HUD Practice Exam Questions and
Answers 100% Pass
Which document is most important when working with a client to
develop an initial budget as part of a Client Action Plan? -
[ANSWER]: List of Assets
Retirement plan statement
Pay stub X
Current lease
QUESTION: A client would like purchase a home within one year. The
client is motivated to increase household income as a way to save for a
down payment and qualify for a loan. Which is the best solution for the
client to reach this goal? -
[ANSWER]:
,QUESTION: A credit report may contain which information? -
[ANSWER]: Income history
Criminal record
# of accounts in collection status
A history of payments on an elctric bill
QUESTION: A credit report contains inaccurate information. Which
action item should the counselor include in the Client Action Plan? -
[ANSWER]: FIle a dispute with the appropaite credit reporting agency
QUESTION: Six months ago a client left a job as a reporter to start a
business in the retail industry. To prepare to buy a house, the client
closed credit card accounts and has been using savings to pay down
credit card debt and collections. The client has not been able to save
much for a down payment with all the debt payments but knows about
an affordable homeownership program that only requires a 1% down
payment with an FHA loan.
, What might result from the client closing the credit card accounts? -
[ANSWER]:
QUESTION: Which action would a client take to improve a credit
score? -
[ANSWER]:
QUESTION: A client does not receive a written monthly statement
from the credit card company. Which credit law could this omission
violate? -
[ANSWER]: FCBA
QUESTION: A client shopping for a mortgage loan presents a housing
counselor with an offer from a local mortgage lender. The interest rate
on the offer is 7.5% for a 30-year fixed rate mortgage with a 20% down
payment required. The counselor reviews the client file and determines
Answers 100% Pass
Which document is most important when working with a client to
develop an initial budget as part of a Client Action Plan? -
[ANSWER]: List of Assets
Retirement plan statement
Pay stub X
Current lease
QUESTION: A client would like purchase a home within one year. The
client is motivated to increase household income as a way to save for a
down payment and qualify for a loan. Which is the best solution for the
client to reach this goal? -
[ANSWER]:
,QUESTION: A credit report may contain which information? -
[ANSWER]: Income history
Criminal record
# of accounts in collection status
A history of payments on an elctric bill
QUESTION: A credit report contains inaccurate information. Which
action item should the counselor include in the Client Action Plan? -
[ANSWER]: FIle a dispute with the appropaite credit reporting agency
QUESTION: Six months ago a client left a job as a reporter to start a
business in the retail industry. To prepare to buy a house, the client
closed credit card accounts and has been using savings to pay down
credit card debt and collections. The client has not been able to save
much for a down payment with all the debt payments but knows about
an affordable homeownership program that only requires a 1% down
payment with an FHA loan.
, What might result from the client closing the credit card accounts? -
[ANSWER]:
QUESTION: Which action would a client take to improve a credit
score? -
[ANSWER]:
QUESTION: A client does not receive a written monthly statement
from the credit card company. Which credit law could this omission
violate? -
[ANSWER]: FCBA
QUESTION: A client shopping for a mortgage loan presents a housing
counselor with an offer from a local mortgage lender. The interest rate
on the offer is 7.5% for a 30-year fixed rate mortgage with a 20% down
payment required. The counselor reviews the client file and determines
