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
- B) Only in rental transactions
- C) Only in purchase-money mortgage lending
- 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
- B) Making loans to buy, build, repair, or improve a place to live
- C) Buying vacant land for farming only
- 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
- B) Credit score range
- C) Handicaps
- 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
- B) Only married couples with children
- C) Only single parents
- 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
- B) They may ignore it if the borrower has other income sources
- C) They may consider it only after conventional income is exhausted
- 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
- B) Only income from self-employment
- C) Part-time employment, Social Security, pensions, and annuities
- 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
- B) Only if ordered by a court within the past six months
- C) Only if the borrower is behind on these payments
- 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
- B) The lender may refuse any co-signer who is not related by blood or marriage
- C) The lender must accept someone other than the spouse as a co-signer if a co-signer is needed
- 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
- B) Discouraging applications because the borrower receives public assistance
- C) Reviewing the borrower’s credit report
- 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
- B) Lenders may never ask for the borrower’s sex, race, or national origin under any circumstances
- 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
- D) Lenders must require borrowers to provide sex, race, and national origin or deny the application
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