COS Cheat Sheet 2026

The 30 highest-yield COS facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. In HUD-assisted multifamily housing, what does 'gross rent' represent? → The contract rent plus the applicable utility allowance
2. What is the main purpose of the Fair Housing Act? → To ensure that all individuals have equal access to housing
3. Under HUD asset rules, when total net family assets exceed $5,000, which income figure must the owner use? → The greater of actual asset income or imputed income
4. What role do standard operating procedures play in COS Property Management Practices? → Ensuring consistency and quality through documented instructions
5. What can an individual do if they believe they have experienced housing discrimination? → File a complaint with HUD or a local fair housing agency
6. A tenant's utility allowance is $150 and their Total Tenant Payment is $100. What is the result? → The owner must pay the tenant a $50 utility reimbursement
7. How long must owners retain tenant files after a tenant vacates in HUD multifamily programs? → 3 years
8. Which of the following would NOT be considered a violation of the Fair Housing Act? → Setting a lower rent for elderly tenants
9. Why is it necessary to have a written lease agreement? → It provides a legal record of the agreed-upon terms for both parties
10. What type of recertification is triggered by a significant change in a tenant's income or family composition between annual recertifications? → Interim Recertification
11. What is the purpose of a waiting list in housing programs? → To prioritize applicants and manage housing availability
12. Why is it important to account for non-wage income when calculating eligibility for housing programs? → To ensure that all sources of income are considered for eligibility
13. How is the Housing Assistance Payment (HAP) calculated when a tenant pays their own utilities? → HAP = Gross Rent minus TTP
14. What does the Fair Housing Act prohibit in the leasing process? → Discrimination based on race, religion, or other protected classes
15. What minimum notice must owners provide tenants before the annual recertification interview or deadline? → 30 days
16. What does 'subsidy layering' refer to in HUD multifamily programs? → Combining multiple federal, state, or local subsidies for a single project
17. What HUD handbook primarily governs occupancy requirements for subsidized multifamily housing programs? → HUD Handbook 4350.3
18. What is typically required from both parties in a lease agreement under fair housing regulations? → Equal treatment for all applicants and tenants
19. What is the importance of continuing education for COS professionals in Marketing & Sales Strategies? → Maintaining current knowledge and adapting to industry changes
20. What is peer review in COS Real Estate Law & Regulations? → Quality evaluation by qualified colleagues for improvement
21. What must an owner do when a current tenant's income rises above the very low-income limit for their program? → Follow HUD's over-income tenant policies, which typically adjust rent contributions
22. What is the purpose of calculating an applicant’s adjusted income for rent determination? → To accurately assess the applicant’s rent burden and ability to pay
23. What is a needs assessment in COS Property Management Practices practice? → Identifying gaps between current conditions and desired outcomes
24. What is the formula typically used to determine rent in income-based housing programs? → Rent is calculated as a percentage of adjusted income, typically 30%
25. What is the purpose of a Tenant Selection Plan in HUD-assisted properties? → To document the owner's written policies for selecting applicants fairly and consistently
26. Under what condition does the Housing Assistance Payment drop to zero in a HUD-assisted property? → When the Total Tenant Payment equals or exceeds the gross rent
27. What is financial forecasting in COS practice? → Predicting future conditions based on historical data and trends
28. What is the first step in the eligibility determination process for housing programs? → Verify the applicant's income and household size
29. How does professional liability insurance protect COS practitioners? → Covering financial losses from claims of negligence or errors
30. How do income limits affect eligibility for housing assistance? → Income limits ensure that the housing assistance reaches low-income households