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HUD EXAM PREP Questions And Answers Rated (A+)
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HUD EXAM PREP Questions And Answers Rated(A+)
Quiz :Types of Credit Used - Answer :Student loan or credit cards only
Quiz :FAKO scores - Answer :purchase score which are educational score
Quiz :Fair Credit Reporting Act FCRA - Answer :what is in file/dispute/remove
30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from
violators/state rights
Quiz :Fair and Accurate Credit Transactions Act FACTA - Answer :free
cbrs/fraud alert/truncate cc #s
Quiz :Fair Credit Billing Act (FCBA) - Answer :dispute bill error/mail 60
days/creditor 30 days acknowledge and 90 days research. billed timely
manner/14 days before payment due
Quiz :Tax Credits - Answer :Earned Income Tax Credit/EITC-low/moderate
income ind/families. Net earnings from self employment-income/marital
status/children. Educational credit-post seconday for ind/child.
Child/Dependent Care Credit-work/look for work and paying a service.
additional credits under 17yo.
Quiz :predatory lending - Answer :loan flipping-refi existing loan for more fees
and interest
Quiz :Chap 13 bk - Answer :3-5 yr payment plan on all/part of debt, can stop
foreclosure, cure delinquent mortgage payments, reschedule secured debts
other than mortgage, lower payment, retain house/car
Quiz :Blockbusting - Answer :convince/attempt person to sell/rent due to
entry/neighborhood of race/color/religion/familia/origin/disability
Quiz :Redlining - Answer :illegal practice to make residential loans due to race,
neighborhood, origin, familia, sex, color
Quiz :Closing costs & Discount Points - Answer :Closing 3-4% and Discount 1%
of total loan amount
,Quiz :front end ratio / housing expense ratio - Answer :monthly housing
exp/gross monthly income
Quiz :Gross Monthly Income (GMI) - Answer :hourly-10/hrx35hrsx52
wks/12......wkly 750x52wksx12=.....biwkly-1000.x26/12=....semimnth-
1200.x2=...selfemploy-average gross 70587./24=
Quiz :back-end ratio - Answer :debt exp/gross debt to income ratio
Quiz :Affordability - Answer :FE/Conv 28, FHA 31, FHAEE 33, Rent
30....BE/Conv 36(45-50), FHA 43, FHAEE 45, Rent 36
Quiz :Max Mnthly House Pymt - Answer :FERxgmi BERxgmi-debts
Quiz :2nd mort/piggy back loan - Answer :lower 1st mort, avoid private morg
ins, repairs, education
Quiz :mortg terms - Answer :interest only-pay only interest for a fixed term
after borrower pays principal/interest, fixed rate-interest fixed 30 yrs or 10-15,
Adjustable-interest adjust and has cap
Quiz :Loan-to-Value Ratio - Answer :LTV%=loan bal/sales price/appraised x
100
Quiz :down payment - Answer :conv-varies, FHA-580+96.5%LTV or 3.5%
down, 500-579-90LTV or 10 down, VA/USDA-none
Quiz :Mort Ins - Answer :Private Morg Ins-priv loans conv/subprime, Up Front-
FHA, VA, USDA, Mort Ins Premium-FHA, VA, USDA
Quiz :Civil Rights Act of 1866 - Answer :all natural citizens except american
indians
Quiz :1896 Plessy v. Ferguson - Answer :ruled that segregation was allowed,
as long as the facilities were "separate but equal"
Quiz :1933 Home Owners Loan Corporation (HOLC) - Answer :Conress to
avoid foreclosures during great depression/refinance mort in default
Quiz :1948 Shelly v Kraemer - Answer :deed restrictions deemed illegal
, Quiz :1954 Brown v. Board of Education - Answer :This famous Supreme Court
case over turned Plessy v. Ferguson. The Brown decision stated that separated
but equalities were inherently unequal.
Quiz :1962 Executive Order 11063 - Answer :JFK prohibit discrimination in
sale/lease/rent backed by federal funds
Quiz :1964 Civil Rights Act - Answer :This act prohibited Discrimination
because of race, color, sex, religion, or national origin by employers or labor
unions
Quiz :1968 Civil Rights Act - Answer :This was passed in response to MLK Jr's
assassination. Called the Fair Housing Act. Prohibits discrimination in housing
sales, rentals, advertising, and financing based on race, color, national origin,
and religion. It also obligated federal agencies to affirmatively further fair
housing.
Quiz :1968 HUD - Answer :Established Ginnie Mae, to expand the availability
of government-secured home loans to moderate-income families
Quiz :1974 & 1988 - Answer :1974/sex & 1988/disability & familia
Quiz :2010 LGBT - Answer :HUD issued a new policy that provides lesbian, gay,
bisexual, and transgender individuals and families with further assistance when
facing housing discrimination. The new guidance treats "gender identity
discrimination" as gender discrimination.
Quiz :Extra protection for disabled - Answer :Covered multifamily dwellings
available for occupancy after March 13, 1991, must be usable and accessible
for persons with disabilities including design of: doors, accessible routes,
environmental controls, grab bars, and usable kitchens.
Quiz :Section 504 of the Rehabilitation Act of 1973 - Answer :Requires that
housing providers that receive federal financial assistance make and pay for
structural changes to facilities, if needed as a reasonable accommodation
unless doing so poses an undue financial and administrative burden.
Quiz :Assistant Animal - Answer :An assistance animal is not a pet. An
assistance animal works, provides assistance, or performs tasks for the person
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