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PSI TN (State) Exam Questions and Complete Solutions Graded A+
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PSI TN (State) Exam Questions and Complete Solutions Graded A+
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PSI TN (State) Exam Questions andComplete Solutions Graded A+
What is the purpose of an escrow account? - Answer: Keep money that doesn't belong to you SEPARATE
from personal account/money
Who is responsible for looking after Escrow Accounts for property? - Answer: Broker
Another name for Escrow Money (earnest money, security deposits) is_________? - Answer: Trust
Money
When a Broker gets Escrow/Trust money and deposit into the Escrow Account they MUST do what as
well? - Answer: The Broker must write on the check and the deposit slip either the word Escrow or Trust
When an Affiliate broker gets Escrow/ Trust money (ie Earnest or Deposit money) they must do what
IMMEDIATELY? - Answer: Give it to their Broker
***TN State law states that a Broker must deposit money into an Escrow account? - Answer: Prometily
after their is a Binding Agreement unless there is something in the Sales Contract for a different date***
Commingling - Answer: Illegally mixing deposits or monies, collected from a client, with one's personal
or business account. Taking money out too soon or putting it into escrow too late (10 banking days).
Conversion - Answer: Illegally spending money that does not belong to you
Fair Housing Act of 1968 - Answer: Prohibited discrimination concerning the sale, rental, and financing
of housing based on race
***Fair Housing Amendments Act of 1988 - Answer: Expansion of the Fair Housing Act to include
Pregant women, families with children under the age of 18/ Familial Status and those with physical or
mental disabilities.
, ***Fair Housing Laws - Answer: Anti-discrimination legislation designed to ensure equal opportunity in
housing to all home buyers.
***What are the 7 protected classes? - Answer: Race,
Color,
Religion
National origin,
Sex,
Familial status,
Handicapped/ Disability
***Civil Rights Act of 1966 - Answer: Prohibited Racial Discrimination
(Has NO exemptions allowed)
***A single woman that owns a duplex and lives in one side and would like to ONLY have woman rent
out the other side, is this Sexual Discrimination? - Answer: NO, she is allowed to only woman rent out
the other side of the duplex she owns.
***Can an add that states "NO MEN ALLOWED" be placed on a for rent sign? - Answer: NO, however
the person may say "Female Roommate wanted"
Housing and Community Development Act of 1974 - Answer: Added sex (gender) to the list of protected
classes
***Senior Communities - Answer: Living for people that are 62 years age or older
***If someone who is disabled needs a modification for a place where they are where they are going to
live, is the owner responsible for this? - Answer: NO they are NOT required to
( They have to do it at there expense)
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