HUD Housing Counseling Exam Questions with Correct Answers

Civil Rights Act of 1866 Correct Answer Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 Correct Answer banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Development Act of 1974 Correct Answer added gender (sex) to the protected classes Fair Housing Amendments Act of 1988 Correct Answer Added Disability and familial status to protected classes. Real Estate Settlement and procedures Act RESPA Correct Answer Requires lenders and brokers to ensure that applicants understand the terms and fees of the mortgage transaction that they are considering Home Mortgage Disclosure Act (HMDA) Correct Answer Requires financial institutions to maintain and annually disclose date about home purchases, home purchase pre-approvals, home improvements and refinance applications involving 1 to 4 unit and multifamily dwellings Electronic Communications Privacy Act Correct Answer Prohibits persons from tampering with computers or accessing certain computerized records without authorizations. The Act also prohibits providers of electronic communications services from disclosing the contents of stored communications. Community Reinvestment Act CRA Correct Answer A congressional act that encourages mortgage originators to actively lend in their communities and that requires financial institutions to evaluate the "fairness" of their lending practices. Restricts the collection and use of information that would result in housing discrimination on the basis of race, sex, religion, national origin and a variety of other factors. Correct Answer Fair Housing Act Prohibits discrimination by direct providers of housing, such as landlords and real estate companies as well as other entities, such as municipalities, banks of other lending institutions and homeowners insurance companies whose discriminatory practices make housing unavailable to persons because of: Race or Color, Religion, Sex/Gender, National Origin, Familial Status, Disability.. Correct Answer Fair Housing Statute Opens up services and employment opportunities to the 43 million Americans with disabilities. Correct Answer Americans with Disabilities Act ADA Protects consumers from abusive, unfair, and deceptive practices by third-party debt collectors. Correct Answer Fair Debt Collection Practices Act FDCPA Prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance. Correct Answer Equal Credit Opportunity act ECOA Restrictions collections of use of information that would result in employment discrimination on the basis of race, sex, religion, national origin and a variety of other characteristics. Correct Answer Equal Employment Opportunity Act EEOC Mandates that personal data be collected as much as possible directly from the record subject. Correct Answer Privacy Act Requires each of the nationwide consumer reporting companies: Equifax, Experian, and Transunion to provide you with a free copy of your credit report, at your request, one every 12 months Correct Answer The Fair and Accurate Credit Transactions Act FACTA Prevents identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumer access to, credit information, and for other purposes. Correct Answer The Fair Credit Billing Act FCBA Applies to "open end" credit accounts, such as credit cards, and revolving charge accounts - such as department store accounts. Correct Answer Fair Credit Reporting Act FCRA Prohibits opening of mail without a search warrant or the addressee's consent Correct Answer Mail Privacy Statute Amends the Truth in Lending Act (TILA) and establishes requirements for certain loans with high rates and/or high fees Correct Answer Home Ownership and Equity Protection Act HOEPA All of the following would help a counselor develop a realistic household budget, except: - Payment information for a paid-off car - Amount spent on groceries - Rent payment information - Monthly cable bill Correct Answer Payment information for a paid-off car The following are good ways to decrease expenses except: - Cancel car insurance - Cancel cable service - Brown bag lunch for work - Rent videos instead of going to the movies Correct Answer Cancel car insurance