Certified Apartment Portfolio Supervisor (CAPS) Practice Exam - Module 1

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Prepare for the Certified Apartment Portfolio Supervisor Exam with flashcards and multiple choice questions. Each question provides detailed explanations and hints to enhance your learning. Excel in your exam endeavor!

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Which Act is designed to ensure consumer protection when it comes to credit transactions?

Fair Credit Reporting Act
Equal Pay Act
Fair and Accurate Credit Transactions Act
Family Medical Leave Act

The correct answer is: Fair and Accurate Credit Transactions Act

The Fair and Accurate Credit Transactions Act (FACTA) is specifically designed to enhance consumer protection related to credit transactions. This act was implemented to safeguard individuals against various forms of identity theft and requires measures to be taken for the accuracy of credit reporting. It mandates that consumers have access to their credit reports, and allows them to dispute inaccuracies, ensuring that credit transactions are conducted fairly. In addition to addressing the accuracy and integrity of credit information, FACTA also includes provisions to protect consumers’ personal information, making it a critical piece of legislation in the realm of financial transactions. While the Fair Credit Reporting Act also plays a significant role in overseeing the credit reporting industry, FACTA explicitly builds upon that foundation by adding layers of consumer protection relevant to today’s credit landscape. The other options listed—Equal Pay Act and Family Medical Leave Act—pertain to employment laws rather than consumer credit issues, which makes them irrelevant to the question of consumer protection in credit transactions.