Exam (elaborations)
RHFAC TEST QUESTIONS 2024 WITH ACCURATE ANSWERS
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RHFAC TEST QUESTIONS 2024 WITH ACCURATE ANSWERS
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RHFAC TEST QUESTIONS2024 WITH ACCURATE
ANSWERS
1. Question: What factor is most critical in determining loan eligibility?
● A) Applicant’s social media presence
● B) Applicant’s credit score
● C) Applicant’s favorite hobbies
● D) Applicant’s car model
● Answer: B) Applicant’s credit score
2. Question: What is typically reported by lenders to regulatory agencies?
● A) Loan terms and interest rates
● B) Data on loan applications and originations
● C) Borrower’s personal preferences
● D) Lender’s financial statements
● Answer: B) Data on loan applications and originations
3. Question: What does a fixed-rate loan offer in terms of payments?
● A) Payments that change based on market conditions
● B) Fixed payments for the entire term of the loan
● C) Payments that are only required for the first year
● D) Payments that are adjusted annually
● Answer: B) Fixed payments for the entire term of the loan
4. Question: What is a common method to assess the risk associated with
a mortgage?
● A) Evaluating the borrower’s favorite books
● B) Calculating the loan-to-value (LTV) ratio
● C) Analyzing the borrower’s social network
● D) Checking the borrower’s dietary preferences
● Answer: B) Calculating the loan-to-value (LTV) ratio
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