Champions School Of Real Estate – FINANCE Exam || Complete Questions & Answers (Graded A+)
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Module
Champions School Of Real Estate – FINANCE
Institution
Champions School Of Real Estate – FINANCE
Champions School Of Real Estate – FINANCE Exam ||
Complete Questions & Answers (Graded A+)
The process of evaluating a borrower's loan application to determine the risk involved
for the lender - ANSWER -Underwriting
When was the FHA created? - ANSWER -1934
Who funds the FHA? - ANSWER -The ...
Champions School Of Real Estate – FINANCE Exam ||
Complete Questions & Answers (Graded A+)
The process of evaluating a borrower's loan application to determine the risk involved
for the lender - ANSWER -Underwriting
When was the FHA created? - ANSWER -1934
Who funds the FHA? - ANSWER -The FHA funds itself
How long is the lifespan of a $20 bill? - ANSWER -7.9 years
What is the "prime rate?" - ANSWER -The interest rate that is determined by individual
banks
Who provides VA home loans? - ANSWER -Private lenders
The USDA Single Family Housing Direct Home Loan is also known as ____________ -
ANSWER -Section 502 Direct Loan Program
In order to qualify for exemption from capital gains, the property must have been the
primary residence for two of the previous _______________ years. - ANSWER -5 years
A loan with no discount points is known as a _____________. - ANSWER -Par Loan
Relates to federal government spending - ANSWER -Fiscal Policy
Insures deposits in banks and thrift
institutions - ANSWER -Federal Deposit Insurance Corporation
Set by the board of directors of the
Federal Reserve Banks, subject to
approval by the Board of Governors - ANSWER -Discount Rate
Policy that deals with interest rates
and the supply of money in the US
economy. - ANSWER -Monetary Policy
Buying or selling government securities by the Federal Reserve - ANSWER -Open-
Market Operations
Through which avenue does the US Treasury promote economic growth?
A - Legislating tax cuts to stimulate the economy
B - Policies that support job creation
C - Giving grants to government enterprises
, D - All of these - ANSWER -B - Policies that support job creation
Which of the following is NOT a function of the Department of the Treasury?
A - Enforcing federal finance and tax laws
B - Currency and coinage
C - Campaign finance reform
D - Supervising national banks and thrift institutions - ANSWER -C - Campaign finance
reform
According to the Taxpayer Bill of Rights, taxpayers have the right to:
a. pay no more than the correct amount of tax
b. be informed
c. privacy
d. all of these - ANSWER -D - All of these
When was HARP introduced? - ANSWER -2009
Which refinancing option does HARP offer?
a. change from an adjustable to a fixed rate mortgage
b. lower interest rates
c. shorter term loans
d. all of these - ANSWER -D - All of these
What is fiat money? - ANSWER -Currency that is not backed by any precious metals
At the treasury level, funds can be raised to pay for government spending by increasing
borrowing and? - ANSWER -Raising taxes
The ____________ is the interest rate a reserve bank charges eligible financial
institutions to borrow funds on a short term basis. - ANSWER -Discount rate
The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law in
2010, established the _____________. - ANSWER -Consumer Financial Protection
Bureau
Real state transactions regulated by the Office of Consumer Credit Commissioner
include which of the following:
A - Home Equity Loans
B - Home Improvement Loans
C - Secondary Mortgages
D - All of these - ANSWER -D - All of these
The Community Reinvestment Act, enacted in __________, ensures that banks serve
the needs of the community in which they were chartered. - ANSWER -1977
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