Section 4 Unit 1 Practice Exam

FHA financing

When George is working with buyers who can't afford a large down payment, he recommends that they look into ______.

Build strong, resilient, and inclusive communities

When HUD pursues actions that are designed to reduce housing discrimination and help communities recover from disasters, which of its goals is it supporting?

Glen can recommend filing a complaint with HUD about the alleged discrimination.

Glen is assisting a buyer who makes an offer on a condo in a high-end area of town. The seller refuses the offer, and Glen's client believes this is discriminatory behavior. How should Glen advise his client in this situation?

Four goals

HUD's strategic plan outlines the ______ that support its mission.

Strengthen the housing market to bolster the economy and protect consumers.

When HUD pursues actions that are designed to restore the financial health of the Federal Housing Administration, which of its goals is it supporting?

Office of Fair Housing and Equal Opportunity (OFHEO)

Which HUD program is responsible for developing and enforcing federal fair housing policies and laws?

Office of Fair Housing and Equal Opportunity

Which HUD program is responsible for protecting individuals against discrimination in housing based membership in a protected class?

Housing choice vouchers

Which of the following can help your very low-income clients either purchase or rent housing in the private market?

Ginnie Mae

Which of these HUD programs allows mortgage lenders to obtain a better price for their mortgage loans in the secondary mortgage market?

FHA

Which of these HUD programs is primarily responsible for providing mortgage insurance on home loans?

Office of Native American Programs

HUD's ______ has a goal of increasing the availability of safe and affordable housing to Native American families.

Housing Choice Voucher program

Lee manages a rental property for her client, and is accepting applications for tenants. Applicants Damian and Maria are young, newly married, and have a baby on the way. They can't afford a typical rent on a clean, well-maintained two-bedroom home such as the one that Lee has available; but they are recipients of the ______, which Lee knows the property would also qualify for. Lee is glad to accept them as tenants.

FHA financing requirements

Licensees who stay current with ______ can better serve low- to moderate-income clients looking to purchase.

Repossessed homes

Natalie is a licensee who assists buyers in the purchase of HUD ______ when they're listed for sale.

To strengthen the housing market

One of HUD's goals reflects a response to financial issues experienced in the housing market during the 2007 economic crisis. The goal is ______ to bolster the economy and protect consumers.

Department of Housing and Urban Development

The U.S. ______ is the federal agency with the mission to create strong, sustainable, inclusive communities and quality affordable homes for all.