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

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