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.   Federal Housing Finance Agency
C.   U.S. Congress
D.   Freddie Mac
Question #3
______ is regulated by the Federal Housing Finance Agency.
A.   Real estate licensure
B.   Freddie Mac
C.   Farmer Mac
D.   Ginnie Mae
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 government agency that makes certain borrowing easier and cheaper
C.   A corporation that issues home loans on the primary market
D.   A department of the U.S. Treasury that regulates the mortgage industry
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 Home Loan Bank
C.   Federal Reserve
D.   Federal Home Financing Agency
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.   Down payment requirement, loan-to-value ratio, housing debt-to-income ratio, and length of employment
D.   Loan amount, down payment requirement, loan-to-value ratio, and housing debt-to-income ratio
Question #7
What must a qualified mortgage's loan term limit be?
A.   30 years or less
B.   Less than 15 years
C.   25 years or more
D.   35 years or less
Question #8
______ sets conforming loan limits for mortgages.
A.   Fannie Mae
B.   The Federal Reserve
C.   The Federal Home Financing Agency
D.   Freddie Mac

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