Sure thing! In most racing games the camera is fixed to the same plane as the car, if you drive on a bank the camera follows the rotation of the car. This mario kart video is the best I could find right now, although it loses some sync with the camera, you are never really looking at a sideways or upside-down view of your kart.
Whereas in fast rmx and other types of racers like it, the camera is not fixed to the same plane of the vehicle, therefore it is free to rotate separate from the camera and you find yourself looking at a sideways or even upside down car at times. While some people enjoy this, I do not. Try playing a flight simulator with an unfixed camera like that (FSX and XPLANE both have fixed and unfixed options) and you will see what I mean.
So let me rephrase my question, does fast RMX have a first person or cockpit view?