Take “K” Quiz

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Test your knowledge of the 203(k) program by taking this short 5 question quiz. The questions cover some of the most asked program requirements and questions in our work as consultants and contractors. Give us your feedback by replying to the results email being sent you upon completion of the quiz.

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When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to:
obtain financing first to purchase the dwelling.
simply fill out an application and apply for the loan.
ask a relative to help them qualify.
none of the above.

To be eligible for the 203(k), the property must be:
single family home
single family homes and condos
a one- to four-family dwelling
duplexs and condos

In addition to typical home rehabilitation projects, this program can be used to:
convert a one-family dwelling to a two family dwelling
convert a one-family dwelling to a three family dwelling
convert a one-family dwelling to a four family dwelling
all of the above

All rehabilitation construction and/or additions financed with Section 203(k) mortgage proceeds must comply with which of the following:
Weatherstrip all doors and windows to reduce infiltration of air when existing weatherstripping is inadequate or nonexistent
Caulk or seal all openings, cracks or joints in the building envelope to reduce air infiltration
Insulate all openings in exterior walls where the cavity has been exposed as a result of the rehabilitation. Insulate ceiling areas where necessary
Adequately ventilate attic and crawl space areas.
All of the above

Is it true or false that the heating systems, burners, and air conditioning systems be carefully sized to be no greater than 15 percent oversized for the critical design, heating or cooling, except to satisfy the manufacturer’s next closest nominal size?
True
False

Name:
Email:
Take the
When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to:
obtain financing first to purchase the dwelling.
simply fill out an application and apply for the loan.
ask a relative to help them qualify.
none of the above.
To be eligible for the 203(k), the property must be:
single family home
single family homes and condos
a one- to four-family dwelling
duplexs and condos
In addition to typical home rehabilitation projects, this program can be used to:
convert a one-family dwelling to a two family dwelling
convert a one-family dwelling to a three family dwelling
convert a one-family dwelling to a four family dwelling
all of the above
All rehabilitation construction and/or additions financed with Section 203(k) mortgage proceeds must comply with which of the following:
Weatherstrip all doors and windows to reduce infiltration of air when existing weatherstripping is inadequate or nonexistent
Caulk or seal all openings, cracks or joints in the building envelope to reduce air infiltration
Insulate all openings in exterior walls where the cavity has been exposed as a result of the rehabilitation. Insulate ceiling areas where necessary
Adequately ventilate attic and crawl space areas.
All of the above
Is it true or false that the heating systems, burners, and air conditioning systems be carefully sized to be no greater than 15 percent oversized for the critical design, heating or cooling, except to satisfy the manufacturer’s next closest nominal size?
True
False