Rent Calculation Actual Exam
Questions with 100% Complete
Solutions
True or False: Only disabled families are eligible for a disability assistance allowance -
ANSWER False
True or False: Food stamp benefits are included in annual income - ANSWER False
True or false: When income from employment is annualized, the gross income is used
- ANSWER True
True or false: A family can qualify for more than one allowance - ANSWER False
When net family assets are greater than $5,000, income from assets is based upon -
ANSWER The greater of imputed or actual income from assets
Verifications used for interim and annual recertifications are valid for - ANSWER A
period determined by PHA policy
The formula to find the cash value of assets for calculation of rent is - ANSWER
Market value minus current loan balance, if any, minus anticipated expenses to sell
Assets do not include - ANSWER The family car
,Which of the following determines the cash value of a checking account? -
ANSWER Average monthly balance for prior six months
XYZ PHA is conducting an interim reexamination to begin Jason's EID initial period.
Jason recently reported that he obtained a job and will be earning $10 per hour while
working 25 hours per week. Prior to obtaining this job, he was receiving $300 per
month in TANF. His TANF benefits ended when he became employed. How much of
Jason's annual earnings will be included? - ANSWER $3,600
Jenna Jones owned a home appraised at $300,000. There was no mortgage balance.
Last month, she sold the house to her son for $1. Her son paid all fees and costs of the
sale. The PHA must: - ANSWER Count $299,999 in the total cash value of her assets for
two years from the date she sold the home
Income of minors to be included in annual income is - ANSWER Interest on savings
and social security
If known income will be received for less than on year - ANSWER You may annualize
and conduct an interim if there is a change
To convert bi weekly income to annual income, multiply by - ANSWER 26
Assets do not include - ANSWER Personal property not held as an investment
If a PHA increases its payment standard during the term of a HAP contract, when will the
increased payment standard be applied to the family? - ANSWER At the family's first
annual reexamination after the payment standard was increased.
Annual income minus HUD allowances = - ANSWER adjusted annual income
, The FIVE HUD allowances include - ANSWER child care, dependent,
elderly/disabled, allowable medical expenses, allowable disability assistance
expenses
Rent to owner - tenant rent to owner = - ANSWER HAP
Lower of payment standard or gross rent - TTP = - ANSWER total HAP
Rent to owner minus HAP = - ANSWER Tenant rent to owner
Annual income is - ANSWER All amounts, monetary or not, anticipated to be received
from a source outside the family which go to or on behalf of family head or spouse or
to any other family member during the 12 months following certification or
recertification, not specifically excluded by HUD regulation
Total monthly income - ANSWER annual income divided by 12
Adjusted annual income - ANSWER Annual income minus HUD allowances
Adjusted monthly income - ANSWER Adjusted annual income divided by 12
Total family share - ANSWER The total amount the HUD rent formula requires the
tenant to pay toward rent plus the PHA's utility allowance for the unit
Tenant rent to owner - ANSWER The Portion of the rent paid to the owner by the family
Utility reimbursement to family - ANSWER The portion of the housing
assistance payment which exceeds the amount of the rent to owner
Questions with 100% Complete
Solutions
True or False: Only disabled families are eligible for a disability assistance allowance -
ANSWER False
True or False: Food stamp benefits are included in annual income - ANSWER False
True or false: When income from employment is annualized, the gross income is used
- ANSWER True
True or false: A family can qualify for more than one allowance - ANSWER False
When net family assets are greater than $5,000, income from assets is based upon -
ANSWER The greater of imputed or actual income from assets
Verifications used for interim and annual recertifications are valid for - ANSWER A
period determined by PHA policy
The formula to find the cash value of assets for calculation of rent is - ANSWER
Market value minus current loan balance, if any, minus anticipated expenses to sell
Assets do not include - ANSWER The family car
,Which of the following determines the cash value of a checking account? -
ANSWER Average monthly balance for prior six months
XYZ PHA is conducting an interim reexamination to begin Jason's EID initial period.
Jason recently reported that he obtained a job and will be earning $10 per hour while
working 25 hours per week. Prior to obtaining this job, he was receiving $300 per
month in TANF. His TANF benefits ended when he became employed. How much of
Jason's annual earnings will be included? - ANSWER $3,600
Jenna Jones owned a home appraised at $300,000. There was no mortgage balance.
Last month, she sold the house to her son for $1. Her son paid all fees and costs of the
sale. The PHA must: - ANSWER Count $299,999 in the total cash value of her assets for
two years from the date she sold the home
Income of minors to be included in annual income is - ANSWER Interest on savings
and social security
If known income will be received for less than on year - ANSWER You may annualize
and conduct an interim if there is a change
To convert bi weekly income to annual income, multiply by - ANSWER 26
Assets do not include - ANSWER Personal property not held as an investment
If a PHA increases its payment standard during the term of a HAP contract, when will the
increased payment standard be applied to the family? - ANSWER At the family's first
annual reexamination after the payment standard was increased.
Annual income minus HUD allowances = - ANSWER adjusted annual income
, The FIVE HUD allowances include - ANSWER child care, dependent,
elderly/disabled, allowable medical expenses, allowable disability assistance
expenses
Rent to owner - tenant rent to owner = - ANSWER HAP
Lower of payment standard or gross rent - TTP = - ANSWER total HAP
Rent to owner minus HAP = - ANSWER Tenant rent to owner
Annual income is - ANSWER All amounts, monetary or not, anticipated to be received
from a source outside the family which go to or on behalf of family head or spouse or
to any other family member during the 12 months following certification or
recertification, not specifically excluded by HUD regulation
Total monthly income - ANSWER annual income divided by 12
Adjusted annual income - ANSWER Annual income minus HUD allowances
Adjusted monthly income - ANSWER Adjusted annual income divided by 12
Total family share - ANSWER The total amount the HUD rent formula requires the
tenant to pay toward rent plus the PHA's utility allowance for the unit
Tenant rent to owner - ANSWER The Portion of the rent paid to the owner by the family
Utility reimbursement to family - ANSWER The portion of the housing
assistance payment which exceeds the amount of the rent to owner
