Question

Under the Equal Credit Opportunity Act, a lender or a real estate agent who assists a seller in qualifying a potential buyer may not:

a) Discriminate based on race.
b) Ask about the buyer's employment.
c) Offer a lower interest rate.
d) Charge additional fees.

Answer 1

The Equal Credit Opportunity Act prohibits discrimination based on race in qualifying potential buyers by lenders or real estate agents. This law enforces fair lending and prevents discrimination on the basis of gender, ethnicity, and age.

Step-by-step explanation:

Under the Equal Credit Opportunity Act, a lender or real estate agent who assists a seller in qualifying a potential buyer may not discriminate based on race. This federal law prohibits discrimination on the basis of gender, race, ethnicity, and under certain circumstances age, in making decisions regarding the extension of credit. Created to ensure fair lending practices, the act also ended discriminatory approaches that disfavored married women, as well as ensuring compliance with various consumer protection laws.