Practice Quiz

Texas Real Estate Exam - Question List

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46. A lender refers to the process of getting new loans as:
  1. selling his product
  2. loan origination
  3. his bread and butter
  4. more than just a job
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47. A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one’s credit record is called the:
  1. Credit Reporting Act
  2. Fair Credit Reporting Act
  3. Consumer Protection Act
  4. Truth-in-Lending Act
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48. When a legal description uses only sections, townships and ranges, the lines relate to the:
  1. Government survey lines
  2. Contour lines
  3. Recorded tract map
  4. Metes and bounds descriptions
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49. If you have a loan in which the interest rate does not change during the term of the loan you have a _____________ mortgage.
  1. fixed-rate
  2. conventional fixed-rate
  3. owner financing
  4. all of the above
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50. Which of the following is not true of the term “depreciation”?
  1. It is a decline in the value of property
  2. It is an accounting term showing the declining monetary value of an asset
  3. It is a true expense where money is actually paid
  4. Lenders add back depreciation expense for self-employed borrowers and count it as
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