5.3 Flashcards
The ECOA prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age or receipt of ______.
Public assistance (i.e.: “welfare”)
The ____ is the nation’s consumer protection agency, and it eforces the Equal Credit Opportunity Act (ECOA).
Federal Trade Commission (FTC)
The ______ is an act that provides protection for consumers that deal with any organizations or people who regularly extend credit.
Equal Credit Opportunity Act (ECOA)
True or False:
A lender can ask if you’re widowed or divorced.
False
True or False:
A lender cannot ask about your plans for having or raising children, but they can ask questions about expenses related to your dependents.
True
A lender cannot consider you race, color, religion, national origin, sex, whether you get public assistance, or your _______.
Marital status
The Fair Credit Reporting Act (FCRA) requires each of the three nationwide consumer reporting companies to give you a free copy of your credit report, at your request, once every _______ months.
12
Everyone who participates in the decision to grant credit, or set the terms of that credit, must comply with the _______.
Equal Credit Opportunity Act (ECOA)
On a title, encumbrances, claims, or questionable interests are called __________.
Clouds
An owner has the transferable rights to real property that are subject to certain ________ rights.
Government
The owner is entitled to the entire property with unconditional power of disposition during the _______ life.
Owner’s
The property descends to the owner’s heirs and legal representatives upon the owner’s death _____ (without a will).
Intestate
________ is the type of estate that offers the most power of ownership.
Freehold estate
A _______ is the right to ownership of the property upon the death of the life tenant.
Remainder
A _______ is the name of the person who receives possession of the property upon the death of the life tenant.
Remainderman
