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Miscellaneous
R.E. Cycle
Legislative Acts
Regulatory Agencies
Government Activities
100
Which of the following would have the LEAST affect on real estate values? a) change in zoning permitting higher density b) New legislation requiring environmental impact studies c) decline in the New York Stock Exchange d) Stricter buidling codes in that area
Decline in New York Stock Exchange
100
All of the following may be used as collateral for a loan EXCEPT: a) tenant's leasehold rights b) lender's receivable mortgage rights c) farmer's unharvested crops d) unsecured personal property
Unsecured personal property
100
If lender Jones refused a loan to Martha W. due to the fact that part of her income was derived from public assistance program, he would be in violation of the: a) Fair Housing Act b) Real Estate Settlement Procedures Act c) Equal Credit Opportunity Act d) Home Mortgage Disclosure Act
Equal Credit Opportunity Act
100
The Office of Federal Housing Agency (FHA) is responsible for regulating: a) HUD b) Fannie Mae and Freddie Mac c) Housing Choice Voucher Program d) RESPA regulations
Fannie Mae and Freddie Mac
100
Which of the following is NOT one of the primary activities of HUD: a) Overseeing Ginnie Mae b) Endorcing the Fair Housing Act c) Regulating Thrifts d) Managing the Indian Housing Act
Regulating thrifts.
200
Double-digit interest rates in the 1980's led to all of the following EXCEPT: a) eliminated many participants in the real estate market b) created broad range of creative financing tools c) encouraged participation financing between lenders and borrowers d) reduced capital gains tax rate
Reduced capital gains tax rate
200
Which of th efollowing is NOT a primary market financial institution? a) commercial bank b) savings association c) credit union d) Ginnie Mae
d) Ginnie Mae
200
What is the full name for TRA?
Taxes Relief Act
200
The purchase and sale of government securities traded on the open-market by the Fed is regulated by: a) Office of Thrift Supervision b) Federal Open Market Committee (FOMC) c) FIRREA d) U.S. Treasury Department
Federal Open Market Committee (FOMC)
200
A developer in Mississippi planning to market residential building lots throughout the mid-Atlantic states will be required to submit which of the following to the buyer? a) Good faith estimate of costs involved b) Statement of record describing plans for future services to be provided c) Complete property report d) Truth-n-lending statement
Complete Property Report
300
George T, a 45 year old bachelor, has lived in his present home for three years, and is planning on selling it. TRA '97 provides that he will be exempt from capital gains tax on profit: a) up to $500,000 b) $250,000 c) he is not exempt since he has not lived there for 5 years d) he is not exempt since he must be at least 55 years old
up to 250,000
300
The focus of the lenders shifted in the 1990's to: a) jumbo loans b) adjustable rate mortgages c) refinancing existing mortgage loans d) variable payment loans
Refinancing existing mortgage loans
300
At the time of loan application, RESPA requires a lender to provide a prospective borrower with all of the following EXCEPT a(n): a) special booklet with information on real estate settlement services b) good faith estimate of settlement costs, within 3 days c) annual escrow loan statements d) mortgage servicing disclosure statement
annual escrow
300
The federal agencies empowered to control the supply and cost of money include all of the following EXCEPT the: a) Federal Reserve b) U.S. Treasury c) Office of Thrift Supervision d) Federal Home Loan Bank
Office of Thrift Supervision
300
A small city in Oklahoma might apply for funding from HUD for all of the following except: a) demolition of uninhabitable buildings in a slum-clearance project b) acquisition & rehabilitation of an apartment building to be used for public housing c) CDBG funds to improve water facilities to a depressed area d) a major renovation of City Hall
A major renovation of City Hall
400
Member banks often borrow money on a short-term basis from each other without requiring collateral. The interest charged is called the: a) prime rate b) discount rate c) federal funds rate d) open-market rate
federal funds rate
400
Long-term cycles in real estate generally run from: a) 3 to 5 years b) 5 to 10 years c) 10 to 15 years d) 15 to 20 years
c) 10 to 15 years
400
What year was the income tax laws tweaked to provide broad exemptions from capital gains taxes on profits made from the sale of personal residences?
1977
400
Savings Associations (thrifts) The OTS was created to charter and regulate: a) commercial banks b) credit unions c) savings associations (thrifts) d) FHA
Savings Associations (thrifts)
400
A major slum-clearance and rehabilitation project that is projected to pay back the costs of redevelopment through increased property values for the are would generally be financed by: a) industrial revenue bonds b) general obligation bonds c) tax increment financing d) mortgage revenue bonds
Tax Increment Financing
500
FDICGeorge H. has an account with a national commercial bank. His account of $98,000 is insured by which separate insurance fund? a) FDIC b) GNMA c) FNMA d) The Fed
FDIC
500
All of the following are factors that affect the cycles of real estate EXCEPT: a) the supply of money for financing b) populaton growth c) business activites d) the gross national debt
d) the gross national debt
500
Exemptions to the RESPA referral restrictions include all of the following EXCEPT: a) promotional and educational activities b) city-wide marketing programs c) payment for goods provided or service performed d) affiliated business arrangements
City-wide marketing programs
500
The Federal Home Loan Bank System was patterned after the: a) Federal Reserve System b) Farm Credit System c) Office of Thrift Supervision d) FDIC
Federal Reserve System
500
All mortgage originators must report information relating to the income level, racial characterisctics, and gender of mortgage applicants according to the: a) Real Estate Settlement Procedures Act b) Equal Credit Opportunity Act c) Community Reinvestment Act d) Home Mortgage Disclosure Act
Home Mortgage Disclosure Act