Champions Real Estate Finance Exam Questions with complete solutions

Congress created the Federal Housing Administration in - ANSWER-1934 In order to qualify for exemption from capital gains, the property must have been the primary residence for two of the previous ___ years - ANSWER-5 years A loan with no discount points is known as a - ANSWER-Par loan What is Fiat money - ANSWER-Currency that is not backed up by any precious metals At the treasury level, funds can be raised to pay for government spending by increasing borrowing and _____ - ANSWER-Raising Taxes The ________ is the interest rate a reserve bank charges eligible financial to borrow funds on a short term basis - ANSWER-Discount rate The Fed uses three monterary policy tools to influence the cost and availability of credit: Open Market operations, the discount rate and ____ - ANSWER-Reserve Requirements Through which avenue does the US Treasury promote economic growth? - ANSWER-Policies that support job creation Which of the following is NOT a function of the Department of the Treasury - ANSWER-Campaign finance reform According to the Taxpayer Bill of Rights, taxpayers have the right to: - ANSWER-Pay no more than the correct amount of tax, be informed, privacy When was HARP introduced? - ANSWER-2009