Housing and Urban Development|HUD| Bundle Package|Passed

Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? CORRECT ANSWER 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 ho...

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 CORRECT ANSWER D. Options A, B, and C A person or company that m...

Which of the following did NOT contribute to the increase in foreclosure rates during the mortgage crisis? - Risky loan products with features like negative amortization - Homeowners paying off mortgages early - Aggressive marketing of Home Equity Line of Credits (HELOC) - Using teaser rates ...

Deed Restrictions CORRECT ANSWER Legally enforceable terms that govern the use of real estate Redlining CORRECT ANSWER, 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, disab...

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 CORRECT ANSWER Pay stub A client would like purchase a home within one year. The client is motivated to i...

% Impact of Account Payment History on Credit Score CORRECT ANSWER 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 CORRECT ANSWER 30% portion of score based o...

Adjustable Rate Mortgage (ARM) CORRECT ANSWER 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. ...

Types of Credit Used CORRECT ANSWER Student loan or credit cards only FAKO scores CORRECT ANSWER purchase score which are educational score Fair Credit Reporting Act FCRA CORRECT ANSWER what is in file/dispute/remove 30 days/remove bad 7 yrs./bk 10 yrs./access limited/damages from violators/st...

Civil Rights Act of 1866 CORRECT ANSWER Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 CORRECT ANSWER banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community...

Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) CORRECT ANSWER Civil Rights Act of 1866 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) CORRECT ANSWER Fair Housing Act of 1968 added gender (sex) to...

All of the following are true statements about upfront costs associated with renting and buying, except; A. Renters generally pay a security deposit upon signing a lease. B. The average cost due upon signing a lease for a rental is typically between 20% of the monthly rent. C. Closing costs are ...

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 ...

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 CORRECT ANSWER Answer: A Since the car is paid off, the expense does not need to be ...

Is the landlord obligated to terminate a client's lease without penalty should they terminate the lease early because they are moving to a new state for a different job? - Yes, if she is at least half way through the leas term - Yes, if she has paid her rent on time thus far - No obligation t...