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HUD Housing Counselor Exam /71 Questions And Answers 100% Score!!!!!
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HUD Housing Counselor Exam /71 Questions AndAnswers 100% Score!!!!!
Quiz :Adjustable Rate Mortgage (ARM) - 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.
Quiz :Adjusted Gross Income - Answer :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.
Quiz :AFFH - Answer :Affirmatively Furthering Fair Housing
Quiz :AFHMP - Answer :Affirmative Fair Housing Marketing Plan
Quiz :Analysis of Impediments (AI) - Answer :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.
Quiz :Area Median Income (AMI) - Answer :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.
Quiz :Arrearages - Answer :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.
Quiz :Assistance Animal - Answer :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.
Quiz :Association Dues - Answer :Charged by a community or Homeowners
Association to pay for repairs, upkeep, landscaping, improvements, and
property management.
Quiz :Back-End Ratio - Answer :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.
Quiz :Balloon Payment - Answer :An oversize payment due at the end of a
mortgage.
Quiz :Blockbusting - Answer :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.
Quiz :Cash-for-keys - Answer :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.
Quiz :CDBG - Answer :Community Development Block Grant
Quiz :CFPB - Answer :Consumer Financial Protection Bureau
Quiz :Closing Costs - Answer :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
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