California Real Estate Practice Exam

Which of the following would be considered publicly assisted housing?

1. Property purchased with FHA insured loan

2. Property purchased with government assistance

3. Property receiving tax exemption (other than Veterans)

4. Both a and b

The correct answer is: Property purchased with FHA insured loan

Publicly assisted housing typically refers to properties that receive some form of government support or assistance to make housing more affordable for individuals or families in need. The correct choice encompasses multiple scenarios in which government assistance plays a role in housing affordability. A property purchased with an FHA-insured loan clearly falls under the umbrella of publicly assisted housing, as FHA loans are backed by the government and designed to help lower-income buyers obtain financing for homes. This ensures that more Americans have access to homeownership despite limited resources. Moreover, any property purchased with government assistance also qualifies as publicly assisted housing. This includes various programs beyond FHA loans, such as those provided by state or local housing authorities, which can offer financial aid or incentives to promote affordable housing. Therefore, the comprehensive nature of the criteria in the selected option captures the essence of publicly assisted housing more thoroughly than just focusing on one single aspect. This understanding reinforces the significance of government involvement in facilitating access to housing through various programs, highlighting the multifaceted support available to homebuyers.