Ch 10, 11, 12

Question 1

Equal credit opportunity act

Answer 1

A 1974 federal enactment prohibiting lenders from discriminating against borrowers from a protected class

Question 2

Credit reporting agency

Answer 2

Hey private agency which collects in reports information regarding an individuals credit history

Question 3

Home mortgage disclosure act HMDA

Answer 3

A regulatory scheme requiring lenders to publicly released loan data

Question 4

Debt – to – income ratio DTI

Answer 4

Percentage of monthly gross income that goes tour words paying debt

Question 5

Federal fair housing act FFHA

Answer 5

A collection of policies designed to prevent discrimination in the access to housing based on an occupant inclusion in a protected class.

Question 6

Dwelling

Answer 6

He building occupied or designed to be occupied as a residence buy one or more families.

Question 7

HUD

Answer 7

Department of housing and urban development.

Determines with whether a broker has practiced or will practice wrongful discriminatory preferences in their advertising and availability of real estate services. HUD guidelines also help the broker, developer, and landlord avoid signaling preferences or limitations for any group of persons one marketing real estate for sale or rent.

Question 8

Failure to follow HUD guidelines

Answer 8

A broker will not be subject to any penalties for failing to display the fair housing poster.

However, failure to display the fair housing poster is initially considered sufficient evidence in a lawsuit to show that a broker practice discriminatory housing practices.

Question 9

Fair housing poster

Answer 9

The fair housing poster open the issues potential sellers landlords and buyers tenants the broker does not unlawfully discriminate in the services offered. It also indicates to the public the brokers invitation to work with all individuals.