CHCP Study Guide 2026
Everything you need to pass the CHCP exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 CHCP Exam Format at a Glance
📚 CHCP Topics to Study (21)
✍️ Sample CHCP Questions & Answers
1. On the Closing Disclosure, the cash to close amount reflects:
Cash to close is calculated as the total closing costs plus the down payment, minus any lender credits, seller concessions, and deposits already paid.
2. What is the purpose of the initial escrow payment collected at closing?
The initial escrow deposit provides a reserve so the servicer can pay upcoming property taxes and insurance premiums on the borrower's behalf.
3. What is the role of the Consumer Financial Protection Bureau (CFPB)?
The Consumer Financial Protection Bureau (CFPB) is a U.S. government agency responsible for protecting consumers in the financial marketplace. It enforces federal consumer financial laws, including those related to mortgages, and aims to make financial products and services transparent and fair. The CFPB also educates consumers and handles complaints about financial products and services.
4. What is a 'lien waiver' in the context of real estate closings?
A lien waiver is signed by contractors or subcontractors after receiving payment, surrendering their right to file a mechanic's lien for the work covered.
5. What is an appraisal?
An appraisal is a professional, unbiased estimate of a property's fair market value, typically conducted by a licensed appraiser. Lenders require appraisals to ensure that the property's value supports the loan amount, protecting their investment. The appraisal considers factors like recent comparable sales, property condition, and location to determine an accurate valuation.
6. What is a closing disclosure?
The Closing Disclosure (CD) is a five-page form that provides final details about the mortgage loan you have selected. It outlines all the costs associated with the transaction, including the loan terms, projected monthly payments, and the fees and costs the buyer and seller will pay at closing. This document allows consumers to compare the final terms and costs with the Loan Estimate they received earlier.