LATEST HUD Certification Exam 100% SOLUTION 2024

Deed Restrictions - ANSWER Legally enforceable terms that govern the use of real estate Redlining - ANSWER The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status of the area's residents. Civil Rights Act of 1968 - 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? 7 - ANSWER The Fair Housing Act, as amended, protects how many characteristics? Reasonable Modification - ANSWER 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. Reasonable Accommodation - ANSWER Housing provider has a policy of requiring tenants to come to the rental office to pay their rent. A tenant with a mental disability, who is afraid to leave her unit, is allowed to mail her rent payment. True - ANSWER The Fair Housing Act does not prohibit a lender from showing potential clients information about different loans. Fair Housing Assistance Program (FHAP) - ANSWER Provides annual funding to state and local agencies that enforce fair housing laws that are substantially equivalent to the Fair Housing Act. 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. Fair Housing Initiatives Program (FHIP) - ANSWER Provides funding to fair housing organizations and nonprofits that assist people who may have been victims of housing discrimination. Marketing Analysis - ANSWER Aim is to identify groups of people who would benefit most if targeted by the campaign, the characteristics of these people, and their expectations. Networking Event - ANSWER 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. Personal Information - ANSWER The section of the credit report that contains employer details. Account Information - ANSWER The section of a credit report that contains information about a student loan. Public Records - ANSWER The section of the credit report that contains court information such as a bankruptcy. Inquiries - ANSWER The section of the credit report that will show recent attempts to open a credit card. Consumer Rights - ANSWER The section of the credit report that contains information about how to correct inaccuracies. Account History - ANSWER Credit: Payment history of accounts, including late payments, delinquencies, judgments, and liens. Amounts Owed - ANSWER Credit: Ratio of total credit extended to the amount of credit owed. Length of Credit History - ANSWER Credit: Overall length of credit history in the report as well as the average age of accounts. Types of Credit - ANSWER Credit: Variety of accounts (e.g. credit card, auto loan, mortgage) New Credit - ANSWER Credit: Number of recent credit inquiries, as well as new credit accounts. AnnualCreditR - ANSWER Where does a client go to get a free credit report? Fair Credit Reporting Act (FCRA) - ANSWER You have the right to dispute information in your credit file that is incomplete, inaccurate, or unverifiable. Fair and Accurate Credit Transactions Act (FACTA) - ANSWER You have the right to a free annual credit report. Fair and Accurate Credit Transactions Act (FACTA) - ANSWER You have the right to place a fraud alert on your credit file. Fair Credit Reporting Act (FCRA) - ANSWER You have the right to know what is in your credit file. Fair Credit Billing Act (FCBA) - ANSWER Which federal law protects a consumer's right to dispute a billing error associated with his/her credit card account. Fair Credit Reporting Act (FCRA) - ANSWER What act limits employers access to persons credit report. Wire Transfer Fee - ANSWER Fee charged when a client sends a payment to another account electronically through electronic funds transfer (EFT) Overdraft Fee - ANSWER Fee charged when an account doesn't have money to cover a purchase and the financial institution loans money to complete the payment. Stop Payment Fee - ANSWER Fee charged to invalidate a check before it is cashed. NSF Fee - ANSWER Fee charged if there is not enough money in an account to cover a check payment of other purchase. CD; Money Market; High-Interest Account - ANSWER Examples of accounts that would be ideal for short-term large purchase savings Renters Insurance - ANSWER An insurance policy that provides coverage for damages, within a rental property, to renters' belongings and liability. Discount Points - ANSWER A type of pre-paid interest normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount Default - ANSWER The inability to make timely payments or fulfill legal obligations of loan terms. Equity - ANSWER Value of ownership interest in property.