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Fairfax Co. WDU Orientation Required Quiz

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.
Fairfax Homeownership
Quiz by Fairfax Homeownership, updated more than 1 year ago
Fairfax Homeownership
Created by Fairfax Homeownership over 5 years ago
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Resource summary

Question 1

Question
Which of the following are benefits of Fairfax County's Affordable Homeownership Programs? CHECK ALL THAT APPLY:
Answer
  • Downpayment assistance
  • Interest rate reductions
  • Reduced purchase price
  • Lower property taxes

Question 2

Question
After completing the WDU Online Orientation, ORDER the remaining steps to obtain a Certificate of Eligibility:
Image:
Order1 (binary/octet-stream)
Answer
  • Print Quiz Results
  • Lender Pre-Approval
  • Unit Tour
  • Submit Eligibility Documents
  • VHDA Class
  • Application Session

Question 3

Question
AFTER receiving your Certificate of Eligibility, ORDER the steps of the Drawing Procedure to be selected to purchase a specific property:
Image:
Capture2 (binary/octet-stream)
Answer
  • Enter T-Code Online
  • Weighted Drawing Results Emailed
  • Receive "Drawing Winner" Email
  • Submit Requested Documentation

Question 4

Question
Once I have obtained my Certificate of Eligibility, I can begin looking at real estate listings to identify a home to purchase.
Answer
  • True
  • False

Question 5

Question
For applicants applying only for WDU properties, how often must you re-certify your Certificate of Eligibility?
Answer
  • Annually
  • If you do not purchase within 120 days, and identify a new unit you wish to purchase
  • No re-certification required
  • Before each Open House

Question 6

Question
LABEL the method to apply for each of the listings below:
Image:
Capture4 (binary/octet-stream)
Answer
  • Online Drawing: Enter T-Code Online
  • Resale: Attend Open House w/ Certificate
  • Immediately Available: Call to Apply

Question 7

Question
Which of the following are required for all members of the household age 18+ when applying for a Certificate of Eligibility? CHECK ALL THAT APPLY:
Answer
  • Quiz Results
  • Fairfax County Lender Pre-Approval Form
  • Lender Pre-Approval on ANY Form
  • Triple Merge Credit Report
  • Government issued ID
  • Federal Tax Returns
  • W-2 & All Schedules
  • Bank Statements
  • Paystubs

Question 8

Question
Which of the documents below allows you to enter an online drawing for WDUs?
Answer

Question 9

Question
In this example of the sale of a WDU in the Extended Control Period, what is the Resale Control Price?
Image:
Equity Split (binary/octet-stream)
Answer
  • $300,000
  • $360,000
  • $800,000
  • $50,000

Question 10

Question
In this example of a WDU sale in the Extended Control Period, what is YOUR portion of the Equity Split?
Image:
Expbet (binary/octet-stream)
Answer
  • $300,000
  • $270,000
  • $135,000
  • $330,000
  • $600,000

Question 11

Question
DRAG & DROP the correct labels to identify the differing types of property value increases on the chart below:
Image:
Equity (binary/octet-stream)
Answer
  • Market Value Increase
  • WDU Control Price Increase

Question 12

Question
Assuming today's date is October 15, 2018, which of the listings below from the Homeownership website, are still available?
Answer

Question 13

Question
Sam 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?
Image:
Sig (binary/octet-stream)
Answer
  • 1BR - 80% Unit
  • 1BR - 100% Unit
  • 1BR - 120% Unit
  • 2BR - 80% Unit
  • 2BR - 100% Unit
  • 2BR - 120% Unit

Question 14

Question
What price will this household of three, earning $105,000 annually, pay if selected to purchase one of the townhouses in this example?
Image:
Hh (binary/octet-stream)
Answer
  • $417,000
  • $325,600
  • $278,150
  • $105,500

Question 15

Question
Which of the following scenarios are acceptable AFTER the purchase of a WDU?
Image:
Family After (binary/octet-stream)
Answer
  • Winning the Lottery
  • Increasing Family Size
  • Changing Household Members

Question 16

Question
This example of a WDU Unit in the Initial Control Period, what is the maximum the purchaser may refinance for?
Image:
Refi (binary/octet-stream)
Answer
  • $150,000
  • $160,000
  • $300,000
  • $60,000

Question 17

Question
To Access the VHDA class schedule, you must [blank_start]click on "Free Homebuyer Education"[blank_end]
Image:
Vhda (binary/octet-stream)
Answer
  • click on "Free Homebuyer Education"
  • go to the Homeownership website
  • call the Homeownership Reseorce Center

Question 18

Question
In this example, which of the following statements are true?
Image:
Joint Cert (binary/octet-stream)
Answer
  • Household may only purchase WDUs
  • Household has 4 WDU Preference Points
  • Household has 7 FTHB Preference Points
  • To remain on the WDU Eligibility List, Household must recertify annually
  • Household has 11 Preference Points
  • Household may purchase ADU up to $250,000

Question 19

Question
In 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.
Image:
Family (binary/octet-stream)
Answer
  • Lives or Works in Fairfax
  • First-Time Homebuyer
  • Senior 55+
  • Mobility Accessibility Need
  • Household size 4

Question 20

Question
What 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?
Image:
If Applicable (binary/octet-stream)
Answer
  • 4506T
  • Birth Certificate Application
  • Vital Records Application
  • Request for Land Records
  • Request for Bankruptcy Transcript

Question 21

Question
In this example, which Household will be LAST in the Drawing for a 3BR WDU Unit?
Image:
Points (binary/octet-stream)
Answer
  • Yellow
  • Purple
  • Blue
  • Orange
  • Pink

Question 22

Question
Once I purchase a home through the County's Affordable Home Ownership Programs, I must live there for at least 30 years.
Answer
  • True
  • False

Question 23

Question
Which TWO of the following are violations of the WDU Covenants during the 30 year Control Period:
Answer
  • Receiving a Homeowner's Association violation
  • Selling the home to a family member
  • Moving to Florida and renting the unit to a family member
  • Refinancing for the outstanding principal balance
  • Offering the unit for sale to Fairfax County

Question 24

Question
The WDU owner must comply with the following rules during the Initial Control Period? CHECK ALL THAT APPLY:
Answer
  • Sign an annual occupancy affidavit.
  • Offer the unit to the FCRHA regardless of whether the unit is in the initial or extended control period.
  • Split net profits 50/50 with the Housing Trust Fund upon resale.
  • Refinancing is limited to current outstanding principal balance.

Question 25

Question
Which of the following apply when a property is being sold during the extended control period? CHECK ALL THAT APPLY:
Answer
  • The property is sold at the control price based on the Consumer Price Index.
  • The home must first be offered exclusively to FCRHA for purchase.
  • An 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.
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