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HUD BUNDLED Exams 2023 with 100% correct answers
HUD Exam 2023 with 100% correct answers HUD Housing Counseling Exam 2023 with 100% correct answers
[Show more]HUD Exam 2023 with 100% correct answers HUD Housing Counseling Exam 2023 with 100% correct answers
[Show more]Deed Restrictions 
Legally enforceable terms that govern the use of real estate 
 
 
 
Redlining 
The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status...
Preview 2 out of 11 pages
Add to cartDeed Restrictions 
Legally enforceable terms that govern the use of real estate 
 
 
 
Redlining 
The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status...
Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? 
 
Pay stub 
Retirement plan statement 
List of assets 
Current lease 
Pay stub 
 
 
 
A client would like purchase a home within one year. The client is motivated to increase ho...
Preview 3 out of 27 pages
Add to cartWhich document is most important when working with a client to develop an initial budget as part of a Client Action Plan? 
 
Pay stub 
Retirement plan statement 
List of assets 
Current lease 
Pay stub 
 
 
 
A client would like purchase a home within one year. The client is motivated to increase ho...
Adjustable Rate Mortgage (ARM) 
Adjustable rate mortgages have an initial rate that applies for a defined period of time (typically from one month to 10 years), then adjusts at pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. 
 
 
 
Adjusted G...
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Add to cartAdjustable Rate Mortgage (ARM) 
Adjustable rate mortgages have an initial rate that applies for a defined period of time (typically from one month to 10 years), then adjusts at pre-determined intervals for the life of the loan. Interest rates can increase or decrease when adjusted. 
 
 
 
Adjusted G...
What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? 
50% 
 
 
 
Which is the maximum recommended housing ratio for renting an apartment? 
30% 
 
 
 
Eligibility requirements for down-payment assistance programs include which factors? 
...
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Add to cartWhat is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? 
50% 
 
 
 
Which is the maximum recommended housing ratio for renting an apartment? 
30% 
 
 
 
Eligibility requirements for down-payment assistance programs include which factors? 
...
% Impact of Account Payment History on Credit Score 
35% 
portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens 
 
 
 
% Impact of Amounts Owed on Accounts on Credit Score 
30% 
portion of score based on the ratio of total cred...
Preview 4 out of 53 pages
Add to cart% Impact of Account Payment History on Credit Score 
35% 
portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens 
 
 
 
% Impact of Amounts Owed on Accounts on Credit Score 
30% 
portion of score based on the ratio of total cred...
Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? 
Pay Stub 
 
 
 
A client would like to purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for ...
Preview 2 out of 10 pages
Add to cartWhich document is most important when working with a client to develop an initial budget as part of a Client Action Plan? 
Pay Stub 
 
 
 
A client would like to purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for ...
Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? 
List of Assets 
Retirement plan statement 
Pay stub X 
Current lease 
 
 
 
A client would like purchase a home within one year. The client is motivated to increase household in...
Preview 2 out of 11 pages
Add to cartWhich document is most important when working with a client to develop an initial budget as part of a Client Action Plan? 
List of Assets 
Retirement plan statement 
Pay stub X 
Current lease 
 
 
 
A client would like purchase a home within one year. The client is motivated to increase household in...
Federal law requiring lenders to not discriminate in lending practices. 
Equal Credit Opportunities Act (ECOA) 
 
 
 
A lender denies a loan to an immigrant family due to not having lived in the US for 5+ Years 
Ecoa 
 
 
 
What agencies woyld you report ECOA Violations to? 
Federal Trade Commission...
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Add to cartFederal law requiring lenders to not discriminate in lending practices. 
Equal Credit Opportunities Act (ECOA) 
 
 
 
A lender denies a loan to an immigrant family due to not having lived in the US for 5+ Years 
Ecoa 
 
 
 
What agencies woyld you report ECOA Violations to? 
Federal Trade Commission...
Credit Report 
a compilation of data about you that has been gathered by credit reporting agencies or "credit bureaus" 
 
 
 
Length of Credit History 
Makes up 15% of FICO score 
 
 
 
Type 
__ of credit use makes up 10% of FICO score 
 
 
 
New Credit or Inquiries 
Makes up 10% of FICO score 
 
...
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Add to cartCredit Report 
a compilation of data about you that has been gathered by credit reporting agencies or "credit bureaus" 
 
 
 
Length of Credit History 
Makes up 15% of FICO score 
 
 
 
Type 
__ of credit use makes up 10% of FICO score 
 
 
 
New Credit or Inquiries 
Makes up 10% of FICO score 
 
...
Jake has a session with a new client, Ruth, later that day. She has received notice that her apartment complex, which offers her project-based housing assistance, will be sold to a new management company in six months. The new company will renovate the building and will no longer participate in the ...
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Add to cartJake has a session with a new client, Ruth, later that day. She has received notice that her apartment complex, which offers her project-based housing assistance, will be sold to a new management company in six months. The new company will renovate the building and will no longer participate in the ...
Civil Rights Act of 1866 
Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) 
 
 
 
Fair Housing Act of 1968 
banned discrimination in the rental or sale of housing (Race, color, religion, national origin) 
 
 
 
Housing and Community Development Act of ...
Preview 4 out of 40 pages
Add to cartCivil Rights Act of 1866 
Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) 
 
 
 
Fair Housing Act of 1968 
banned discrimination in the rental or sale of housing (Race, color, religion, national origin) 
 
 
 
Housing and Community Development Act of ...
Which document should the counselor review with the client to identify spending habits and track expenses? 
 
A. Credit report 
B. Pay stubs 
C. Bank Statement 
D. Tax returns 
Bank Statement 
 
 
 
Which additional information would the housing counselor need to prepare a household budget for this ...
Preview 2 out of 14 pages
Add to cartWhich document should the counselor review with the client to identify spending habits and track expenses? 
 
A. Credit report 
B. Pay stubs 
C. Bank Statement 
D. Tax returns 
Bank Statement 
 
 
 
Which additional information would the housing counselor need to prepare a household budget for this ...
Types of Credit Used 
Student loan or credit cards only 
 
 
 
FAKO scores 
purchase score which are educational score 
 
 
 
Fair Credit Reporting Act FCRA 
what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights 
 
 
 
Fair and Accurate ...
Preview 3 out of 25 pages
Add to cartTypes of Credit Used 
Student loan or credit cards only 
 
 
 
FAKO scores 
purchase score which are educational score 
 
 
 
Fair Credit Reporting Act FCRA 
what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights 
 
 
 
Fair and Accurate ...
Which describes the legally enforceable terms that govern the use of real estate? 
A. Residential security restrictions 
B. Deed restrictions 
C. Redlined Maps 
Government-sponsored deeds 
B. Deed Restrictions 
-Deed restrictions are legally enforceable terms that govern the use of real estate. Deed...
Preview 2 out of 6 pages
Add to cartWhich describes the legally enforceable terms that govern the use of real estate? 
A. Residential security restrictions 
B. Deed restrictions 
C. Redlined Maps 
Government-sponsored deeds 
B. Deed Restrictions 
-Deed restrictions are legally enforceable terms that govern the use of real estate. Deed...
Which document should the counselor review with the client to identify spending habits and track expenses: 
Bank statement 
 
 
 
Which additional information would the housing counselor need to prepare a household budget for this client? 
Net income 
 
 
 
Which item in the client's budget is a fi...
Preview 2 out of 13 pages
Add to cartWhich document should the counselor review with the client to identify spending habits and track expenses: 
Bank statement 
 
 
 
Which additional information would the housing counselor need to prepare a household budget for this client? 
Net income 
 
 
 
Which item in the client's budget is a fi...
Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) 
Civil Rights Act of 1866 
 
 
 
banned discrimination in the rental or sale of housing (Race, color, religion, national origin) 
Fair Housing Act of 1968 
 
 
 
added gender (sex) to the protected class...
Preview 4 out of 31 pages
Add to cartFederal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) 
Civil Rights Act of 1866 
 
 
 
banned discrimination in the rental or sale of housing (Race, color, religion, national origin) 
Fair Housing Act of 1968 
 
 
 
added gender (sex) to the protected class...
Default 
When no payments made after 60 to 90 days... 30 for FHA loans 
 
 
 
Front-End Ratio Equation 
Monthly housing expenses/gross monthly income 
 
 
 
Front-End Ratio maximums 
28% or less - conventional loan 
31% or less for FHA, 30% or less for rentals 
 
 
 
Back-End Ratio (Debt-to-Income) ...
Preview 2 out of 12 pages
Add to cartDefault 
When no payments made after 60 to 90 days... 30 for FHA loans 
 
 
 
Front-End Ratio Equation 
Monthly housing expenses/gross monthly income 
 
 
 
Front-End Ratio maximums 
28% or less - conventional loan 
31% or less for FHA, 30% or less for rentals 
 
 
 
Back-End Ratio (Debt-to-Income) ...
All of the following would help a counselor develop a realistic household budget, except: 
A. Payment information for a paid-off car 
B. Amount spent on groceries 
C. Rent payment information 
D. Monthly cable bill 
Answer: A 
Since the car is paid off, the expense does not need to be included in th...
Preview 2 out of 5 pages
Add to cartAll of the following would help a counselor develop a realistic household budget, except: 
A. Payment information for a paid-off car 
B. Amount spent on groceries 
C. Rent payment information 
D. Monthly cable bill 
Answer: A 
Since the car is paid off, the expense does not need to be included in th...
A potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? 
 
- United States Department of Agriculture (USDA) 
- Federal Housing Administration (FHA) 
- Fannie Mae 
- Freddie Mac 
Federal Housing Administration (FHA) 
 
 
 
W...
Preview 2 out of 13 pages
Add to cartA potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? 
 
- United States Department of Agriculture (USDA) 
- Federal Housing Administration (FHA) 
- Fannie Mae 
- Freddie Mac 
Federal Housing Administration (FHA) 
 
 
 
W...
Rental Obstacle + Solutions: Low Income 
-Some Renters reject people whose Rent would be more than 30% of GMI 
-Solutions 
-Apply for Housing Assistance 
-Expand housing search areas 
-Get a roommate 
-Move in w/family or friends 
 
 
 
Strategies for decreasing expenses and debt 
Prioritize "needs...
Preview 4 out of 61 pages
Add to cartRental Obstacle + Solutions: Low Income 
-Some Renters reject people whose Rent would be more than 30% of GMI 
-Solutions 
-Apply for Housing Assistance 
-Expand housing search areas 
-Get a roommate 
-Move in w/family or friends 
 
 
 
Strategies for decreasing expenses and debt 
Prioritize "needs...
Telephone Customer Services: 
Assistance provided by the financial institution over the phone to help customers with banking complications. 
 
 
 
Mobile Banking: 
Allows clients to utilize banking services with mobile technology. Services often included in mobile banking include a view of up-to-dat...
Preview 4 out of 89 pages
Add to cartTelephone Customer Services: 
Assistance provided by the financial institution over the phone to help customers with banking complications. 
 
 
 
Mobile Banking: 
Allows clients to utilize banking services with mobile technology. Services often included in mobile banking include a view of up-to-dat...
All of the following would help a counselor develop a realistic household budget, except: 
A. Payment information for a paid-off car 
B. Amount spent on groceries 
C. Rent payment information D. Monthly cable bill 
A. Payment information for a paid-off car 
 
 
 
All of the following are reasons why...
Preview 2 out of 11 pages
Add to cartAll of the following would help a counselor develop a realistic household budget, except: 
A. Payment information for a paid-off car 
B. Amount spent on groceries 
C. Rent payment information D. Monthly cable bill 
A. Payment information for a paid-off car 
 
 
 
All of the following are reasons why...
Which factor is best for housing counselors to use when determining how much a client can afford to spend on purchasing a home? 
A. Debt to-income ratios 
B. Annual gross income 
C. Savings 
D. Options A, B, C 
E. None of the above 
D. Options A, B, and C 
 
 
 
A person or company that makes loans ...
Preview 2 out of 11 pages
Add to cartWhich factor is best for housing counselors to use when determining how much a client can afford to spend on purchasing a home? 
A. Debt to-income ratios 
B. Annual gross income 
C. Savings 
D. Options A, B, C 
E. None of the above 
D. Options A, B, and C 
 
 
 
A person or company that makes loans ...
What act are limited english proficiency persons protected under? 
title VI of the civil rights act of 1964 
 
 
 
Which act was passed in 1866? 
the civil rights act of 1866 
 
 
 
What did the civil rights act of 1866 bill declare? 
"all persons born in the United States (except American Indians)...
Preview 2 out of 7 pages
Add to cartWhat act are limited english proficiency persons protected under? 
title VI of the civil rights act of 1964 
 
 
 
Which act was passed in 1866? 
the civil rights act of 1866 
 
 
 
What did the civil rights act of 1866 bill declare? 
"all persons born in the United States (except American Indians)...
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