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.   Inquiries
B.   Potentially negative items
C.   Accounts in good standing
D.   Personal information
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.   pouse or co-applicant name
D.   Addresses
Question #3
Which of these would most likely be found in the "potentially negative items" section of a credit report?
A.   A current car loan
B.   Credit card with a balance, but no late payments
C.   A student loan that has been paid off
D.   Lien
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.   Maxed-out credit accounts
D.   Credit accounts with low or no balances
Question #5
Which factor is NOT used to determine a FICO® credit score?
A.   Employment history
B.   Payment history
C.   Types of accounts
D.   Credit usage
Question #6
What is the formula for calculating the total housing ratio?
A.   (Gross monthly income ÷ monthly debt payments) × 100
B.   (Monthly housing expenses ÷ gross monthly income) × 100
C.   (Monthly debt payments ÷ gross monthly income) × 100
D.   (Gross monthly income ÷ monthly housing expenses) × 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.   Marital status
C.   Age of accounts
D.   Income
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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