Which of the following is chattel?
A. Detached garage
B. Attached satellite dish owned by the seller
C. Washer/Dryer
D. In ground pool
Rationale: The correct answer is C. The definition of chattel is personal property. Only the washer and dryer are not attached to the real property. - ANSWERSC...
Rationale: The correct answer is C. The definition of chattel is personal property. Only the washer and
dryer are not attached to the real property. - ANSWERSC. Washer/Dryer
Which of the following allows for unequal shares of ownership?
A. Tenants in common
B. Joint Tenancy
C. Tenancy by the entirety
D. Freehold estates
Rationale: The correct answer is A. Joint tenancy and tenancy by the entirety have equal shares of
ownership. Freehold estates is a general term that describes all three. - ANSWERS
What is defined as a social science that studies how individuals, governments, firms, and nations make
choices on allocating scarce resources to satisfy their unlimited wants?
A. Finance
B. Social studies
C. History
D. Economics
Rationale: The correct answer is D. Economics is the study of the behavior of people in a given area. -
ANSWERS
What is the Federal Open Market Committee?
A. It is the Fed's monetary policy-making body.
,B. It is how the Fed supplies funds to member banks.
C. It is one of the 12 Federal Reserve Banks.
D. It provides general oversight for the Fed.
Rationale: The correct answer is A. FOMC is a group of people who advise the Federal Reserve System in
their policy-making. - ANSWERS
Which of the following is NOT necessary for money to function well?
A. It must be in U. S. currency.
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.
Rationale: The correct answer is A. You can have money in different countries under their currencies (the
pound, the yen, or the euro, for example) as these currencies function in their economies. So, the
currency does not have to be U.S. currency to function. - ANSWERS
Redlining is prohibited by:
A. RESPA
B. TILA
C. CRA
D. HUD
Rationale: The correct answer is C. The Community Reinvestment Act (CRA) encourages re-investing in
the community. Redlining is discrimination against people and properties in low-income areas and is
prohibited by the CRA. - ANSWERS
This Act ensures that consumers throughout the nation are provided with more helpful information
about the cost of the mortgage settlement and protected from unnecessarily high settlement charges
cause by certain abusive practices.
A. Dodd-Frank Act
B. RESPA
C. TILA
D. Regulation Z
, Rationale: The correct answer is B. The key word in this question is" settlement charges." The correct
answer is RESPA (the Real Estate Settlement Procedures Act). Dodd Frank has to do with consumer
protection and TILA and Regulation Z deal with advertising. - ANSWERS
_______________ typically aim to build commercial mortgage loan portfolios that are diversified by
property type and geography as well as in accordance with applicable investment guidelines.
A. Pension Funds
B. Commercial Banks
C. REITs
D. Life Insurance Companies
Rationale: The correct answer is D. The life insurance company spreads the risks on these investments
across the country. - ANSWERS
_______________ are member owned, not for profit financial cooperatives that provide savings, credit,
and other financial services to their members.
A. Credit Unions
B. Pension Funds
C. Retirement Programs
D. Commercial Banks
Rationale: The correct answer is A. Credit unions are entities that provide these services. None of the
other choices are member-owned. - ANSWERS
What is an independent contractor who offers the loan products of multiple lenders?
A. Mortgage Broker
B. Mortgage Banker
C. Credit Union
D. Loan Officer
Rationale: The correct answer is A. Mortgage brokers shop for the best product(s) for their customers.
Others sell their company's products. - ANSWERS
What is a type of real estate company modeled after mutual funds?
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