Finance
Iowa's equal credit opportunity act (ECOA) enforcement prohibits lenders from discriminating in credit decisions based on:
ACredit score and payment history
BRace, color, religion, national origin, sex, marital status, age, or receipt of public assistance✓ Correct
CLoan amount requested
DProperty location
Explanation
ECOA prohibits discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, and receipt of public assistance. Lenders must evaluate applicants based on creditworthiness factors, not protected characteristics.
People Also Study
Related Iowa Questions
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on all of the following EXCEPT:Finance
- In Iowa, the Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:Finance
- An Iowa real estate agent shows a buyer only homes in certain price ranges based on an assumption about the buyer's race or national origin. This is:Fair Housing
- Iowa's Civil Rights Act prohibits discrimination in which of the following based on sexual orientation?Fair Housing
- The Iowa Civil Rights Act prohibits discrimination in housing based on all of the following EXCEPT:Fair Housing
- An Iowa property manager consistently requires higher income documentation from applicants of one national origin than from others. This is an example of:Fair Housing
- RESPA (Real Estate Settlement Procedures Act) prohibits in Iowa mortgage transactions:Finance
- Iowa's Homestead Property Tax Credit reduces the tax burden by providing a credit based on:Property Valuation
Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Study This Topic
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →