23. In September 2012, the FHA made changes to the regulations regarding approval of condominium projects in an effort to make it less difficult to obtain FHA financing for condominium units. The changes include all of the following EXCEPT a. a single investor may own up to 50% of the total units. b. mixed-use developments may be a combination of commercial, residential, retail, office, and parking. c. no more than 15% of units may be in arrears (more than 60 days past due). d. 80% of the units must be occupied by at least one person 55 years of age of older.

24. The primary difference between the two financing programs Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) is that a. one is a government program and the other is not. b. not all lenders are willing to participate in HARP. c. HARP made refinancing available to homeowners regardless of hardship conditions. d. HAMP is primarily a refinancing program.

25. A married couple is purchasing a home in Sussex County, Virginia. The Settlement Statement (HUD-1) shows a recordation tax of $375 and a grantor tax of $150. The couple will be expected to pay the a. recordation tax of $375. b. recordation tax of $375 plus the grantor tax of $150. c. grantor tax of $150. d. grantor tax of $150 plus additional recordation fees.