Florida Real Estate Practice Exam

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Prepare for your Florida Real Estate Exam with a comprehensive quiz featuring multiple-choice questions, hints, and detailed explanations. Gain the confidence you need to succeed in obtaining your real estate license!

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Robin has great credit and was able to secure a loan for her ocean-side dream home. Her 30-year, fixed-rate loan is for an amount that's above conventional loan limits. What type of loan does Robin have?

A conforming Freddie Mac loan
A government loan
An FHA loan
A non-conforming loan

The correct answer is: A non-conforming loan

Robin's large loan amount that exceeds conventional loan limits makes her loan non-conforming. Freddie Mac offers conforming loans which follow certain limits and guidelines, while FHA loans are government loans backed by the Federal Housing Administration. These options are not applicable in Robin's case since her loan amount surpasses their limits. Therefore, the best option for Robin is a non-conforming loan.