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Rent Calculation Quiz Questions With Complete Solutions
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Rent Calculation Quiz Questions With Complete Solutions
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Rent Calculation Quiz Questions With Complete SolutionsAdjusted annual income Correct Answer Annual income minus
HUD allowances
Adjusted monthly income Correct Answer Adjusted annual
income divided by 12
Annual income is Correct Answer All amounts, monetary or
not, anticipated to be received from a source outside the family
which go to or on behalf of family head or spouse or to any
other family member during the 12 months following
certification or recertification, not specifically excluded by HUD
regulation
Annual income minus HUD allowances = Correct Answer
adjusted annual income
Annualized Biweekly income Correct Answer X 26
Annualized Hourly full time income Correct Answer X 2080
Annualized monthly income Correct Answer X 12
Annualized Semi monthly income Correct Answer X 24
Annualized weekly income Correct Answer X 52
Are the 12 month exclusion periods for the EID consecutive or
cumulative? Correct Answer Both the 12 month full exclusion
and the 12 month phase in are consecutive
,Are trusts always considered an asset? If not, what is the
exception? Correct Answer Revocable/accessible trusts are
assets. Irrevocable trusts are not assets.
Assets do not include Correct Answer Personal property not
held as an investment
Assets do not include Correct Answer The family car
Can child support payments be counted as a child care
allowance? Correct Answer No
Describe what happens if the PHA lowers its payment standard
during the term of the HAP contract Correct Answer - Lower
payment standard will be applies at families second AR after PS
was lowered
Does annual income include employment income before or after
taxes are taken out? Correct Answer Full amount before
payroll deductions
Elderly family Correct Answer Head, spouse, or cohead is 62
or older
Fair market rent (FMR) Correct Answer A figure established
by HUD by bedroom size to assist the PHA in the determination
of the payment standard schedule
Gross rent Correct Answer Rent to owner plus utility
allowance
, Housing assistance payment contract Correct Answer Contract
between owner and PHA for housing aisstance
How are student loans treated? Correct Answer Student loans
are not considered income
How do you compute income that you know will last for a part
of th eyear (i.e. unemployment)? Correct Answer May
annualize it for average known sources and conduct an interim
when it ends
How do you treat income received from persons outside the
household? Correct Answer Include regular, not sporadic,
contributions in annual income.
How do you treat life insurance policies? Correct Answer Any
cash surrender value is treated as an asset
How is imputed income from assets calculated? Correct Answer
PHA passbook rate x total cash value of assets. Use calculation
when assets exceed $5,000.
How is rental income from a property treated? Correct Answer
Rent minus operating expenses (net income)
How is the cash value of a savings or checking account
determined? Correct Answer PHAs must establish a plociy on
how to determine the cash value of savings and checkings
accounts
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