Real Estate Sales Agent Assessment
We are so excited that you are choosing to challenge your understanding of residential rehab loans and test the education you have received on this valuable tool to help you assist more buyers and sellers achieve their homeownership goals.
Please note that some of the questions will use the term “borrower” instead of buyer or seller or homeowner. This is because the term “borrower” is used in the mortgage industry to refer to all types of mortgagors. It is one more reminder of the versatility of these types of loans.
Good luck and we look forward to issuing you a certification as a NAFHAC Residential Rehab Sales Specialist.
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Thank you for completing the NAFHAC Real Agent Assessment Test. Your grade on the test was less than required for passing the course.
We want you to be successful as a NAFHAC Certified Residential Rehab Specialist. Please review the responses shared with you when the answer you selected was incorrect. If you would like additional assistance please contact our office at 855-4-NAFHAC or your local NAFHAC member consultant (https://findaconsultant.com).
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Congratulations !!
You have passed the Knowledge Assessment requirement for certification and membership in the National Association of FHA Consultants as a Residential Rehab Sales Specialist. An email has been sent with your certificate. We would like to invite you to join us as an affiliate member. Look for an email with details and information about the benefits of membership.
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Question 1 of 30
1. Question
There are rehab loan options available with all of the commonly used mortgage programs (i.e. FHA, VA, Fannie Mae, Freddie Mac)
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Question 2 of 30
2. Question
The advantage of renovation loans for real estate sales agents is…
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Question 3 of 30
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 30
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 30
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 30
6. Question
According to the most current publication on FHA 203k rehab loans- 4000.1, what percentage of the dwelling can be used for nonresidential purposes?
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Question 7 of 30
7. 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 8 of 30
8. Question
What is the maximum contingency allowed on an FHA 203k rehab project?
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Question 9 of 30
9. Question
What is the maximum number of days between draw inspections?
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Question 10 of 30
10. 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 11 of 30
11. Question
Which type of rehab loan allows for a non-occupant investor to purchase a property and have repairs completed as part of the loan?
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Question 12 of 30
12. Question
Any seller of a home with deferred maintenance or other issues should consider a Pre-Listing Feasibility Assessment from an FHA Consultant.
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Question 13 of 30
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 30
14. Question
What is the median age of US homes?
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Question 15 of 30
15. Question
Choose A B C or D
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Question 16 of 30
16. Question
With an FHA Rehab (203k) loan a home buyer can get a mortgage with as little as 3.5% downpayment and credit scores as low as 580.
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Question 17 of 30
17. Question
If the cost of the rehabilitation increases during the rehabilitation period beyond the amount of the escrowed rehab costs,can the renovation mortgage amount be increased to cover the additional expenses?
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Question 18 of 30
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 30
19. Question
Under what conditions can a renovation loan be used to rehab new construction.
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Question 20 of 30
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 30
21. Question
All rehab mortgages require the services of a certified consultant.
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Question 22 of 30
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 30
23. Question
What is the maximum rehab amount of a VA Rehab Loan?
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Question 24 of 30
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 30
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 30
26. Question
Select the most correct answer:
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Question 27 of 30
27. Question
Which of the following are valid allowable fees?
a. Rehab Consultant Service Fees
b. Termite/Radon Test
c. Architectural Drawings
d. Underground Sewer Line Test
e. Allergen testing (dust, bed bugs, pet)
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Question 28 of 30
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 30
29. Question
What does an FHA Certified Rehab Consultant do?
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Question 30 of 30
30. 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?
