CA Real Estate Finance Course » 2021 » Sec 6 Unit 2 Exam

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Question #1
The Federal Housing Finance Agency established percentage targets and ______ for loans made to low- to moderate-income borrowers.
A.   Usury allowances
B.   Limits for conforming loans
C.   Loan origination fees
D.   Mortgage interest rates
Question #2
Which of these agencies is a government-sponsored enterprise?
A.   Ginnie Mae
B.   Freddie Mac
C.   U.S. Congress
D.   Federal Housing Finance Agency
Question #3
______ is regulated by the Federal Housing Finance Agency.
A.   Freddie Mac
B.   Ginnie Mae
C.   Real estate licensure
D.   Farmer Mac
Question #4
What is a government-sponsored enterprise?
A.   A private company the U.S. Congress created to make certain borrowing easier and cheaper
B.   A department of the U.S. Treasury that regulates the mortgage industry
C.   A government agency that makes certain borrowing easier and cheaper
D.   A corporation that issues home loans on the primary market
Question #5
When establishing guidelines for conforming loans, Fannie Mae and Freddie Mac use loan limits set by which entity?
A.   U.S. Congress
B.   Federal Reserve
C.   Federal Home Financing Agency
D.   Federal Home Loan Bank
Question #6
Freddie Mac and Fannie Mae set guidelines for conforming loans. Which of these are qualifying guidelines?
A.   Down payment requirement, loan-to-value ratio, housing debt-to-income ratio, and length of employment
B.   Loan amount, down payment requirement, loan-to-value ratio, and housing debt-to-income ratio
C.   Loan amount, down payment requirement, loan-to-value ratio, and property square footage
D.   Loan amount, down payment requirement, housing debt-to-income ratio, and marital status
Question #7
What must a qualified mortgage's loan term limit be?
A.   35 years or less
B.   30 years or less
C.   Less than 15 years
D.   25 years or more
Question #8
______ sets conforming loan limits for mortgages.
A.   The Federal Home Financing Agency
B.   The Federal Reserve
C.   Fannie Mae
D.   Freddie Mac

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