Certified Apartment Manager (CAM) Practice Test

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Prepare for the Certified Apartment Manager exam with our comprehensive test. Featuring flashcards and multiple-choice questions, each crafted with hints and explanations to ensure you are thoroughly ready for your certification!

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What is a requirement when a manager rejects an applicant based on a credit report?

Inform the applicant of a pricing change
Notify them of their right to dispute the report
Provide them with a detailed financial report
Require additional documentation from them

The correct answer is: Notify them of their right to dispute the report

When an applicant is rejected based on information found in their credit report, it is crucial that the manager notifies them of their right to dispute the report. This requirement stems from the Fair Credit Reporting Act (FCRA), which protects consumers by ensuring they are aware of their rights. If an applicant's credit report contained inaccuracies or was incorrect, they have the right to contest this information with the credit reporting agency. Providing this notification is essential in ensuring transparency in the application process and maintaining fair housing practices. It empowers the applicant to check their credit history and take necessary actions if they believe their credit report misrepresented their financial situation. The other options do not align with the legal requirements set forth by the FCRA concerning adverse actions taken due to credit report findings. Providing a detailed financial report or requiring additional documentation would not fulfill the legal obligation to inform the applicant about their dispute rights. Informing them of a pricing change is unrelated to the context of rejection based on credit reports and does not serve to protect the applicant's rights in this scenario.