NAFHAC Consultant Knowledge Assessment Test
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Thank you for completing the NAFHAC Realtor Test. Your grade on the test was less than the 80% required for passing the course.
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Question 1 of 31
1. Question
Heating systems, burners, and air conditioning systems must be carefully sized to be no greater than 20 percent oversized for the critical design, heating or cooling, except to satisfy the manufacturer’s next closest nominal size.
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Question 2 of 31
2. Question
What are the best ways to improve the thermal efficiency of a dwelling.
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Question 3 of 31
3. Question
A condominium project might consist of four buildings each containing six units, for a total of 24 units in the project and, thus, a renovation of one of these units would be eligible for Section 203(k).
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Question 4 of 31
4. Question
It is acceptable for a 203k loan to purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.
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Question 5 of 31
5. Question
Within how many months after purchasing a home can a homeowner use the 203(k) to refinance the property and make repairs or renovations?
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Question 6 of 31
6. Question
What percentage of the dwelling can be used for nonresidential purposes?
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Question 7 of 31
7. Question
The title of the HUD publication that provides the most information on 203(k) Rehab Mortgage Program is 4240.4 Rev 2
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Question 8 of 31
8. Question
What is the maximum contingency allowed on an FHA 203k rehab project?
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Question 9 of 31
9. Question
What is the most common condition that would justify an increase to the maximum contingency?
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Question 10 of 31
10. Question
What is the maximum number of days between draw inspections?
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Question 11 of 31
11. Question
For the 203(k) program, under what circumstances (if any) can a contractor receive funds in advance of performing work?
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Question 12 of 31
12. Question
What is the maximum number of draws for a VA Rehab project
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Question 13 of 31
13. Question
What is the maximum number of dwelling units that can be in the building being purchased with the 203(k) rehab mortgage?
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Question 14 of 31
14. Question
What is the amount of the hold-back taken out of each draw payment made to the contractor?
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Question 15 of 31
15. Question
Choose A B C or D
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Question 16 of 31
16. Question
Permits are not required to be submitted until the final draw inspection.
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Question 17 of 31
17. Question
If the cost of the rehabilitation increases during the rehabilitation period beyond the amount of the escrowed rehab costs,can the 203(k) mortgage amount be increased to cover the additional expenses?
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Question 18 of 31
18. Question
FHA 203k rehab loan can be used to refinance a home that has been gutted and is currently vacant.
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Question 19 of 31
19. Question
Under what conditions can a 203k loan be used to rehab new construction.
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Question 20 of 31
20. Question
A borrower can use both the EEM and the 203k rehab loan on one purchase/refinancing mortgage
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Question 21 of 31
21. Question
All 203k mortgages require the services of a certified consultant.
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Question 22 of 31
22. Question
Describe how a borrower can get the utilities tested on a HUD owned home that has been winterized.
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Question 23 of 31
23. Question
What is the maximum rehab amount of a VA Rehab Loan?
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Question 24 of 31
24. Question
Like with the FHA 203k Rehab Loan, in a Fannie Mae HomeStyle loan, all HUD minimum property standard deficiencies must be included in the rehab amount.
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Question 25 of 31
25. Question
Choose the most correct answer:
With a 203k Loan- In a mixed-use, multi-family dwelling:
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Question 26 of 31
26. Question
Select the most correct answer:
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Question 27 of 31
27. Question
Which of the following are valid allowable fees?
a. Termite Inspection
b. Radon Test
c. Lead Paint Test
d. Underground Sewer Line Test
e. Allergen testing (dust, bed bugs, pet)
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Question 28 of 31
28. Question
A 203k rehab loan can be completed with no contractor, the borrower can do work themselves.
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Question 29 of 31
29. Question
What is the amount of the fee (if any) a consultant may charge to complete a change order?
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Question 30 of 31
30. Question
The borrower can change the work to be done in the home using the rehab escrow account with approval of the lender provided the changes do not affect completion of mandatory repairs.
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Question 31 of 31
31. Question
Extra Credit Question: (worth 3 points)
There is a program that allows certain professionals and public servants to purchase HUD homes for ½ of the list price. This program is ideal for a 203k rehab loan and creates “good neighbors” where most needed. What is it called?
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