Equal Credit Opportunity Act (ECOA)
Definition of "Equal Credit Opportunity Act (ECOA)"
U.S. law making it illegal to discriminate when giving credit based on factors such as race, religion, color, age, national origin. A lender must respond to credit applications within 30 days. If the application is denied, reasons must be given. The purpose of this law was to assure that lenders would not treat one group of applicants more favorably then other group except for reasonable and justifiable business reasons. Strict rules have in all aspects of a credit transaction including that dealing with the purchase or real estate.
Popular Real Estate Terms
The definition of low-income housing is any house that is either rented or owned by an individual or family that has a monthly household income that does not exceed a certain percentage of ...
Way of valuing real estate that computes the discounted present value of an expected stream of income, including rental income and future capital gains or losses. ...
Also called straight bankruptcy. A provision of the 1978 bankruptcy Reform Act providing for a persons property to be divided among creditors to satisfy his/her unpaid debts. Any debtor ...
Estimated market price property could bring using currently accepted appraisal methods. This might not be the same as the market price at any one given time when the seller is compelled to ...
To depreciate is to lose value for something. Depreciation is the act of losing worth.Connecting with real estate, Property depreciation can be both an accounting method typically used to ...
Final property appraisal estimate arrived at by applying appropriate appraisal methods. ...
Tax deduction permitted upon the transfer of property from one spouse to another. The deduction is allowed under the federal gift tax for lifetime transfers or under the federal estate tax ...
The bonus depreciation definition refers to a tax incentive that allows a business to accelerate the depreciation deduction in the year when the asset is purchased and placed into use. The ...
Effect on the market price of houses as interest rate change. For example, when mortgage interest rates rise, the prices of houses tend to fall. ...
Have a question or comment?
We're here to help.