Fair Housing
The federal Equal Credit Opportunity Act (ECOA) prohibits discrimination in lending based on:
AOnly race, color, and national origin
BRace, color, religion, national origin, sex, marital status, age, and use of public assistance✓ Correct
COnly the seven protected classes under the Fair Housing Act
DRace, color, sex, and disability only
Explanation
ECOA prohibits discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age (provided the applicant is old enough to contract), and use of public assistance income.
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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.
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.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
BlockbustingAn illegal practice of inducing homeowners to sell by claiming that the entry of minority groups will lower property values.
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