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Federal Housing Administration And The U.S. Department Of Housing And Urban Development
Test Description: This is a test to check your knowledge of the FHA and the HUD
Instructions: Answer all questions to get your test result.
1) Since the birth of FHA, HUD has adopted five core missions EXCEPT
A
Improving the Physical, Social, and Economic Health of Cities
B
Discrimination in Housing Markets
C
Assisting Homeless Persons with Housing and Support Services
D
Increasing Homeownership
2) The Federal Housing Administration was founded in the early 1930’s. Home ownership in the U.S. was under___due to the strict requirements of having a___downpayment.
A
50% ; 35%
B
40% ; 50%
C
50% ; 40%
D
51% ; 40%
3) How was FHA was able to stimulate the economy?
A
increased construction and building projects
B
decreased racially restrictive property deeds
C
established guidelines to steer mortgage investors away from minority areas
D
all of the above
4) In an effort to increase home ownership among all racial and economic groups, regulation pushed increased “___” lending to lower income families
A
subsidized
B
none of the above
C
FHA
D
Subprime
5) The Federal Housing Administration does not
A
funded solely through the governement
B
enhanced its mission by implementing and enforcing a variety of civil rights laws directly correlate
C
approve loans that are insured by the government
D
make loans but insures the loans from private lenders
6) A pro of having and FHA loan is
A
Fixed rate payments of 15 or 30 years
B
Few to none prepayment penalties
C
Recipients must follow strict mortgage insurance guidelines
D
Maximum mortgage limits that vary by state and county
7) What is the two kinds of insurance premiums
A
monthly payment and fixed rate
B
upfront and paid in full premium
C
Upfront and Monthly
D
none of the above
8) How did HUD helped fuel risky lending?
A
decrease of racial discrimination and an increase of FHA loans
B
Neglect of examining whether barrowers could make payments on loans classified as affordable
C
Increased lending, insured by HUD, although made with good intend proved troublesome when large amou
D
Neglect of insuring borrowers for repayment of the loans
9) Although the FHA advocated for equal opportunity, many minorities remained disadvantaged until the HUD came to pass with a wide array of civil rights laws
A
False
B
True
10) The Federal Housing Administration is the largest insurer of mortgages globally, insuring over 34 million mortages since its birth in
A
1923
B
1934
C
1932
D
1924
*select an answer for all questions
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