sender to have authority to make the required warranties and agreements
Answers
D.
A sender of an electronic item that is not a substitute check is not liable for any amount paid by a Reserve Bank that is attributable to the Reserve Bank's own lack of good faith or failure to exercise ordinary care
D.
A sender of an electronic item that is not a substitute check is not liable for any amount paid by a Reserve Bank that is attributable to the Reserve Bank's own lack of good faith or failure to exercise ordinary care
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Suggested answer: C
asked 16/09/2024
Rafal Wozniak
37 questions

Question 190

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The Reserve Bank may recover from the sender the attorneys' fees if an action is brought against a Reserve Bank on the basis of:

A.
Failure of sender to have authority to make the required warranties and agreements
A.
Failure of sender to have authority to make the required warranties and agreements
Answers
B.
Any action by the Reserve Bank within the scope of its authority in handling the item
B.
Any action by the Reserve Bank within the scope of its authority in handling the item
Answers
C.
Any warranty made by the Reserve Bank
C.
Any warranty made by the Reserve Bank
Answers
D.
All of the above
D.
All of the above
Answers
Suggested answer: D
asked 16/09/2024
Gopakumar Nair
39 questions
Total 463 questions
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