HUD CERTIFICATION CORE EXAM TEST QUESTIONS AND
ANSWERS GRADED A+
✔✔Final Judgement - ✔✔When: With 5 days of Court Hearing
The tenant must pay the judgement or cure the violation of the lease if the judge
decides the client is at fault. Tenant may also close to appeal during this period.
✔✔Eviction - ✔✔When: Final Judgement made, 72 hr warning issued
If the tenant does not respond to the final judgement during the appeal period, the
landlord can file to issue a writ of possession authorizing the removal of a tenant and
their belongings from the rental unit. A copy of the writ of possession which includes the
date and time after which the eviction can take place, must be delivered to the tenant at
least 72 hrs before the eviction. After the 72 hr period the landlord has 2 options.
1. Lock Change Eviction: The landlord changes the lock on the unit but allows the
tenant 24 hrs of access to the unit to remove their possessions. Any possessions
remaining after that period become the landlords property.
2. Forcible Eviction: A law enforcement officer executes the eviction, forcibly removing
the tenant and their belongings if necessary.
✔✔Writ of Possession - ✔✔A court order that serves as an eviction from a property.
The writ outlines the specific time a person has to vacate the property before
authorizing an official to forcibly remove a person and their belongings from a property.
✔✔Manufactured Home Land-Lease Eviction Process - ✔✔Manufactured Home owners
who own the home and land as real property = Foreclosure
Manufactured Home rented home and lot = Eviction same as if renting an apartment
Manufactured Home owner but rents the lot = Might have to remove the home from the
lot and or they would charge storage fees, or move it outside the property lines and
charge the tenant.
✔✔Lienholder Rights and Responsabilities - ✔✔As a lienholder on the manufactured
home, the lender has a right to the home as collateral. Depending on the loan terms the
homeowner may need permission from the lender to relocate the home upon eviction.
✔✔Relocating a Manufactured Home Upon Eviction - ✔✔-Condition of the home
-Cost to move the home (5k-20k detaching, utilities, transportation, reattaching and
insurance)
-Finding a new site (make sure up to date with proper building codes and zoning
requirements)
-Hiring qualified movers (licensed to move in any state passing through and if a police
escort is needed)
,✔✔FICO Score - ✔✔-300-850
-35% Account History
-30% Utilization Rate
-15% Account Age
-10% Credit Inquiries
-10% Credit Mix
✔✔FICO - ✔✔Fair Isaac Corporation
✔✔FCRA - ✔✔Fair Credit Reporting Act
-Accuracy fairness of info contained in the files
-We can know what is in the report
-Access limit-violators pay damages
-Allows disputing inaccuracies
✔✔FACTA - ✔✔Fair and Accurate Credit Transactions Act
-Free credit report yearly
-Fraud alert
-Identify theft protection
-Credit card numbers must be truncated (not fully visible)
✔✔FCBA - ✔✔Fair Credit Billing Act
-Law enacted in 1974 as an amendment to the Truth in Lending Act
-Can dispute billing errors
-Within 60 days
-Creditor has 30 days to respond and 90 days to research
-Billed
✔✔4 Cs of Credit - ✔✔Character
Capacity
Capital
Collateral
✔✔Front End Ratio - ✔✔Front End Ratio = Monthly Housing Expenses / Gross Monthly
Income
Homeowners
28% Conventional
31% FHA
33% EEH
, Renters
30%
✔✔Back End Ratio - ✔✔Back End Ratio = Total Monthly Debt Expenses / Gross
Monthly Income
Homeowners
36% Conventional
45-50% depending on loan
43-45% FHA and EEH
Renters
36%
✔✔Value of the Home you can Afford - ✔✔Annual gross X 3 =< Afford Home Price
✔✔1865 - ✔✔End of Civil War and Slavery (13th Amendment)
✔✔1866 - ✔✔Civil Rights Act of 1866
"All persons born in the United States," except Native Americans, were "hereby
declared to be citizens of the United States." It also granted citizens full and equal rights
"for the security of person and property....without distinction of race or color, or previous
condition of slavery or involuntary servitude."
✔✔1896 - ✔✔Plessy v Ferguson
Made it legal to do "separate but equal"
✔✔1933 - ✔✔-Home Owners Loan Corporation to refinance mortgages in default to
avoid foreclosure
-Redlining maps with lines in red and blue
✔✔1948 - ✔✔Shelly v Kramer
Made it illegal to have discriminatory clauses in deeds.
✔✔1954 - ✔✔Brown v Board of Education
Took away the "separate but legal"
✔✔1962 - ✔✔Executive Order 11063
No discrimination in the sale, leasing, rental or other disposition of properties owned by
the government or funded by government programs
ANSWERS GRADED A+
✔✔Final Judgement - ✔✔When: With 5 days of Court Hearing
The tenant must pay the judgement or cure the violation of the lease if the judge
decides the client is at fault. Tenant may also close to appeal during this period.
✔✔Eviction - ✔✔When: Final Judgement made, 72 hr warning issued
If the tenant does not respond to the final judgement during the appeal period, the
landlord can file to issue a writ of possession authorizing the removal of a tenant and
their belongings from the rental unit. A copy of the writ of possession which includes the
date and time after which the eviction can take place, must be delivered to the tenant at
least 72 hrs before the eviction. After the 72 hr period the landlord has 2 options.
1. Lock Change Eviction: The landlord changes the lock on the unit but allows the
tenant 24 hrs of access to the unit to remove their possessions. Any possessions
remaining after that period become the landlords property.
2. Forcible Eviction: A law enforcement officer executes the eviction, forcibly removing
the tenant and their belongings if necessary.
✔✔Writ of Possession - ✔✔A court order that serves as an eviction from a property.
The writ outlines the specific time a person has to vacate the property before
authorizing an official to forcibly remove a person and their belongings from a property.
✔✔Manufactured Home Land-Lease Eviction Process - ✔✔Manufactured Home owners
who own the home and land as real property = Foreclosure
Manufactured Home rented home and lot = Eviction same as if renting an apartment
Manufactured Home owner but rents the lot = Might have to remove the home from the
lot and or they would charge storage fees, or move it outside the property lines and
charge the tenant.
✔✔Lienholder Rights and Responsabilities - ✔✔As a lienholder on the manufactured
home, the lender has a right to the home as collateral. Depending on the loan terms the
homeowner may need permission from the lender to relocate the home upon eviction.
✔✔Relocating a Manufactured Home Upon Eviction - ✔✔-Condition of the home
-Cost to move the home (5k-20k detaching, utilities, transportation, reattaching and
insurance)
-Finding a new site (make sure up to date with proper building codes and zoning
requirements)
-Hiring qualified movers (licensed to move in any state passing through and if a police
escort is needed)
,✔✔FICO Score - ✔✔-300-850
-35% Account History
-30% Utilization Rate
-15% Account Age
-10% Credit Inquiries
-10% Credit Mix
✔✔FICO - ✔✔Fair Isaac Corporation
✔✔FCRA - ✔✔Fair Credit Reporting Act
-Accuracy fairness of info contained in the files
-We can know what is in the report
-Access limit-violators pay damages
-Allows disputing inaccuracies
✔✔FACTA - ✔✔Fair and Accurate Credit Transactions Act
-Free credit report yearly
-Fraud alert
-Identify theft protection
-Credit card numbers must be truncated (not fully visible)
✔✔FCBA - ✔✔Fair Credit Billing Act
-Law enacted in 1974 as an amendment to the Truth in Lending Act
-Can dispute billing errors
-Within 60 days
-Creditor has 30 days to respond and 90 days to research
-Billed
✔✔4 Cs of Credit - ✔✔Character
Capacity
Capital
Collateral
✔✔Front End Ratio - ✔✔Front End Ratio = Monthly Housing Expenses / Gross Monthly
Income
Homeowners
28% Conventional
31% FHA
33% EEH
, Renters
30%
✔✔Back End Ratio - ✔✔Back End Ratio = Total Monthly Debt Expenses / Gross
Monthly Income
Homeowners
36% Conventional
45-50% depending on loan
43-45% FHA and EEH
Renters
36%
✔✔Value of the Home you can Afford - ✔✔Annual gross X 3 =< Afford Home Price
✔✔1865 - ✔✔End of Civil War and Slavery (13th Amendment)
✔✔1866 - ✔✔Civil Rights Act of 1866
"All persons born in the United States," except Native Americans, were "hereby
declared to be citizens of the United States." It also granted citizens full and equal rights
"for the security of person and property....without distinction of race or color, or previous
condition of slavery or involuntary servitude."
✔✔1896 - ✔✔Plessy v Ferguson
Made it legal to do "separate but equal"
✔✔1933 - ✔✔-Home Owners Loan Corporation to refinance mortgages in default to
avoid foreclosure
-Redlining maps with lines in red and blue
✔✔1948 - ✔✔Shelly v Kramer
Made it illegal to have discriminatory clauses in deeds.
✔✔1954 - ✔✔Brown v Board of Education
Took away the "separate but legal"
✔✔1962 - ✔✔Executive Order 11063
No discrimination in the sale, leasing, rental or other disposition of properties owned by
the government or funded by government programs
