Exam (elaborations)
HUD Certification Exam Questions With Complete Solutions
- Course
- Institution
HUD Certification Exam Questions With Complete Solutions
[Show more]
Content preview
HUD Certification Exam Questions With CompleteSolutions
7 Correct Answer The Fair Housing Act, as amended, protects
how many characteristics?
Account History Correct Answer Credit: Payment history of
accounts, including late payments, delinquencies, judgments,
and liens.
Account Information Correct Answer The section of a credit
report that contains information about a student loan.
Adjustable Rate Mortgage Correct Answer Have an initial
interest rate that applies for a defined period of time and then
adjusts at a pre-determined intervals for the life of the loan.
Adjusted Gross Income Correct 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.
Affordable front-end ratio for renters Correct Answer 30%
Amounts Owed Correct Answer Credit: Ratio of total credit
extended to the amount of credit owed.
AnnualCreditReport.com Correct Answer Where does a client
go to get a free credit report?
,Association Dues Correct Answer Charged by community or
Homeowners Association to pay for repairs, upkeep,
landscaping, improvements and property management.
Back-End Ratio Correct Answer A rate that calculates a
borrower's total monthly debt, including housing and other debt
obligations, as a percentage of gross monthly income.
Balloon Payments Correct Answer An oversize payment due at
the end of a mortgage
Capacity Correct Answer Lender considers consistency of
employment and income, adequacy of income to repay debt,
recurring debts and frequency and type of wages
Capital Correct Answer Lenders inquire about how much
money a borrower has saved to pay a deposit or down payment
for the home intended to purchase.
Cash-Out Refinancing Correct Answer Best Improvement loan:
A client leverages home equity through a new, larger loan to
access funding to make improvements to the home
CD; Money Market; High-Interest Account Correct Answer
Examples of accounts that would be ideal for short-term large
purchase savings
CFPB Correct Answer To create a federal agency charged with
addressing failures of consumer protections
, Character Correct Answer Credit history, employment history,
and housing stability to determine the likeliness that the
borrower will repay their debts
Civil Rights Act of 1968 Correct Answer Following the
assassination of Dr. Martin Luther King Jr., Congress passed
what monumental piece of legislation, which prohibits
discrimination in housing sales, rentals, and financing based on
race, color, national origin, religion, sex, disability and familial
status?
Closing Costs Correct Answer Fees for final property transfer
that are not included in the price of the property.
Closing Disclosure Correct Answer Designed to help
consumers understand all of the costs of the transaction, must be
provided to consumers at least three business days before
closing.
Collateral Correct Answer Lenders often request a borrower to
pledge specific property or assets as collateral to secure
repayment of loan.
Community Development Block Grant Program Correct
Answer HUD program that provides grants to states and
localities to provide decent housing and a suitable living
environment and to expand economic opportunities, principally
for low-and-moderate income persons
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77858 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now