Fair Housing
The Equal Credit Opportunity Act (ECOA) prohibits discrimination in lending based on all of the following EXCEPT:
ARace
BSex
CFamilial status
DPurchase price of the home✓ Correct
Explanation
ECOA prohibits lending discrimination based on race, color, religion, national origin, sex, marital status, age, and receipt of public assistance. The purchase price of the home is not a protected class under ECOA.
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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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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.
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