TREBS EXAM 6 WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL DEFINED
ANSWERS LATEST |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
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. C. 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.
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.
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.
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.
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.
A. SAFE Act
QUESTIONS AND CORRECTLY WELL DEFINED
ANSWERS LATEST |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
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. C. 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.
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.
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.
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.
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.
A. SAFE Act
