Finance
The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in credit decisions based on:
ACredit score and debt-to-income ratio
BRace, color, religion, national origin, sex, marital status, or age✓ Correct
CLoan amount and property type
DEmployment history and income level
Explanation
ECOA prohibits lenders from discriminating in any aspect of a credit transaction based on race, color, religion, national origin, sex, marital status, age, or because someone receives public assistance.
Related Arizona Finance Questions
- The 'debt-to-income ratio' (DTI) that most conventional lenders use as a maximum for qualified mortgages is approximately:
- The secondary mortgage market in Arizona primarily functions to:
- A homebuyer in Arizona pays 2 discount points on a $240,000 loan. How much do the points cost?
- Arizona is classified as a 'lien theory' state. This means that when a borrower takes out a mortgage:
- The Truth-in-Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR) because the APR:
- Regulation Z (Truth in Lending Act) requires lenders to disclose to borrowers the:
- An Arizona adjustable-rate mortgage (ARM) with a '5/1' structure means:
- Arizona's anti-deficiency statute (A.R.S. § 33-729) generally prohibits a lender from obtaining a deficiency judgment after a trustee's sale (non-judicial foreclosure) on:
Practice More Arizona Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Arizona Quiz →