TREBS EXAM 6 2025/2026 QUESTIONS
WITH VERIFIED ANSWERS (GRADED
A+)
Which of the following is chattel?
A. Detached garage
B. Attached satellite dish owned by the seller
C. Washer/Dryer
D. In-ground pool
✔✔ Answer: C. Washer/Dryer
Rationale: Chattel is defined as personal property. Since the washer and dryer are
not permanently attached to the home, they are considered personal property,
unlike the other options which are fixtures or real property.
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
✔✔ Answer: A. Tenants in common
Rationale: Tenants in common can hold unequal shares of property. Joint tenancy
and tenancy by the entirety require equal shares. Freehold estates is a broad
category that encompasses multiple ownership types.
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
✔✔ Answer: D. Economics
Rationale: Economics is the study of how people and societies use limited
resources to fulfill unlimited wants and needs.
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.
✔✔ Answer: A. It is the Fed's monetary policy-making body.
Rationale: The FOMC determines U.S. monetary policy, including decisions on
interest rates and money supply, which directly affect economic activity.
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. -
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. -
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. -
WITH VERIFIED ANSWERS (GRADED
A+)
Which of the following is chattel?
A. Detached garage
B. Attached satellite dish owned by the seller
C. Washer/Dryer
D. In-ground pool
✔✔ Answer: C. Washer/Dryer
Rationale: Chattel is defined as personal property. Since the washer and dryer are
not permanently attached to the home, they are considered personal property,
unlike the other options which are fixtures or real property.
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
✔✔ Answer: A. Tenants in common
Rationale: Tenants in common can hold unequal shares of property. Joint tenancy
and tenancy by the entirety require equal shares. Freehold estates is a broad
category that encompasses multiple ownership types.
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
✔✔ Answer: D. Economics
Rationale: Economics is the study of how people and societies use limited
resources to fulfill unlimited wants and needs.
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.
✔✔ Answer: A. It is the Fed's monetary policy-making body.
Rationale: The FOMC determines U.S. monetary policy, including decisions on
interest rates and money supply, which directly affect economic activity.
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. -
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. -
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. -
