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PSI National Exam correctly answered to pass
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PSI National Exam correctly answered to pass
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PSI National ExamLand Division Act-Public Act 591 (Disclosure of Private Road) - correct answer ✔✔The intention of the
act is to regulate division of land in the state in order to promote public health, safety, and general
welfare.
Michigan Fair Housing - correct answer ✔✔Michigan fair housing laws are largely similar to federal laws.
At the state level, you need to be familiar with the Elliot-Larsen and the Persons with Disabilities Civil
Rights acts.
Elliot Larsen Civil Rights Act defines several key terms - correct answer ✔✔Real property, Real estate
transaction, Housing accommodation, Real estate broker or salesperson.
Michigan Civil Rights Commission - correct answer ✔✔Investigates alleged discrimination and secures
the equal protection of civil rights.
Under state law, any person who is believed to be the victim of discriminatory practices can take any of
the following actions within 180 days of the discriminatory activity: - correct answer ✔✔- File a
complaint with the Michigan Civil Rights Commission
- File a complaint with local commission
-File a private civil lawsuit in Michigan circuit court.
Federal complaints of discriminations must be filed within - correct answer ✔✔1 year
If the Michigan Civil Rights Commission finds that a violation has occurred, it can: - correct answer ✔✔-
Issue a cease-and-desist order for the guilty party to stop engaging in discriminatory practice
- Require the guilty party to: Proceed with the final sale or rental of the property, Pay any profits to the
injured party, Pay damages and reasonable attorney's fees to the complainant , Pay a civil fine = fines are
$10,000 for the first violation, $25,000 for a second violation within a five-year period, and $50,000 for a
third violation within a seven-year period.
, Persons with Disabilities Civil Rights Act - correct answer ✔✔Specific to housing, disability is a physical or
mental condition resulting from disease, injury, birth, or functional disorder that substantially limits one
or more major life activities and is unrelated to the individual's ability to acquire, rent, or maintain
property.
Landlord Tenant Relationship Act - correct answer ✔✔The purpose of this act is to regulate the landlord-
tenant relationship related to rentals, including lease termination and security deposits.
Lease Termination - correct answer ✔✔If a tenant has occupied a premises for at least 13 months, the
rental agreement can allow a tenant to terminate the lease with a 60-day written notice to the landlord
if any of the following is true:
- The tenant becomes eligible to take possession of a subsidized rental in senior citizen housing.
- The tenant becomes incapable of living independently, as certified by a physician's notarized statement
Security Deposit - correct answer ✔✔Landlords can require security deposits, but the amount can't
exceed one-and-a-half months' rent.
Truth in Renting Act - correct answer ✔✔The purpose of this act is to regulate residential lease
agreements by requiring the inclusion of certain clauses and disclosures or prohibiting certain clauses
from inclusion.
State Transfer Tax - correct answer ✔✔A state transfer tax can be imposed when title to real property in
Michigan in conveyed (or transferred). Transfer taxes don't apply to leases or conveyance of personal
property.
State Transfer Tax - correct answer ✔✔Generally, Michigan transfer taxes are seller's obligation. Transfer
taxes are based on the sales price (or consideration, are used in the law) of the property.A portion of the
transfer taxes collected goes to the state and a portion to the county where the property is located.
Except from the tax are: - correct answer ✔✔- Transfers from spouses creating or terminating tenants by
the entirety.
- Transfers to the owner's child or grandchild (biological, step, or adopted)
- Transfers due to court judgements
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