451 Real Estate Finance Exam UPDATED
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Which of the following is chattel?
A. Detached garage
B. Attached satellite dish owned by the seller
C. Washer/dryer
D. In ground pool - CORRECT ANSWER c. Washer & dryer
Which of the following allows for unequal shares of ownership?
A. Tenants in common
B. Joint tenancy
C. Tenancy be the entirety
D. Freehold estates - CORRECT ANSWER a. Tenants in common
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. Economic - CORRECT ANSWER d. Economic
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 - CORRECT ANSWER a. It is the fed's monetary
policy making body
Which of the following is NOT necessary for money to function well?
A. It must be in US 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 - CORRECT ANSWER a. Must be in US
currency
Redlining is prohibited by:
A. RESPA
B. TILA
C. CRA
D. HUD - CORRECT ANSWER c. CRA
The Act ensures that consumers throughout the nation are provided with more helpful info 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 - CORRECT ANSWER b. RESPA
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
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Which of the following is chattel?
A. Detached garage
B. Attached satellite dish owned by the seller
C. Washer/dryer
D. In ground pool - CORRECT ANSWER c. Washer & dryer
Which of the following allows for unequal shares of ownership?
A. Tenants in common
B. Joint tenancy
C. Tenancy be the entirety
D. Freehold estates - CORRECT ANSWER a. Tenants in common
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. Economic - CORRECT ANSWER d. Economic
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 - CORRECT ANSWER a. It is the fed's monetary
policy making body
Which of the following is NOT necessary for money to function well?
A. It must be in US 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 - CORRECT ANSWER a. Must be in US
currency
Redlining is prohibited by:
A. RESPA
B. TILA
C. CRA
D. HUD - CORRECT ANSWER c. CRA
The Act ensures that consumers throughout the nation are provided with more helpful info 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 - CORRECT ANSWER b. RESPA
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
