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.   Addresses
B.   Race and ethnicity
C.   pouse or co-applicant name
D.   Name and name variations
Question #3
Which of these would most likely be found in the "potentially negative items" section of a credit report?
A.   Lien
B.   A current car loan
C.   Credit card with a balance, but no late payments
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.   Missed payments
B.   Short-term credit history
C.   Credit accounts with low or no balances
D.   Maxed-out credit accounts
Question #5
Which factor is NOT used to determine a FICO® credit score?
A.   Types of accounts
B.   Credit usage
C.   Employment history
D.   Payment history
Question #6
What is the formula for calculating the total housing ratio?
A.   (Gross monthly income ÷ monthly housing expenses) × 100
B.   (Monthly debt payments ÷ gross monthly income) × 100
C.   (Monthly housing expenses ÷ gross monthly income) × 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.   Income
B.   Marital status
C.   Age of accounts
D.   Race
Question #8
Which of the following factors carries the least weight when calculating a credit score?
A.   Inquiries
B.   Type of accounts
C.   Age of accounts
D.   Credit usage

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