HUD Housing Counseling Exam Correctly Solved 100% Correct!!
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...
HUD Housing Counseling Exam Correctly Solved 100%
Correct!!
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 1974
added gender (sex) to the protected classes
Fair Housing Amendments Act of 1988
Added Disability and familial status to protected classes.
Real Estate Settlement and procedures Act RESPA
Requires lenders and brokers to ensure that applicants understand the terms and fees
of the mortgage transaction that they are considering
Home Mortgage Disclosure Act (HMDA)
Requires financial institutions to maintain and annually disclose date about home
purchases, home purchase pre-approvals, home improvements and refinance
applications involving 1 to 4 unit and multifamily dwellings
Electronic Communications Privacy Act
Prohibits persons from tampering with computers or accessing certain computerized
records without authorizations. The Act also prohibits providers of electronic
communications services from disclosing the contents of stored communications.
Community Reinvestment Act CRA
A congressional act that encourages mortgage originators to actively lend in their
communities and that requires financial institutions to evaluate the "fairness" of their
lending practices.
Restricts the collection and use of information that would result in housing
discrimination on the basis of race, sex, religion, national origin and a variety of
other factors.
Fair Housing Act
Prohibits discrimination by direct providers of housing, such as landlords and
real estate companies as well as other entities, such as municipalities, banks of
other lending institutions and homeowners insurance companies whose
discriminatory practices make housing unavailable to persons because of: Race
or Color, Religion, Sex/Gender, National Origin, Familial Status, Disability..
Fair Housing Statute
Opens up services and employment opportunities to the 43 million Americans
with disabilities.
Americans with Disabilities Act ADA
Protects consumers from abusive, unfair, and deceptive practices by third-party
debt collectors.
Fair Debt Collection Practices Act FDCPA
,Prohibits credit discrimination on the basis of race, color, religion, national
origin, sex, marital status, age, or because you get public assistance.
Equal Credit Opportunity act ECOA
Restrictions collections of use of information that would result in employment
discrimination on the basis of race, sex, religion, national origin and a variety of
other characteristics.
Equal Employment Opportunity Act EEOC
Mandates that personal data be collected as much as possible directly from the
record subject.
Privacy Act
Requires each of the nationwide consumer reporting companies: Equifax,
Experian, and Transunion to provide you with a free copy of your credit report, at
your request, one every 12 months
The Fair and Accurate Credit Transactions Act FACTA
Prevents identity theft, improve resolution of consumer disputes, improve the
accuracy of consumer records, make improvements in the use of, and consumer
access to, credit information, and for other purposes.
The Fair Credit Billing Act FCBA
Applies to "open end" credit accounts, such as credit cards, and revolving
charge accounts - such as department store accounts.
Fair Credit Reporting Act FCRA
Prohibits opening of mail without a search warrant or the addressee's consent
Mail Privacy Statute
Amends the Truth in Lending Act (TILA) and establishes requirements for certain
loans with high rates and/or high fees
Home Ownership and Equity Protection Act HOEPA
All of the following would help a counselor develop a realistic household budget,
except:
- Payment information for a paid-off car
- Amount spent on groceries
- Rent payment information
- Monthly cable bill
Payment information for a paid-off car
The following are good ways to decrease expenses except:
- Cancel car insurance
- Cancel cable service
- Brown bag lunch for work
- Rent videos instead of going to the movies
Cancel car insurance
Steps to create an Action Plan
- State goal
- Identify obstacles
- Agree on livable budget
- Steps with dates to achieve goal
, - List who is responsible for steps
- Signature (optional)
- follow up and update
Which of the following is not needed in determining a budget?
- Pay stubs
- Credit report
- Utility bill
- Child support
- Stock dividends
Credit report
Stock dividends
Tran would like to take a vacation and needs $3,000. He has $400 saved already. If
he wants to take a trip in 18 months how much will he need to save monthly?
$145
Which section of a credit report contains information about student loans?
- Inquiries
- Public records
- Account Information
- Consumer Rights
-Personal Information
Account information
What makes up a credit score?
35% - Account History
30% - Amounts Owed
15% - Length of Credit History
10% - New Credit
10% - Types of Credit
Fair Credit Reporting Act (FCRA)
- Right to know what is in your file
- Right to dispute incomplete or inaccurate information
- Access to your file is limited
- May seek damages from violators
- May have additional state rights
Fair and Accurate Credit Transactions Act (FACTA)
- Right to a free annual credit report
- Right to place a fraud alert for 90 days
- Credit card numbers must be truncated
Fair Credit Billing Act (FCBA)
- Dispute errors on account (within 60 days)
- Must be billed in timely manner (at least 14 days before payment is due)
Items to include when tracking income
- regular salary
- temporary jobs
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