CA Real Estate Finance Course » 2021 » Sec 10 Unit 2 Exam

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Question #1
In which of the following sections of a credit report might a lender expect to find a loan that has been paid off on time?
A.   Personal information
B.   Potentially negative items
C.   Accounts in good standing
D.   Inquiries
Question #2
Ally is reviewing the personal information on her credit report. What information is NOT included in the personal information section?
A.   Race and ethnicity
B.   Name and name variations
C.   Addresses
D.   pouse or co-applicant name
Question #3
Which of these would most likely be found in the "potentially negative items" section of a credit report?
A.   Credit card with a balance, but no late payments
B.   Lien
C.   A current car loan
D.   A student loan that has been paid off
Question #4
Juan’s credit score is being pulled. Which of these actions would have a positive effect on his score?
A.   Credit accounts with low or no balances
B.   Short-term credit history
C.   Maxed-out credit accounts
D.   Missed payments
Question #5
Which factor is NOT used to determine a FICO® credit score?
A.   Types of accounts
B.   Credit usage
C.   Payment history
D.   Employment history
Question #6
What is the formula for calculating the total housing ratio?
A.   (Monthly housing expenses ÷ gross monthly income) × 100
B.   (Monthly debt payments ÷ gross monthly income) × 100
C.   (Gross monthly income ÷ monthly housing expenses) × 100
D.   (Gross monthly income ÷ monthly debt payments) × 100
Question #7
Payment history, credit usage, inquiries, and types of accounts are factors considered in calculating a credit score. Which of the following options is also a factor?
A.   Race
B.   Income
C.   Marital status
D.   Age of accounts
Question #8
Which of the following factors carries the least weight when calculating a credit score?
A.   Inquiries
B.   Type of accounts
C.   Credit usage
D.   Age of accounts

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