P5-14 Quiz

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Question 1 of 10

1. Question

In which types of residential real-estate related transactions does the FHA forbid discrimination?

A) In all aspects of residential real-estate related transactions
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B) Only in rental transactions
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C) Only in purchase-money mortgage lending
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D) Only in refinance transactions
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Question 2 of 10

2. Question

Which of the following is an example of a transaction covered by the FHA’s anti-discrimination rules?

A) Making loans only for commercial properties
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B) Making loans to buy, build, repair, or improve a place to live
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C) Buying vacant land for farming only
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D) Making loans secured solely by business equipment
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Question 3 of 10

3. Question

Which of the following characteristics is protected under the FHA?

A) Occupation
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B) Credit score range
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C) Handicaps
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D) Type of collateral
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Question 4 of 10

4. Question

Under the FHA, which of the following best describes “familial status”?

A) Any person over age 62
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B) Only married couples with children
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C) Only single parents
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D) Children under 18 with a parent or legal guardian, pregnant women, and people securing custody of children under 18
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Question 5 of 10

5. Question

How must lenders treat reliable public assistance income?

A) They may automatically discount it by 50 percent
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B) They may ignore it if the borrower has other income sources
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C) They may consider it only after conventional income is exhausted
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D) They must consider it the same way as other income
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Question 6 of 10

6. Question

Which of the following income sources must lenders consider if the income is reliable?

A) Only full-time wages and salaries
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B) Only income from self-employment
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C) Part-time employment, Social Security, pensions, and annuities
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D) Only income documented on tax returns
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Question 7 of 10

7. Question

When may a lender consider alimony, child support, or separate maintenance payments as income?

A) Only if the borrower chooses to provide this information and it is received consistently
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B) Only if ordered by a court within the past six months
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C) Only if the borrower is behind on these payments
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D) Never; these payments may not be used as income
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Question 8 of 10

8. Question

Which statement about co-signers is consistent with fairness requirements?

A) The lender may require only the borrower’s spouse as a co-signer in all cases
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B) The lender may refuse any co-signer who is not related by blood or marriage
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C) The lender must accept someone other than the spouse as a co-signer if a co-signer is needed
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D) The lender may never require a spouse to sign any documents
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Question 9 of 10

9. Question

Which of the following actions is prohibited for lenders under the fairness rules?

A) Considering the borrower’s current interest rate environment
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B) Discouraging applications because the borrower receives public assistance
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C) Reviewing the borrower’s credit report
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D) Verifying employment and income
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Question 10 of 10

10. Question

Which statement about collecting demographic information is TRUE under ECOA and FHA rules?

A) Lenders may base credit decisions on the borrower’s sex, race, or national origin
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B) Lenders may never ask for the borrower’s sex, race, or national origin under any circumstances
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C) Lenders may ask for sex, race, or national origin voluntarily to help enforce anti-discrimination laws, but may consider immigration status to determine ability to repay
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D) Lenders must require borrowers to provide sex, race, and national origin or deny the application
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