Federal Real Estate Financing Regulations Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following is true regarding escrow accounts?

Question 2 2. What does the acronym RESPA stand for?

Question 3 3. Which of the following actions is illegal under RESPA and Regulation X?

Question 4 4. Which of the the following must occur before the real estate settlement date?

Question 5 5. When must the lender provide the borrower with an Initial Escrow Statement?

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Question 6 6. In U.S. real estate lending, why did lenders offer lower interest rates following the housing market crash of 2007-2008?

Question 7 7. In U.S. real estate lending, which of the following was the approximate range of mortgage loan interest rates in the 1980's?

Question 8 8. In U.S. real estate lending, which information does a lender need to verify to approve a loan?

Question 9 9. In U.S. real estate lending, which of the following items would be a cause for concern for a lender reviewing a borrower's application in today's market?

Question 10 10. In U.S. real estate lending, which ratio do lenders use to evaluate borrowers for the total amount of debt they will have with any potential mortgage?

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Question 11 11. The Equal Credit Opportunity Act is implemented through ____.

Question 12 12. An individual brings a lawsuit against a creditor for alleged violations of ECOA and is successful. What's the maximum amount of punitive damages she can be awarded?

Question 13 13. Tyrone just submitted a fully completed credit application for a loan. When must the creditor advise him of its determination?

Question 14 14. ECOA does not prohibit discrimination based upon ____.

Question 15 15. Glenn was denied credit. How much time does he have to ask the reason why and get an answer?

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Question 16 16. To initiate a loan application under TRID rules, the borrower must provide the mortgage broker with their name, income, social security number, address of the property, the estimated value of the property, and

Question 17 17. The need for TRID was trigger by what event?

Question 18 18. Under TRID rules, the lender must provide the borrower with the Loan Estimate within what amount of time?

Question 19 19. The purpose of TRID is to

Question 20 20. In real estate, TRID is also known as

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Question 21 21. Which of the following describes a straw buyer?

Question 22 22. Which of the following reasons explains why a buyer would commit occupancy fraud?

Question 23 23. Which of the following is example of criminal enterprise types of mortgage fraud?

Question 24 24. Which government agency has a duty to investigate and respond to complaints of mortgage fraud?

Question 25 25. Why might an otherwise honest home buyer be tempted to lie about the amount of his income when applying for a loan?

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Question 26 26. Which of the following statements is true of the annual percentage rate?

Question 27 27. Which of the following is the general principle behind the Truth in Lending Act?

Question 28 28. Which two pieces of information must lenders disclose to borrowers under the Truth in Lending Act?

Question 29 29. The text of Regulation Z can be found in which set of laws?

Question 30 30. Which of the following statements regarding the Truth in Lending Act and Regulation Z is true?

Federal Real Estate Financing Regulations Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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