PSI STATE TN PRACTICE EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY GRADED
A+
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Terms in this set (101)
What is the purpose of an escrow Keep money that doesn't belong to you SEPARATE
account? from personal account/money
Who is responsible for looking after Broker
Escrow Accounts for property?
Another name for Escrow Money Trust Money
(earnest money, security deposits)
is_________?
, When a Broker gets Escrow/Trust The Broker must write on the check and the deposit
money and deposit into the Escrow slip either the word Escrow or Trust
Account they MUST do what as well?
When an Affiliate broker gets Escrow/ Give it to their Broker
Trust money (ie Earnest or Deposit
money) they must do what
IMMEDIATELY?
***TN State law states that a Broker Prometily after their is a Binding Agreement unless
must deposit money into an Escrow there is something in the Sales Contract for a
account? different date***
Commingling 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 Illegally spending money that does not belong to
you
Fair Housing Act of 1968 Prohibited discrimination concerning the sale,
rental, and financing of housing based on race
***Fair Housing Amendments Act of Expansion of the Fair Housing Act to include
1988 Pregant women, families with children under the age
of 18/ Familial Status and those with physical or
mental disabilities.
***Fair Housing Laws Anti-discrimination legislation designed to ensure
equal opportunity in housing to all home buyers.
ACTUAL QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY GRADED
A+
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (101)
What is the purpose of an escrow Keep money that doesn't belong to you SEPARATE
account? from personal account/money
Who is responsible for looking after Broker
Escrow Accounts for property?
Another name for Escrow Money Trust Money
(earnest money, security deposits)
is_________?
, When a Broker gets Escrow/Trust The Broker must write on the check and the deposit
money and deposit into the Escrow slip either the word Escrow or Trust
Account they MUST do what as well?
When an Affiliate broker gets Escrow/ Give it to their Broker
Trust money (ie Earnest or Deposit
money) they must do what
IMMEDIATELY?
***TN State law states that a Broker Prometily after their is a Binding Agreement unless
must deposit money into an Escrow there is something in the Sales Contract for a
account? different date***
Commingling 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 Illegally spending money that does not belong to
you
Fair Housing Act of 1968 Prohibited discrimination concerning the sale,
rental, and financing of housing based on race
***Fair Housing Amendments Act of Expansion of the Fair Housing Act to include
1988 Pregant women, families with children under the age
of 18/ Familial Status and those with physical or
mental disabilities.
***Fair Housing Laws Anti-discrimination legislation designed to ensure
equal opportunity in housing to all home buyers.
