CBLE Regulations and Laws 2

Question 1

Under 19 CFR Part 111, a customs broker's license is automatically suspended if the broker fails to pay the triennial status report fee within how many days after the due date?

Accepted Answer

90 days

Answer

A broker's license is suspended if the triennial status report and fee are not submitted within 90 days of the due date.

Question 2

Which statute governs the assessment and collection of customs duties on imported merchandise in the United States?

Accepted Answer

The Tariff Act of 1930

Answer

The Tariff Act of 1930 (19 U.S.C.) is the foundational statute governing the assessment and collection of customs duties.

Question 3

Under CBP regulations, what is the maximum allowable time period for a temporary importation under bond (TIB) entry, including extensions?

Accepted Answer

3 years

Answer

A TIB entry is initially valid for one year but may be extended up to a total of three years.

Question 4

The 'first sale' rule for customs valuation allows an importer to use which transaction price as dutiable value?

Accepted Answer

The price paid by the foreign manufacturer to the middleman

Answer

Under the first sale rule, the dutiable value can be based on the first sale in the chain of commerce—the manufacturer's price to the middleman—if certain conditions are met.

Question 5

Which regulation requires importers to file a Customs Bond (CBP Form 301) to ensure compliance with all CBP laws and regulations?

Accepted Answer

19 CFR Part 113

Answer

19 CFR Part 113 governs customs bonds, including the requirement to file CBP Form 301 and the conditions of the bond.

(CBLE) Customs Broker License Exam Practice Test

(CBLE) Customs Broker License Exam Practice Test

CBLE Regulations and Laws 2