Quiz
Fairfax Co. WDU Orientation Required Quiz
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Questions in this quiz (25)
1Which of the following are benefits of Fairfax County's Affordable Homeownership Programs? CHECK ALL THAT APPLY:
- ADownpayment assistance
- BInterest rate reductions
- CReduced purchase price
- DLower property taxes
2After completing the WDU Online Orientation, ORDER the remaining steps to obtain a Certificate of Eligibility:
- APrint Quiz Results
- BLender Pre-Approval
- CUnit Tour
- DSubmit Eligibility Documents
- EVHDA Class
- FApplication Session
3AFTER receiving your Certificate of Eligibility, ORDER the steps of the Drawing Procedure to be selected to purchase a specific property:
- AEnter T-Code Online
- BWeighted Drawing Results Emailed
- CReceive "Drawing Winner" Email
- DSubmit Requested Documentation
4Once I have obtained my Certificate of Eligibility, I can begin looking at real estate listings to identify a home to purchase.
- ATrue
- BFalse
5For applicants applying only for WDU properties, how often must you re-certify your Certificate of Eligibility?
- AAnnually
- BIf you do not purchase within 120 days, and identify a new unit you wish to purchase
- CNo re-certification required
- DBefore each Open House
6LABEL the method to apply for each of the listings below:
- AOnline Drawing: Enter T-Code Online
- BResale: Attend Open House w/ Certificate
- CImmediately Available: Call to Apply
7Which of the following are required for all members of the household age 18+ when applying for a Certificate of Eligibility? CHECK ALL THAT APPLY:
- AQuiz Results
- BFairfax County Lender Pre-Approval Form
- CLender Pre-Approval on ANY Form
- DTriple Merge Credit Report
- EGovernment issued ID
- FFederal Tax Returns
- GW-2 & All Schedules
- HBank Statements
- IPaystubs
8Which of the documents below allows you to enter an online drawing for WDUs?
- A
- B
- C
- D
- A
9In this example of the sale of a WDU in the Extended Control Period, what is the Resale Control Price?
- A$300,000
- B$360,000
- C$800,000
- D$50,000
10In this example of a WDU sale in the Extended Control Period, what is YOUR portion of the Equity Split?
- A$300,000
- B$270,000
- C$135,000
- D$330,000
- E$600,000
11DRAG & DROP the correct labels to identify the differing types of property value increases on the chart below:
- AMarket Value Increase
- BWDU Control Price Increase
12Assuming today's date is October 15, 2018, which of the listings below from the Homeownership website, are still available?
- A
- B
- C
- D
- E
- F
- A
13Sam and Diane are a couple in the 80% AMI category, whose Lender Pre-approval is for $365,000. Which of the WDU Units posted in the Listing may they apply for?
- A1BR - 80% Unit
- B1BR - 100% Unit
- C1BR - 120% Unit
- D2BR - 80% Unit
- E2BR - 100% Unit
- F2BR - 120% Unit
14What price will this household of three, earning $105,000 annually, pay if selected to purchase one of the townhouses in this example?
- A$417,000
- B$325,600
- C$278,150
- D$105,500
15Which of the following scenarios are acceptable AFTER the purchase of a WDU?
- AWinning the Lottery
- BIncreasing Family Size
- CChanging Household Members
16This example of a WDU Unit in the Initial Control Period, what is the maximum the purchaser may refinance for?
- A$150,000
- B$160,000
- C$300,000
- D$60,000
17To Access the VHDA class schedule, you must [blank_start]click on "Free Homebuyer Education"[blank_end]
- Aclick on "Free Homebuyer Education"
- Bgo to the Homeownership website
- Ccall the Homeownership Reseorce Center
18In this example, which of the following statements are true?
- AHousehold may only purchase WDUs
- BHousehold has 4 WDU Preference Points
- CHousehold has 7 FTHB Preference Points
- DTo remain on the WDU Eligibility List, Household must recertify annually
- EHousehold has 11 Preference Points
- FHousehold may purchase ADU up to $250,000
19In this Example, with the information given, which of the following WDU Priority Criteria does the family meet (Priority Criteria are weighted first, before Preference Points are considered) in sorting the drawing for a NON-mobility accessible WDU Unit that is NOT in a Senior Community.
- ALives or Works in Fairfax
- BFirst-Time Homebuyer
- CSenior 55+
- DMobility Accessibility Need
- EHousehold size 4
20What additional form must you complete on the IRS website, and submit the results for with your WDU Application, if any household member 18+ has not filed a tax return?
- A4506T
- BBirth Certificate Application
- CVital Records Application
- DRequest for Land Records
- ERequest for Bankruptcy Transcript
21In this example, which Household will be LAST in the Drawing for a 3BR WDU Unit?
- AYellow
- BPurple
- CBlue
- DOrange
- EPink
22Once I purchase a home through the County's Affordable Home Ownership Programs, I must live there for at least 30 years.
- ATrue
- BFalse
23Which TWO of the following are violations of the WDU Covenants during the 30 year Control Period:
- AReceiving a Homeowner's Association violation
- BSelling the home to a family member
- CMoving to Florida and renting the unit to a family member
- DRefinancing for the outstanding principal balance
- EOffering the unit for sale to Fairfax County
24The WDU owner must comply with the following rules during the Initial Control Period? CHECK ALL THAT APPLY:
- ASign an annual occupancy affidavit.
- BOffer the unit to the FCRHA regardless of whether the unit is in the initial or extended control period.
- CSplit net profits 50/50 with the Housing Trust Fund upon resale.
- DRefinancing is limited to current outstanding principal balance.
25Which of the following apply when a property is being sold during the extended control period? CHECK ALL THAT APPLY:
- AThe property is sold at the control price based on the Consumer Price Index.
- BThe home must first be offered exclusively to FCRHA for purchase.
- CAn Equity Share of one half of the difference between the net sales price paid by the purchaser and the seller homeowner’s purchase price shall be contributed to the Housing Trust Fund at closing.
Information
- Description
- This quiz is a required step to apply to purchase a Fairfax County Workforce Dwelling Unit. Whether viewing the Orientation via GoConqr, YouTube, or GoToMeeting you must PRINT Quiz Results of 80% or higher to submit with WDU Application Eligibility documents.
- Author
- Fairfax Homeownership
- Language
- English
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