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.   Credit 101
B.   Good Lender, Bad Lender
C.   Credit Is a Consumer's Responsibility
D.   Know Before You Owe
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.   The loan officer at their local bank
B.   A class on finance at the community college
C.   A real estate brokerage
D.   The CFPB website
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.   Savings and loans
B.   Seller buy-back transactions
C.   Non-bank lenders
D.   Mortgage brokers
Question #4
The ______ uses education, enforcement, and research to promote fairness and transparency for consumer financial services.
A.   Equal Credit Opportunity Act
B.   Department of Housing and Urban Development
C.   Consumer Credit Protection Act
D.   Consumer Financial Protection Bureau
Question #5
What’s the acronym for the legislation that requires lenders to make full disclosure of the terms and conditions of credit?
A.   ECOA
B.   MDIA
C.   TILA
D.   ARRA
Question #6
The American Recovery and Reinvestment Act provided mortgage assistance to ______.
A.   Homeless persons
B.   Wounded servicemen and servicewomen
C.   Subprime borrowers
D.   Low-income and rural neighborhoods
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.   Neighborhood Stabilization
B.   Community Reinvestment
C.   Rebuild Our Homes
D.   SAFE Neighborhood
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.   Stabilize the housing market
C.   Increase available credit
D.   Redress homeowner grievances

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