Exam (elaborations)
HUD Housing Counselor Exam Questions with Correct Answers
HUD Housing Counselor Exam Questions with Correct Answers
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HUD Housing Counselor Exam Questionswith Correct Answers
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 Gross Income - -Gross income minus adjustments, or reductions,
that one is eligible for, such as deductions for unreimbursed business
expenses, tuition and fees, and contributions to certain retirement accounts.
-AFFH - -Affirmatively Furthering Fair Housing
-AFHMP - -Affirmative Fair Housing Marketing Plan
-Analysis of Impediments (AI) - -Analysis of Impediments is a review of
impediments or barriers that affect the rights of fair housing choice. It covers
public and private policies, practices, and procedures affecting housing
choice. Impediments to fair housing choice are defined as any actions,
omissions, or decisions that restrict, or have the effect of restricting, the
availability of housing choices, based on race, color, religion, sex, disability,
familial status, or national origin. The AI supports fair housing planning;
provides essential information to policy makers, administrative staff, housing
providers, lenders, and fair housing advocates; and assists in building public
support for fair housing efforts.
-Area Median Income (AMI) - -The midpoint in the family income range for a
metropolitan statistical area or for the non-metropolitan parts of a state.
Determined annually by HUD, the figure often is used as a basis to stratify
incomes into very low, low, moderate, and above moderate. Frequently used
to determine income eligibility for various housing programs.
-Arrearages - -The total amount of past due payments owed to a lender
from a borrower in mortgage payments or to a landlord from a tenant in
rental payments. Also called arrears.
-Assistance Animal - -An assistance animal is not considered a pet. it is an
animal that works, provides assistance, or performs tasks for the benefit of a
person with a disability, or provides emotional support that alleviates one or
more identifies symptoms or effects of a person's disability. For purposes of
reasonable accommodation requests, the Fair Housing Act does not require
an assistance animal to be individually trained or certified. While dogs are
, the most common type of assistance animal, other animals can also be
assistance animals.
-Association Dues - -Charged by a community or Homeowners Association
to pay for repairs, upkeep, landscaping, improvements, and property
management.
-Back-End Ratio - -A rate that calculates a borrower's total monthly debt,
including housing and other debt obligations, as a percentage of gross
monthly income. Frequently used by lenders to qualify borrowers for a
mortgage. Also called a debt-to-income ratio.
-Balloon Payment - -An oversize payment due at the end of a mortgage.
-Blockbusting - -To convince, or attempt to convince, a person to sell or rent
a dwelling because of the entry, or prospective entry, into the neighborhood
of a person or persons of a particular race, color, religion, sex, familial status,
national origin, or with a disability.
-Cash-for-keys - -An alternative to a legal eviction following foreclosure. The
occupant receives cash funds from the servicer in exchange for turning in
the keys and vacating the property. Certain conditions apply, such as
returning the property in broom-clean condition and with all appliances.
-CDBG - -Community Development Block Grant
-CFPB - -Consumer Financial Protection Bureau
-Closing Costs - -Fees for final property transfer that are not included in the
price of the property. Typical closing costs can include loan origination fees,
discount points, appraisal fee, survey, title insurance, legal fees, real estate
professional fees, prepayments of taxes and insurance, etc. While closing
costs often range from 3% to 4% of the purchase price of the home, they can
be lower or higher depending on the geographic region or loan type.
-Collection - -An account in default with an original creditor and sold to a
third-party debt collector that will continue attempts to collect past due
payments.
-Community Development Block Grant Program - -HUD program that
provides grants to states and localities to provide decent housing and a
suitable living environment and to expand economic opportunities,
principally for low- and moderate-income persons.
-Complainant - -A person, group, or company that files a complaint which
claims that someone has violated a law.
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