10 Questions
The Equal Credit Opportunity Act prohibits lenders from refusing to make loans based on the borrower's race or ethnicity.
True
The Community Reinvestment Act requires depository institutions to report on loans made to high-income borrowers.
False
The Home Mortgage Disclosure Act applies only to small lenders in metropolitan areas.
False
Redlining is the practice of refusing loans based on objective economic criteria.
False
The Fair Housing Act enforces the Truth in Lending Act requirements.
False
Under the Equal Credit Opportunity Act, lenders can consider a borrower's age when deciding on loan applications.
False
The Community Reinvestment Act focuses on monitoring lenders' engagement in redlining practices.
True
The Home Mortgage Disclosure Act requires lenders to disclose information about loans they originate or purchase to the federal government.
True
Redlining is a permissible practice under the Fair Housing Act if based on economic conditions.
False
The Truth in Lending Act does not cover consumer loans secured by real property.
False
Test your knowledge on the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) regulations. This quiz covers key points such as applicability of RESPA, restrictions on deposits, and prohibitions against kickbacks and referral fees.
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