TAX CREDIT SPECIALIST EXAM WITH
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+ 2026
They are counted as annual income and the remaining
amounts are not counted as an asset
(Paragraph 5-7G4b & d, pages 5-36 to 5-37, Course Manual
pg. 114 to 115) - ANSWERS-If periodic payments are being
received from retirement benefits, then:
Prorated by the percentage of ownership
(Paragraph 5-7D1, page 5-25, Course Manual pg. 103) -
ANSWERS-Assets that are jointly held should be:
The combined net assets do not exceed $5000
(NCSHA Under $5,000 Asset Certification) - ANSWERS-Per
section 42 regulations, verification of assets for LIHTC is not
required when:
,The eligible Basis multiplied by the Applicable Fraction
(Pg. 315) - ANSWERS-The Qualified Basis consists of:
40% of the LIHTC project's units must have average income
of 60% or less - ANSWERS-The average income option for
the minimum set-aside requires that:
They are held to the highest limits from Placed in Service -
ANSWERS-Hold Harmless for LIHTC income limits means
that:
The property is blended with a federal rental assistance
program - ANSWERS-There are five different options for
establishing a Utility Allowance for LIHTC unless:
Five months of the calendar year - ANSWERS-The IRS
considered full-time students to be those that meet their
educational institution's definition of full-time and attend
classes for at least:
The Owner/Agent - ANSWERS-Occupancy Standards for
LIHTC are established by:
, Six Months - ANSWERS-Leases for LIHTC tenancy must be for
a minimum of:
Contract rent plus utility allowances plus non-optional fees -
ANSWERS-Rent limits for LIHTC represent Gross Rent
consisting of:
At the Owner's discretion - ANSWERS-Citizenship as a tenant
eligibility requirement for LIHTC:
Unit percentage and square footage percentage - ANSWERS-
Determining a building's applicable fraction consists of a
comparison between its:
100% LIHTC sites - ANSWERS-The section 42 regulations for
LIHTC say that annual income recertification is not required
for:
The tenant's income increases over 140% of the current
income limit - ANSWERS-The Available Unit Rule applies
when:
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+ 2026
They are counted as annual income and the remaining
amounts are not counted as an asset
(Paragraph 5-7G4b & d, pages 5-36 to 5-37, Course Manual
pg. 114 to 115) - ANSWERS-If periodic payments are being
received from retirement benefits, then:
Prorated by the percentage of ownership
(Paragraph 5-7D1, page 5-25, Course Manual pg. 103) -
ANSWERS-Assets that are jointly held should be:
The combined net assets do not exceed $5000
(NCSHA Under $5,000 Asset Certification) - ANSWERS-Per
section 42 regulations, verification of assets for LIHTC is not
required when:
,The eligible Basis multiplied by the Applicable Fraction
(Pg. 315) - ANSWERS-The Qualified Basis consists of:
40% of the LIHTC project's units must have average income
of 60% or less - ANSWERS-The average income option for
the minimum set-aside requires that:
They are held to the highest limits from Placed in Service -
ANSWERS-Hold Harmless for LIHTC income limits means
that:
The property is blended with a federal rental assistance
program - ANSWERS-There are five different options for
establishing a Utility Allowance for LIHTC unless:
Five months of the calendar year - ANSWERS-The IRS
considered full-time students to be those that meet their
educational institution's definition of full-time and attend
classes for at least:
The Owner/Agent - ANSWERS-Occupancy Standards for
LIHTC are established by:
, Six Months - ANSWERS-Leases for LIHTC tenancy must be for
a minimum of:
Contract rent plus utility allowances plus non-optional fees -
ANSWERS-Rent limits for LIHTC represent Gross Rent
consisting of:
At the Owner's discretion - ANSWERS-Citizenship as a tenant
eligibility requirement for LIHTC:
Unit percentage and square footage percentage - ANSWERS-
Determining a building's applicable fraction consists of a
comparison between its:
100% LIHTC sites - ANSWERS-The section 42 regulations for
LIHTC say that annual income recertification is not required
for:
The tenant's income increases over 140% of the current
income limit - ANSWERS-The Available Unit Rule applies
when:
