Free Pennsylvania Real Estate Practice Exam Practice Question
The purpose of the Equal Credit Opportunity Act (ECOA) is to:
Correct Answer: A
Rationale: The Equal Credit Opportunity Act (ECOA) aims to ensure that all individuals have equal access to credit without facing discrimination based on race, color, religion, national origin, sex, marital status, or age. This makes option A the most accurate choice.
Option B is incorrect as it pertains to housing discrimination, which is covered under the Fair Housing Act, not ECOA. Option C is misleading; ECOA does not assist unqualified borrowers but rather ensures fair treatment for all applicants. Option D is also inaccurate, as ECOA does not specifically address FHA loans but focuses on preventing discrimination in all credit transactions.
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