What is the primary focus of federal legislation in real estate?

Although the primary focus of the law is to protect prospective renters and buyers of real estate, the Fair Housing Act also protects real estate agents who are members of the protected classes.

Which act requires lenders to be fair and impartial in determining who qualifies for a loan?

Equal Credit Opportunity Act (ECOA).

Enacted in 1974, the Equal Credit Opportunity Act requires lenders to be fair and impartial in determining who qualifies for a loan.

Which law prohibits racial discrimination in the sale or lease of all real property?

The following key pieces of legislation are collectively known as the Fair Housing Act. This act prohibits discrimination against race. There are no exceptions.

What is the primary focus of HMDA?

The Home Mortgage Disclosure Act (HMDA) is a law passed in 1975 that mandates mortgage lenders maintain certain records. The goal is to create greater transparency and to protect borrowers in the residential mortgage market.

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What is the primary purpose of HMDA?

The data- related requirements in HMDA and Regulation C serve three primary purposes: (1) to help determine whether financial institutions are serving their communities’ housing needs; (2) to assist public officials in distributing public investment to attract private investment; and (3) to assist in identifying …

When was the first federal legislation with civil rights in the title passed?

The Civil Rights Act of 1957 was the first federal civil rights legislation passed by the United States Congress since the Civil Rights Act of 1875.

Civil Rights Act of 1957.

Enacted by the 85th United States Congress
Effective September 9, 1957
Citations
Public law 85-315
Statutes at Large 71 Stat. 634

What federal law protects against discrimination on the basis of race when renting an apartment quizlet?

The Federal Fair Housing Act applies to residential properties, not commercial or industrial properties. The federal Fair Housing Act makes it illegal to discriminate based on race, color, religion, sex, national origin, handicap, or familial status.

Which legislation prohibits discrimination based on race color religion or national origin in advertising the sale or rental of housing?

The Fair Housing Act, as amended in 1988, prohibits discrimination on the basis of race, colour, religion, sex, disability, family status, and national origin.

What is federal Community Reinvestment Act?

The Community Reinvestment Act (CRA) was. enacted in 1977 to prevent redlining. 1. and to. encourage banks and savings associations (collectively, banks) to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods and individuals.

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Who regulates the CRA?

Three federal regulators—the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the Federal Reserve System—share an oversight role with respect to the CRA.

What is redlining in real estate?

In the United States, redlining was a discriminatory practice in which services (financial and otherwise) were withheld from potential customers who resided in neighborhoods classified as ‘hazardous’ to investment; these residents largely belonged to racial and ethnic minorities.

What is the purpose of Regulation B?

Regulation B prohibits creditors from requesting and collecting specific personal information about an applicant that has no bearing on the applicant’s ability or willingness to repay the credit requested and could be used to discriminate against the applicant.

What is mortgage Regulation C?

What Is Regulation C? Regulation C is the regulation that implements the Home Mortgage Disclosure Act of 1975. Regulation C requires many financial institutions to annually disclose loan data about the communities to which they provided residential mortgages.

What are the requirements of the Home Mortgage Disclosure Act?

HMDA requires lenders to report the ethnicity, race, gender, and gross income of mortgage applicants and borrowers. Lenders must also report information regarding the pricing of the loan and whether the loan is subject to the Home Ownership and Equity Protection Act, 15 U.S.C. 1639.