HUD Housing Counseling Exam Questions & Answers 2023/2024
Civil Rights Act of 1866 - ANSWER-Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color)
Fair Housing Act of 1968 - ANSWER-banned discrimination in the rental or sale of housing (Race, color, re...
HUD Housing Counseling Exam Questions & Answers 2023/2024
Civil Rights Act of 1866 - ANSWER-Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color)
Fair Housing Act of 1968 - ANSWER-banned discrimination in the rental or sale of housing (Race, color, religion, national origin)
Housing and Community Development Act of 1974 - ANSWER-added gender (sex) to the protected classes
Fair Housing Amendments Act of 1988 - ANSWER-Added Disability and familial status to protected classes.
Real Estate Settlement and procedures Act RESPA - ANSWER-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) - ANSWER-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 - ANSWER-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 - ANSWER-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. - ANSWER-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.. - ANSWER-Fair Housing Statute
Opens up services and employment opportunities to the 43 million Americans with disabilities. - ANSWER-Americans with Disabilities Act ADA
Protects consumers from abusive, unfair, and deceptive practices by third-party debt collectors. - ANSWER-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. - ANSWER-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. - ANSWER-Equal Employment Opportunity Act EEOC
Mandates that personal data be collected as much as possible directly from the record subject. - ANSWER-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 - ANSWER-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. - ANSWER-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. - ANSWER-Fair Credit Reporting Act FCRA Prohibits opening of mail without a search warrant or the addressee's consent - ANSWER-Mail Privacy Statute
Amends the Truth in Lending Act (TILA) and establishes requirements for certain loans with high rates and/or high fees - ANSWER-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 - ANSWER-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 - ANSWER-Cancel car insurance
Steps to create an Action Plan - ANSWER-- 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 - ANSWER-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? - ANSWER-$145
Which section of a credit report contains information about student loans?
- Inquiries
- Public records
- Account Information
- Consumer Rights
-Personal Information - ANSWER-Account information
What makes up a credit score? - ANSWER-35% - Account History
30% - Amounts Owed
15% - Length of Credit History
10% - New Credit
10% - Types of Credit
Fair Credit Reporting Act (FCRA) - ANSWER-- 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
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