Georgia Real Estate Salesperson Exam — All Questions
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2 questions
Financing
A loan that is insured by the federal government to protect the lender against borrower default, allowing lower down payments, is a(n):
- a.Conventional loan
- b.FHA-insured loan✓
- c.Purchase-money mortgage from the seller
- d.Blanket mortgage
An FHA-insured loan is insured by the Federal Housing Administration, protecting the lender and allowing lower down payments and more lenient qualifying. A conventional loan carries no government insurance or guarantee.
Financing
Which federal law prohibits lenders from denying credit based on race, religion, sex, marital status, or age?
- a.RESPA
- b.Truth in Lending Act
- c.Fair Housing Act
- d.Equal Credit Opportunity Act✓
The Equal Credit Opportunity Act (ECOA) prohibits discrimination in any aspect of a credit transaction based on protected characteristics. It applies to all lending, not just housing.