An Ohio lender offers two mortgage products: Product A with a 6% rate for properties in urban areas and Product B with a 5.5% rate for properties in suburban areas. A fair housing complaint alleges this constitutes redlining because urban areas have higher minority populations. Under Ohio and federal law, the lender's practice:
Correct Answer
D) May constitute illegal redlining if the geographic distinction serves as a proxy for racial discrimination
Under both federal law (Equal Credit Opportunity Act, Fair Housing Act) and Ohio law, lending practices that use geography as a proxy for race can constitute illegal redlining. If the geographic distinction disproportionately affects minority borrowers and is not justified by legitimate risk factors, it violates fair housing and fair lending laws.
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Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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Michael, an Ohio real estate agent, is asked by a seller to include the phrase 'Christian family preferred' in the listing description. Under Ohio fair housing law, Michael should:
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A veteran in Ohio applies to rent an apartment. The landlord discovers the applicant is a veteran and raises the security deposit by $500, stating, 'Veterans often have PTSD and cause property damage.' Under Ohio fair housing law, this action is: