PSI

African American family would like to courtthisrent a clubhouse but the owners says no because it's a members only is License by eliminating easement through discrimination? correct answer: No, because it is members only An example of the power of eminent domain? correct answer: Condemnation The seller has a beautiful dining room ceiling fixture that matches his entire dining room set. If the sales contract does not specifically state whether the fixture is included in the sale or exclu...

Real property can be converted to personal property by correct answer: severance Federal Truth-in-Lending laws are also known as correct answer: Regulation Z A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before December 31st. This is called: correct answer: an option contract woman owns a tract of land that also is a servient tenement. The easement over, through, or under the tract is an correc...

What is the Tennessee Real Estate Commission? correct answer: The judicial body of the real estate industry in the state of Tennessee Who makes up the Tennessee Real Estate Commission? correct answer: 9 members - 3 from each grand division of the state *7 from the real estate industry - 2 from the general public Who appoints the Tennessee Real Estate Commission? correct answer: The governor How long is a term for a commissioner on the Tennessee Real Estate Commission? correct answ...

During which period of a Disability Income Policy is coverage effective but during which no benefits will be paid under the policy? correct answer: Probationary period All of the following are common exclusions from loss found in disability income policies EXCEPT for that incurred while correct answer: commiting a misdemeanor What is the primary advantage for obtaining a reinstatement of a policy rather than obtaining a new one? correct answer: insured original issue age is used How ...

Real Estate law governing advertising applies to all of these EXCEPT: A. In house notes for showing B. Multiple listing service (MLS) C. communications with consumers D. Social Media correct answer: A. In-house notes for showing are not seen by consumers an so do not have to follow state or federal laws. A couple accompanies a property inspector during an inspection of a house on which they have a contract. The inspector points to a six-inch crack at the corner of a dining room window. ...

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air correct answer: 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned by the tenant 4. that benefits from the easement correct answer: 2. on which the easement is placed Which of the following statements concerning encumbrances is NOT true 1. All encumbran...

A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called correct answer: a contract Antitrust laws prohibit competing brokers from all of the following correct answer: 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agreeing to set sales commissions and management rates. When a sewer line is installed down a rural road, the cost will probably be shared by correct answer: all current owners of real e...

A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement correct answer: appurtenant A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have? correct answer: Tenancy at will The m...

According to the CAN SPAM Act, every email advertisement for real estate services must do all of the following EXCEPT correct answer: advise the recipient that it will take 180 days to remove the recipient's name from this email list Which disclosure is the most commonly required in a residential real estate sale correct answer: Seller's property disclosure A complaint must be filed w/ HUD within what period of time after a fair housing violation has occurred? correct answer: C) 1 yea...

What is the duration of a home warranty's coverage? 1. the expected life of the purchaser 2. the expected life of the product or system covered 3. as disclosed in the contract that offers the warranty 4. a minimum of 5 years or the duration of the purchaser's ownership, whichever is shorter correct answer: 3 The Civil Rights Act of 1866 prohibits any type of discrimination based on: 1. gender. 2. race. 3. race and gender. 4. religion. correct answer: 2 An exception to title ins...