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

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