Fair Housing
What is the purpose of NDREC's cooperation with HUD in North Dakota?
ATo set mortgage interest rates for the state
BTo process and investigate fair housing complaints in North Dakota✓ Correct
CTo issue real estate licenses on HUD's behalf
DTo manage federal housing programs
Explanation
The NDREC and HUD cooperate on fair housing matters. The NDREC may receive and investigate fair housing complaints filed in North Dakota, working in conjunction with HUD's Office of Fair Housing and Equal Opportunity.
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Key Terms to Know
Fair Housing Act
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
SteeringAn illegal practice where a real estate agent directs buyers toward or away from certain neighborhoods based on the buyer's race, religion, national origin, or other protected characteristics.
Math Concepts
State-Specific Concepts
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