Exam (elaborations)
Texas Real Estate Finance Exam
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Texas Real Estate Finance Exam
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Texas Real Estate Finance ExamWhich of the following is CHATTEL - CORRECT ANSWER-A. Detached garage
B. Attached satellite dish owned by the seller.
C. WASHER/DRYER - CORRECT
D. In-ground pool
Allows for unequal shares of ownership. - CORRECT ANSWER-A. TENANTS IN
COMMON - CORRECT
B. Joint Tenancy
C. Tenancy by the entirety
D. Freehold estates
Defined as a social science that studies how individuals, governments, firms, and
nations make choices on allocating scarce resources to satisfy their unlimited
wants. - CORRECT ANSWER-A. Finance
B. Social Studies
C. History
D. ECONOMICS - CORRECT
The Federal Open Market Committee is the Fed's: - CORRECT ANSWER-A.
MONETARY POLICY-MAKING BODY - CORRECT
B. Supplies funds to member banks
C. Is one of the 12 Federal Reserve Banks
D. Provides general oversight for the Fed.
Which of the following is NOT necessary for money to function well? - CORRECT
ANSWER-A. IT MUST BE IN U.S. CURRENCY - CORRECT
b. It must be easily measured to determine its actual value.
C. It must not deteriorate quickly
D. It must be widely accepted by buyers and sellers.
Redlining is prohibited by - CORRECT ANSWER-A. RESPA
B. TILA
C. CRA - CORRECT
D. HUD
, This Act ensures that consumers throughout the nation are provided with more
helpful information about the cost of the mortgage settlement and are protected
from unnecessarily high settlement charges caused by certain abusive practices.
- CORRECT ANSWER-A. Dodd-Frank
B. RESPA - CORRECT
C. TILA
D. Regulation Z
The goal of this Act was to reduce fraud by encouraging states to establish
minimum standards for the licensing and registration of state-licensed mortgage
loan originators. - CORRECT ANSWER-A. SAFE - CORRECT
B. ECOA
C. CRA
D. Dodd-Frank
This Act governs the process by which federal agencies develop and issue
regulations. - CORRECT ANSWER-A. APA (ADMINISTRATIVE PROCEDURES
ACT) - CORRECT
B. SAFE
C. Dodd-Frank
D. CFPB
The main purpose of _____________ is to provide financial assistance to low
and moderate income buyers by promoting mortgage credit. - CORRECT
ANSWER-A. FNMA
B. FHLMC
C. GNMA - CORRECT
D. Farmer Mac
These are the most common type of mortgage-backed securities established by
the Tax Reform Act of 1986. - CORRECT ANSWER-A. MBS
B. REIT
C. ECOA
D. REMIC - CORRECT
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