CA Real Estate Finance Course » 2021 » Sec 4 Unit 3 Exam

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Question #1
The CFPB uses education to accomplish its mission, such as the ______ publications.
A.   Know Before You Owe
B.   Credit 101
C.   Credit Is a Consumer's Responsibility
D.   Good Lender, Bad Lender
Question #2
Dawn and Steve are planning to purchase a home, but are wary of the commitment of a mortgage. However, they have no other way to make home ownership a reality, so they decide to educate themselves on the process for obtaining a mortgage loan. Where would you recommend they go for clear, consumer-oriented education on this topic?
A.   A class on finance at the community college
B.   The loan officer at their local bank
C.   The CFPB website
D.   A real estate brokerage
Question #3
The Dodd-Frank Act created the CFPB in part to regulate ______, which were among the largest originators of subprime mortgages prior to the financial crisis of 2007‒2008.
A.   Mortgage brokers
B.   Non-bank lenders
C.   Seller buy-back transactions
D.   Savings and loans
Question #4
The ______ uses education, enforcement, and research to promote fairness and transparency for consumer financial services.
A.   Consumer Financial Protection Bureau
B.   Consumer Credit Protection Act
C.   Equal Credit Opportunity Act
D.   Department of Housing and Urban Development
Question #5
What’s the acronym for the legislation that requires lenders to make full disclosure of the terms and conditions of credit?
A.   TILA
B.   MDIA
C.   ECOA
D.   ARRA
Question #6
The American Recovery and Reinvestment Act provided mortgage assistance to ______.
A.   Wounded servicemen and servicewomen
B.   Low-income and rural neighborhoods
C.   Subprime borrowers
D.   Homeless persons
Question #7
Both the Housing and Economic Recovery Act and the American Recovery and Reinvestment Act funded a program called the ______ program, which provided emergency assistance grants to states to purchase and redevelop foreclosed and abandoned homes and residential properties.
A.   SAFE Neighborhood
B.   Community Reinvestment
C.   Neighborhood Stabilization
D.   Rebuild Our Homes
Question #8
A major component of the Housing and Economic Recovery Act was the HOPE for Homeowners program, which aimed to ______ by helping subprime borrowers refinance into more affordable fixed-rate mortgages.
A.   Bail out credit companies
B.   Redress homeowner grievances
C.   Increase available credit
D.   Stabilize the housing market

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