HUD Housing Counseling Exam with accurate || || || || || ||
detailed answers ||
Civil Rights Act of 1866 - ✔✔Federal law granting citizenship to former slaves; passed over
|| || || || || || || || || || || || || || ||
Johnson's veto. (Race and Color) || || || ||
Fair Housing Act of 1968 - ✔✔banned discrimination in the rental or sale of housing (Race,
|| || || || || || || || || || || || || || || ||
color, religion, national origin) || || ||
Housing and Community Development Act of 1974 - ✔✔added gender (sex) to the protected
|| || || || || || || || || || || || || ||
classes
Fair Housing Amendments Act of 1988 - ✔✔Added Disability and familial status to protected
|| || || || || || || || || || || || || ||
classes.
Real Estate Settlement and procedures Act RESPA - ✔✔Requires lenders and brokers to ensure
|| || || || || || || || || || || || || ||
that applicants understand the terms and fees of the mortgage transaction that they are considering
|| || || || || || || || || || || || || ||
Home Mortgage Disclosure Act (HMDA) - ✔✔Requires financial institutions to maintain and
|| || || || || || || || || || || ||
annually disclose date about home purchases, home purchase pre-approvals, home improvements
|| || || || || || || || || || ||
and refinance applications involving 1 to 4 unit and multifamily dwellings
|| || || || || || || || || ||
Electronic Communications Privacy Act - ✔✔Prohibits persons from tampering with computers
|| || || || || || || || || || ||
or accessing certain computerized records without authorizations. The Act also prohibits
|| || || || || || || || || || ||
providers of electronic communications services from disclosing the contents of stored
|| || || || || || || || || || ||
communications.
Community Reinvestment Act CRA - ✔✔A congressional act that encourages mortgage
|| || || || || || || || || || ||
originators to actively lend in their communities and that requires financial institutions to evaluate
|| || || || || || || || || || || || ||
the "fairness" of their lending practices.
|| || || || || ||
,Restricts the collection and use of information that would result in housing discrimination on the
|| || || || || || || || || || || || || || ||
basis of race, sex, religion, national origin and a variety of other factors. - ✔✔Fair Housing Act
|| || || || || || || || || || || || || || || ||
Prohibits discrimination by direct providers of housing, such as landlords and real estate
|| || || || || || || || || || || || ||
companies as well as other entities, such as municipalities, banks of other lending institutions and
|| || || || || || || || || || || || || || ||
homeowners insurance companies whose discriminatory practices make housing unavailable to || || || || || || || || || ||
persons because of: Race or Color, Religion, Sex/Gender, National Origin, Familial Status,
|| || || || || || || || || || || ||
Disability.. - ✔✔Fair Housing Statute || || || ||
Opens up services and employment opportunities to the 43 million Americans with disabilities. -
|| || || || || || || || || || || || || ||
✔✔Americans with Disabilities Act ADA || || || ||
Protects consumers from abusive, unfair, and deceptive practices by third-party debt collectors. -
|| || || || || || || || || || || || ||
✔✔Fair Debt Collection Practices Act FDCPA
|| || || || ||
Prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital
|| || || || || || || || || || || || || ||
status, age, or because you get public assistance. - ✔✔Equal Credit Opportunity act ECOA
|| || || || || || || || || || || || ||
Restrictions collections of use of information that would result in employment discrimination on
|| || || || || || || || || || || || ||
the basis of race, sex, religion, national origin and a variety of other characteristics. - ✔✔Equal
|| || || || || || || || || || || || || || || ||
Employment Opportunity Act EEOC || || ||
Mandates that personal data be collected as much as possible directly from the record subject. -
|| || || || || || || || || || || || || || || ||
✔✔Privacy Act ||
Requires each of the nationwide consumer reporting companies: Equifax, Experian, and
|| || || || || || || || || || ||
Transunion to provide you with a free copy of your credit report, at your request, one every 12
|| || || || || || || || || || || || || || || || || ||
months - ✔✔The Fair and Accurate Credit Transactions Act FACTA
|| || || || || || || || ||
Prevents identity theft, improve resolution of consumer disputes, improve the accuracy of
|| || || || || || || || || || || ||
consumer records, make improvements in the use of, and consumer access to, credit information,
|| || || || || || || || || || || || || ||
and for other purposes. - ✔✔The Fair Credit Billing Act FCBA
|| || || || || || || || || ||
,Applies to "open end" credit accounts, such as credit cards, and revolving charge accounts - such
|| || || || || || || || || || || || || || || ||
as department store accounts. - ✔✔Fair Credit Reporting Act FCRA
|| || || || || || || || ||
Prohibits opening of mail without a search warrant or the addressee's consent - ✔✔Mail Privacy
|| || || || || || || || || || || || || || ||
Statute
Amends the Truth in Lending Act (TILA) and establishes requirements for certain loans with high
|| || || || || || || || || || || || || ||
rates and/or high fees - ✔✔Home Ownership and Equity Protection Act HOEPA
|| || || || || || || || || || || ||
All of the following would help a counselor develop a realistic household budget, except:
|| || || || || || || || || || || || ||
- Payment information for a paid-off car
|| || || || || ||
- Amount spent on groceries
|| || || ||
- Rent payment information
|| || ||
- Monthly cable bill - ✔✔Payment information for a paid-off car
|| || || || || || || || || ||
The following are good ways to decrease expenses except:
|| || || || || || || ||
- Cancel car insurance
|| || ||
- Cancel cable service
|| || ||
- Brown bag lunch for work
|| || || || ||
- Rent videos instead of going to the movies - ✔✔Cancel car insurance
|| || || || || || || || || || || ||
Steps to create an Action Plan - ✔✔- State goal
|| || || || || || || || ||
- Identify obstacles
|| ||
- Agree on livable budget
|| || || ||
- Steps with dates to achieve goal
|| || || || || ||
, - List who is responsible for steps
|| || || || || ||
- Signature (optional)
|| ||
- follow up and update
|| || || ||
Which of the following is not needed in determining a budget?
|| || || || || || || || || ||
- Pay stubs
|| ||
- Credit report
|| ||
- Utility bill
|| ||
- Child support
|| ||
- Stock dividends - ✔✔Credit report
|| || || || ||
Stock dividends ||
Tran would like to take a vacation and needs $3,000. He has $400 saved already. If he wants to
|| || || || || || || || || || || || || || || || || || ||
take a trip in 18 months how much will he need to save monthly? - ✔✔$145
|| || || || || || || || || || || || || || ||
Which section of a credit report contains information about student loans?
|| || || || || || || || || ||
- Inquiries
||
- Public records
|| ||
- Account Information
|| ||
- Consumer Rights
|| ||
-Personal Information - ✔✔Account information || || || ||
What makes up a credit score? - ✔✔35% - Account History
|| || || || || || || || || ||
30% - Amounts Owed
|| || ||
15% - Length of Credit History
|| || || || ||
detailed answers ||
Civil Rights Act of 1866 - ✔✔Federal law granting citizenship to former slaves; passed over
|| || || || || || || || || || || || || || ||
Johnson's veto. (Race and Color) || || || ||
Fair Housing Act of 1968 - ✔✔banned discrimination in the rental or sale of housing (Race,
|| || || || || || || || || || || || || || || ||
color, religion, national origin) || || ||
Housing and Community Development Act of 1974 - ✔✔added gender (sex) to the protected
|| || || || || || || || || || || || || ||
classes
Fair Housing Amendments Act of 1988 - ✔✔Added Disability and familial status to protected
|| || || || || || || || || || || || || ||
classes.
Real Estate Settlement and procedures Act RESPA - ✔✔Requires lenders and brokers to ensure
|| || || || || || || || || || || || || ||
that applicants understand the terms and fees of the mortgage transaction that they are considering
|| || || || || || || || || || || || || ||
Home Mortgage Disclosure Act (HMDA) - ✔✔Requires financial institutions to maintain and
|| || || || || || || || || || || ||
annually disclose date about home purchases, home purchase pre-approvals, home improvements
|| || || || || || || || || || ||
and refinance applications involving 1 to 4 unit and multifamily dwellings
|| || || || || || || || || ||
Electronic Communications Privacy Act - ✔✔Prohibits persons from tampering with computers
|| || || || || || || || || || ||
or accessing certain computerized records without authorizations. The Act also prohibits
|| || || || || || || || || || ||
providers of electronic communications services from disclosing the contents of stored
|| || || || || || || || || || ||
communications.
Community Reinvestment Act CRA - ✔✔A congressional act that encourages mortgage
|| || || || || || || || || || ||
originators to actively lend in their communities and that requires financial institutions to evaluate
|| || || || || || || || || || || || ||
the "fairness" of their lending practices.
|| || || || || ||
,Restricts the collection and use of information that would result in housing discrimination on the
|| || || || || || || || || || || || || || ||
basis of race, sex, religion, national origin and a variety of other factors. - ✔✔Fair Housing Act
|| || || || || || || || || || || || || || || ||
Prohibits discrimination by direct providers of housing, such as landlords and real estate
|| || || || || || || || || || || || ||
companies as well as other entities, such as municipalities, banks of other lending institutions and
|| || || || || || || || || || || || || || ||
homeowners insurance companies whose discriminatory practices make housing unavailable to || || || || || || || || || ||
persons because of: Race or Color, Religion, Sex/Gender, National Origin, Familial Status,
|| || || || || || || || || || || ||
Disability.. - ✔✔Fair Housing Statute || || || ||
Opens up services and employment opportunities to the 43 million Americans with disabilities. -
|| || || || || || || || || || || || || ||
✔✔Americans with Disabilities Act ADA || || || ||
Protects consumers from abusive, unfair, and deceptive practices by third-party debt collectors. -
|| || || || || || || || || || || || ||
✔✔Fair Debt Collection Practices Act FDCPA
|| || || || ||
Prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital
|| || || || || || || || || || || || || ||
status, age, or because you get public assistance. - ✔✔Equal Credit Opportunity act ECOA
|| || || || || || || || || || || || ||
Restrictions collections of use of information that would result in employment discrimination on
|| || || || || || || || || || || || ||
the basis of race, sex, religion, national origin and a variety of other characteristics. - ✔✔Equal
|| || || || || || || || || || || || || || || ||
Employment Opportunity Act EEOC || || ||
Mandates that personal data be collected as much as possible directly from the record subject. -
|| || || || || || || || || || || || || || || ||
✔✔Privacy Act ||
Requires each of the nationwide consumer reporting companies: Equifax, Experian, and
|| || || || || || || || || || ||
Transunion to provide you with a free copy of your credit report, at your request, one every 12
|| || || || || || || || || || || || || || || || || ||
months - ✔✔The Fair and Accurate Credit Transactions Act FACTA
|| || || || || || || || ||
Prevents identity theft, improve resolution of consumer disputes, improve the accuracy of
|| || || || || || || || || || || ||
consumer records, make improvements in the use of, and consumer access to, credit information,
|| || || || || || || || || || || || || ||
and for other purposes. - ✔✔The Fair Credit Billing Act FCBA
|| || || || || || || || || ||
,Applies to "open end" credit accounts, such as credit cards, and revolving charge accounts - such
|| || || || || || || || || || || || || || || ||
as department store accounts. - ✔✔Fair Credit Reporting Act FCRA
|| || || || || || || || ||
Prohibits opening of mail without a search warrant or the addressee's consent - ✔✔Mail Privacy
|| || || || || || || || || || || || || || ||
Statute
Amends the Truth in Lending Act (TILA) and establishes requirements for certain loans with high
|| || || || || || || || || || || || || ||
rates and/or high fees - ✔✔Home Ownership and Equity Protection Act HOEPA
|| || || || || || || || || || || ||
All of the following would help a counselor develop a realistic household budget, except:
|| || || || || || || || || || || || ||
- Payment information for a paid-off car
|| || || || || ||
- Amount spent on groceries
|| || || ||
- Rent payment information
|| || ||
- Monthly cable bill - ✔✔Payment information for a paid-off car
|| || || || || || || || || ||
The following are good ways to decrease expenses except:
|| || || || || || || ||
- Cancel car insurance
|| || ||
- Cancel cable service
|| || ||
- Brown bag lunch for work
|| || || || ||
- Rent videos instead of going to the movies - ✔✔Cancel car insurance
|| || || || || || || || || || || ||
Steps to create an Action Plan - ✔✔- State goal
|| || || || || || || || ||
- Identify obstacles
|| ||
- Agree on livable budget
|| || || ||
- Steps with dates to achieve goal
|| || || || || ||
, - List who is responsible for steps
|| || || || || ||
- Signature (optional)
|| ||
- follow up and update
|| || || ||
Which of the following is not needed in determining a budget?
|| || || || || || || || || ||
- Pay stubs
|| ||
- Credit report
|| ||
- Utility bill
|| ||
- Child support
|| ||
- Stock dividends - ✔✔Credit report
|| || || || ||
Stock dividends ||
Tran would like to take a vacation and needs $3,000. He has $400 saved already. If he wants to
|| || || || || || || || || || || || || || || || || || ||
take a trip in 18 months how much will he need to save monthly? - ✔✔$145
|| || || || || || || || || || || || || || ||
Which section of a credit report contains information about student loans?
|| || || || || || || || || ||
- Inquiries
||
- Public records
|| ||
- Account Information
|| ||
- Consumer Rights
|| ||
-Personal Information - ✔✔Account information || || || ||
What makes up a credit score? - ✔✔35% - Account History
|| || || || || || || || || ||
30% - Amounts Owed
|| || ||
15% - Length of Credit History
|| || || || ||
