The practice exam is designed to give candidates a feeling for the format and style of test questions and the breadth of the subject matter in the test (90 questions that are not broken into smaller stand-alone sections). A. A property manager of an apartment complex that receives federal financial assistance installs a ramp so that a tenant in a wheelchair can easily access her first-floor apartment. An insurance policy that can provide coverage for damages to a dwelling and contents that belong to the homeowner. Home Ownership and Equity Protections Act (HOEPA). These funds go towards an agency's capacity building, administrative costs, investigative and enforcement efforts, training and other projects designed to support enforcement of fair housing law. The client cannot afford a rental in the area and needs a housing subsidy to obtain a rental. Credit: Payment history of accounts, including late payments, delinquencies, judgments, and liens. After you have successfully completed the exam, you are required to retake the exam every three years in order to retain your active status on the HUD HECM Counselor Roster. He expects that they will be complete in just a few months. Best Improvement loan: A client's home improvement plan consists of multiple expenses that may be paid over an extended period of time. A loan insured by FHA that may be used for alterations, repairs, and site improvements on single family homes and for alterations and repairs on multifamily homes. a) Retirement plan statement b) Pay stub c) Current lease d) List of assets Answer: b) Pay stub See pages 20 and 23 of HUD’s Financial Management Module 1.1, which say: D. Medical Payment Coverage. As of August 1, 2021, all housing counseling provided in connection with HUD programs must be provided by HUD certified housing counselors. Answer: You can take the HUD HECM exam as many times as necessary to achieve the required 80% score. I passed, but after 3 hours I was beat. Preparing for Exam (Date Announced: June 29th, 2018) List of resources to Prepare for Exam have been updated. 2- 10 Questions to Ask a Home Inspector 4.1.12) All of the following would be a good idea for clients to do during the process of obtaining financing, except: A. What tax credit consequences will result? A. You have the right to place a fraud alert on your credit file. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Fair and Accurate Credit Transactions Act (FACTA). examination questions are intended to trick the candidates. This group is for housing counselors and other professionals who need to take the HUD Housing Counselor Exam. Question 4 ** HUD INTERNET VERSION ** 3 What are some examples of the types of policies and procedures that would demonstrate an intent to provide housing for persons 55 years of age or older? You have the right to dispute information in your credit file that is incomplete, inaccurate, or unverifiable. The amount of money borrowed to buy a house or the amount of the loan that has not been paid back to the lender. When a lender commits to lend a fixed loan amount based on review of completed loan application, credit reports, debt, savings and a review by an underwriter. Front-end ratio for obtaining a conventional loan, Front-end ratio for obtaining an FHA loan. credit card, auto loan, mortgage). Test Question #3 of 20 A family suffers a loss of income due to unemployment and is now facing a pending foreclosure. A state, county, municipality, or other government agency that develops or operates low-income housing. Relocation, Foreclosure, Eviction. A type of pre-paid interest normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount. Federal law enforcing special disclosure requirements and restrictions on terms for loans that meet high-cost mortgage tests. An initial temporary interest rate on an ARM that results in lower mortgage payments and only remains in effect for a short period of time before increasing. a. What is the biggest factor in determining the cost of your insurance? requires easier to use mortgage disclosure forms that clearly outline the terms of the mortgage to the borrower and provide detailed explanations about how form should be completed and used. Fees for final property transfer that are not included in the price of the property. The examination allows up to two hours to complete the 90 questions. Personal Liability Coverage. Type of mortgage that is a good fit for those that have limited funds for a down payment and closing costs, Type of loan that may be a good fit for those that have a poor credit history and/or are ineligible for other loans. Developed to meet the same knowledge and skills proficiencies as the certification exam, the practice exam is offered in a format similar to the certification exam and poses similar questions, but does not replicate any questions from the certification exam. Lenders often request a borrower to pledge specific property or assets as collateral to secure repayment of loan. Question: How often can I take the HUD HECM exam? The online study group helps you gear up for the test in a supportive, peer-learning environment. The section of the credit report that contains court information such as a bankruptcy. HUD Practice Exam Question #1 Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? 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. Best loan: There are a handful of minor repairs that a client would like to make to the home that he is buying. If you are unable to answer a question within one to two minutes, mark it “save for later” and move on. The section of the credit report that contains employer details. During a pre-purchase counseling session, a client … Please put in the Subject line “Housing Counseling Certification Rule” and, if applicable, the name of the HUD program you are inquiring about (e.g., Subject: Housing Counseling Certification Rule – ROSS). Requires lenders to make credit available equally without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income form public assistance programs, Real Estate Settlement Procedures Act (RESPA), Prohibits certain abusive practices that increase the cost of settlement services. I'm a senior citizen on a fixed income, how can HUD help me keep my home, find low-cost housing, or assisted living? A percentage calculated by dividing the amount of the outstanding loan amount by the sales price or appraised value of the home, 78% or at midpoint of the loan. In addition to the training materials, a practice exam is available to help prepare for and pass the HUD Housing Counselor Certification Exam. Per FHA, you are considered self-employed if you have ___% or greater ownership interest in a business. It is delivered in a similar format to the certification exam. Credit: Overall length of credit history in the report as well as the average age of accounts. The Fair Housing Act does not prohibit a lender from showing potential clients information about different loans. 1 How will the examination be administered? Designed to help consumers understand all of the costs of the transaction, must be provided to consumers at least three business days before closing. Consists of 90 questions with a two-hour time limit. If you have any questions, you can contact ProctorU here. A monthly payment, usually part of the mortgage payment for FHA loans, paid by a borrower for mortgage insurance. A tenant with a mental disability, who is afraid to leave her unit, is allowed to mail her rent payment. Legally enforceable terms that govern the use of real estate. Fee charged when an account doesn't have money to cover a purchase and the financial institution loans money to complete the payment. B. A determination of the monthly rent of a rental property, calculated by HUD. Accessing Practice Exam: Follow the steps in New Registration for Practice Exams page. Studying for this test can be stressful—but it doesn’t have to be! Submit Questions to the Office of Housing Counseling. You have the right to a free annual credit report. What is their best option? The section of the credit report that will show recent attempts to open a credit card. Please contact supportnetcert@netcertification.com or call at (740) 792-8162, if you have any questions. Personal Liability Coverage. Best Improvement loan: A client's home improvement plan consists of a large one-time expense. An oversize payment due at the end of a mortgage. Charged by community or Homeowners Association to pay for repairs, upkeep, landscaping, improvements and property management. Step 2. What is the purpose for the Veterans Affairs Supportive Housing (VASH) program, What is the purpose of the Housing Opportunities for Persons with AIDS (HOPWA) program, To assist with housing needs of people living with HIV/AIDS. You can now take practice exam … Aim is to identify groups of people who would benefit most if targeted by the campaign, the characteristics of these people, and their expectations. Provides a lump sum of money for home improvements - often referred to as a second mortgage. Learn vocabulary, terms, and more with flashcards, games, and other study tools. The doctor is not charged rent to use the space, and serves at no charge only the residents of the property. Purchase the same homeowners insurance policy as the previous homeowner. The Fair Housing Act, as amended, protects how many characteristics? Credit history, employment history, and housing stability to determine the likeliness that the borrower will repay their debts, Lender considers consistency of employment and income, adequacy of income to repay debt, recurring debts and frequency and type of wages. Dedicate a full week to joining daily sessions that will help you prepare to ace the HUD exam… When you browse the catalog, you will now see HUD HECM Practice Exam - English, HUD HECM Practice Exam - Spanish as products available. Answer Examples include: a) the written rules, regulations, lease provisions, deed or other A location outside of the neighborhood, preferably a place where your family can live temporarily. Credit: Number of recent credit inquiries, as well as new credit accounts. Designed to help consumers understand the key features, costs, and risks of the mortgage loan for which they are applying, must be provided to consumers no later than three business days after they submit a loan application. Important Messages: COVID-19 Impact on Test Centers, In addition to the training materials, a practice exam is available to help prepare for and pass the HUD Housing Counselor Certification Exam. Students are recommended to review them before taking the HECM Counselor Exam. Community Development Block Grant Program, 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. Insurance policy that protects a lender from potential risks when a homebuyer pays less than 20% for a down payment. If you still have questions or need additional assistance related to accessing the online training, the downloadable study guide, or the examination registration and fee payment instructions, contact Bixal Solutions at www.HUDHousingCounselors.com . How can I get into HUD housing? Developed to meet the same knowledge and skills proficiencies as the certification exam, the practice exam is offered in a format similar to the certification exam and poses similar questions, but does not replicate any questions from the certification exam.Â. B.Client cannot afford a rental in the area and needs a housing subsidy to obtain a rental C.The client has been notified that her rent will increase by $200 per month. After reviewing the family’s budget, the housing counselor learns that the family has a negative cash flow of almost $300. Fee charged when a client sends a payment to another account electronically through electronic funds transfer (EFT). A provision in some loans that charges a fee to a borrower who makes mortgage payments ahead of schedule. 3 What is the format of the examination? Type of mortgage may be a good fit for those who want to live in eligible rural areas, make less than 115% AMI, need flexible credit guidelines, may not have funds for a DP, The midpoint in the family income range for a metropolitan statistical area of for the non-metropolitan parts of a state. Preparing for and Passing the HUD Housing Certification Exam September/October 2019, Volume 7 Issue 11 Emails, courses, online sample tests, and study guides all consumed the offices and schedules of Denver Housing Authority’s (DHA) three housing counselors, Kay, Teronda, and Charlotte, from the summer of 2018 through April 2019. The opportunity to increase awareness of the plans and actions of housing industry members, private organizations and foundations, public housing agencies, neighborhood groups, regional organizations, and others to further fair housing objectives. Search job titles. The process that occurs when the servicer moves forward with foreclosure while simultaneously working with the borrower to avoid foreclosure. Here are answers to some common questions about Fair Housing, and some sample situations to illustrate how Fair Housing laws work in "real life." You can request earlier once principal balance falls below 80% of original loan value. The test covers the following six topics: Financial Management; Housing Affordability; Fair Housing; Homeownership; Avoiding Foreclosure; Tenancy; How long will the exam be? A line of credit from which you can borrow at any time during the draw period, up to your credit limit. Structure Coverage. For on-campus exams, additional time and support can only be provided if you attend at the venue advised to you personally by your School/Departmental Office. Requires mortgage transaction disclosures that describe closing costs, lender servicing and escrow account practices, and business relationships, Requires lenders disclose important information to protect consumers against. Fee charged to invalidate a check before it is cashed. Which federal law protects a consumer's right to dispute a billing error associated with his/her credit card account. Factored by geography and unit size, sets payment standards for public housing programs, Commonly referred to as Section 8; distributed locally by PHAs where you are free to choose any housing that meets program requirements, Allows PHAs to allocate up to 20% of its housing choice vouchers for project-based vouchers attached to specific housing units. Enter your address, city, and zip code in the fields below to register, view test center availability, or to update your address. If client has a project based voucher and moves out of the unit, do they lose the voucher assitance? 4 Where can an individual who wants to take the certification examination find a list of available proctoring centers? Typically paid off in 30 years, has an interest rate that doesn't fluctuate. Best Improvement loan: A client leverages home equity through a new, larger loan to access funding to make improvements to the home. A rate that calculates a borrower's housing-related obligations as a percentage of gross monthly income. Agencies. A legal process in which mortgaged property is sold to pay the loan of a defaulting borrower. How will the exam be scored? Decide whether to take the exam at a test center or online. A type of mortgage with less stringent lending and underwriting terms and conditions, usually offered to borrowers with blemished or limited credit histories. Credit: Ratio of total credit extended to the amount of credit owed. Provides annual funding to state and local agencies that enforce fair housing laws that are substantially equivalent to the Fair Housing Act. An act that protects military personnel and their dependents in issues related to housing, including certain protections against default judgement, foreclosure and eviction, To make it easier for borrowers to understand loan terms, to require homeownership counseling for some mortgages, and to expand protections, To enable 18 states and the District of Columbia to develop locally tailored programs to assist struggling homeowners in their community, To create a federal agency charged with addressing failures of consumer protections, To help homeowners avoid foreclosure, stabilize the housing market, and improve the economy, To penalize five financial institutions for deceptive lending and foreclosure practices. If needed, submit a request for Reasonable Accommodation s before you register and at least 45 days in advance of your target test date.
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