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

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