PSI TN (State) Exam Questions with
Verified Answers
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)
***Are disabled tenants required to return the property to its original conditions (Free
of Modifications) once they are moved out? - Answer-YES, they are required by law
to bring the property back to its original condition
(They also can pay the landlord money to restore it if they are unable to do so)
A Licensee MAY or MAY NOT disclose that a buyer or a seller is a member of a
protected class? - Answer-MAY NOT DISCLOSE
Can Drug Addicts or Alcoholics be refused rental property to live at? - Answer-YES,
then can be refused, HOWEVER if they are seeking help through a program then
they CANNOT be refused.
Equal Housing Opportunity - Answer-Prohibits discrimination in the listing, sale,
lease, rental or financing of real property due to race, color, religion, sex, familial
status, handicap or national origin. Should apply exactly the same in all real estate
Americans with Disabilities Act (ADA) - Answer-Legislation passed in 1990 that
prohibits discrimination against people with disabilities. Under this Act, discrimination
against a disabled person is illegal in employment, transportation, public
accommodations, communications and government activities.
(Any employer that has over 15 employees)
Exaggerated or superlative comments or opinions.
(This is Legal) - Answer-Puffing
Constructive Fraud - Answer-A negligent misrepresentation or concealment of a
material fact; when a person carelessly fails to disclose material information, or
makes false or misleading statements. ALSO CALLED: Negligent Misrepresentation
*** Advertising how a property can be financed is a violation of what called what? -
Answer-Regulation Z
Blind advertisement - Answer-An advertisement that provides only a telephone
number, a post office box, and/or an address without the licensed name of the
brokerage firm.
, In an advertisement there should ALWAYS BE? - Answer-Firm name and Firm
telephone number (If Not More)
A fact that is important to the subject matter of the contract. - Answer-Material Fact
Does the New Not Call act apply to Real Estate Agent - Answer-Yes
On Internet Advertising you have to AT LEAST put what_________? - Answer-Firm
Name and Firm Number
Procuring Cause - Answer-The effort that brings about the desired result. Under an
open listing, the broker who is the procuring cause of the sale receives the
commission.
Broker Protection Clause - Answer-Clause in a contract that protects a broker from
losing a commission in the event a transaction is not completed or is intentionally
delayed until after the listing expires.
referal fee - Answer-You can't give them money
A Bonus from a really happy seller for being a great agent should go to who? -
Answer-You have to tell them to give it to your Broker
Listing a commercial property when you know nothing about it, what do you do? -
Answer-Admit you don't know anything about Commercial real estate or get the
assistance of someone who does know what they are doing.
Never sign a document for another person without getting what? - Answer-Power of
Attorney
(You become the Attorney In Fact)
Anit-Trust Laws - Answer-Allocation of customers or Markets
Price Fixing
Price Fixing - Answer-An agreement among firms or brokers to charge one price for
the same good
Group Boycott
(Illegal in violation of Federal Anti-Trust Laws)
What is the going rate for a commission in this area? - Answer-It's Negoitable
Tie-in agreements - Answer-are agreements to sell one product only if the buyer
purchases another product as well. The sale of the first (desired) product is "tied" to
the purchase of a second, less desirable, product. Tie-in agreements are illegal.
Sherman Antitrust Act - Answer-an 1890 law that banned the formation of trusts and
monopolies in the United States
Verified Answers
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)
***Are disabled tenants required to return the property to its original conditions (Free
of Modifications) once they are moved out? - Answer-YES, they are required by law
to bring the property back to its original condition
(They also can pay the landlord money to restore it if they are unable to do so)
A Licensee MAY or MAY NOT disclose that a buyer or a seller is a member of a
protected class? - Answer-MAY NOT DISCLOSE
Can Drug Addicts or Alcoholics be refused rental property to live at? - Answer-YES,
then can be refused, HOWEVER if they are seeking help through a program then
they CANNOT be refused.
Equal Housing Opportunity - Answer-Prohibits discrimination in the listing, sale,
lease, rental or financing of real property due to race, color, religion, sex, familial
status, handicap or national origin. Should apply exactly the same in all real estate
Americans with Disabilities Act (ADA) - Answer-Legislation passed in 1990 that
prohibits discrimination against people with disabilities. Under this Act, discrimination
against a disabled person is illegal in employment, transportation, public
accommodations, communications and government activities.
(Any employer that has over 15 employees)
Exaggerated or superlative comments or opinions.
(This is Legal) - Answer-Puffing
Constructive Fraud - Answer-A negligent misrepresentation or concealment of a
material fact; when a person carelessly fails to disclose material information, or
makes false or misleading statements. ALSO CALLED: Negligent Misrepresentation
*** Advertising how a property can be financed is a violation of what called what? -
Answer-Regulation Z
Blind advertisement - Answer-An advertisement that provides only a telephone
number, a post office box, and/or an address without the licensed name of the
brokerage firm.
, In an advertisement there should ALWAYS BE? - Answer-Firm name and Firm
telephone number (If Not More)
A fact that is important to the subject matter of the contract. - Answer-Material Fact
Does the New Not Call act apply to Real Estate Agent - Answer-Yes
On Internet Advertising you have to AT LEAST put what_________? - Answer-Firm
Name and Firm Number
Procuring Cause - Answer-The effort that brings about the desired result. Under an
open listing, the broker who is the procuring cause of the sale receives the
commission.
Broker Protection Clause - Answer-Clause in a contract that protects a broker from
losing a commission in the event a transaction is not completed or is intentionally
delayed until after the listing expires.
referal fee - Answer-You can't give them money
A Bonus from a really happy seller for being a great agent should go to who? -
Answer-You have to tell them to give it to your Broker
Listing a commercial property when you know nothing about it, what do you do? -
Answer-Admit you don't know anything about Commercial real estate or get the
assistance of someone who does know what they are doing.
Never sign a document for another person without getting what? - Answer-Power of
Attorney
(You become the Attorney In Fact)
Anit-Trust Laws - Answer-Allocation of customers or Markets
Price Fixing
Price Fixing - Answer-An agreement among firms or brokers to charge one price for
the same good
Group Boycott
(Illegal in violation of Federal Anti-Trust Laws)
What is the going rate for a commission in this area? - Answer-It's Negoitable
Tie-in agreements - Answer-are agreements to sell one product only if the buyer
purchases another product as well. The sale of the first (desired) product is "tied" to
the purchase of a second, less desirable, product. Tie-in agreements are illegal.
Sherman Antitrust Act - Answer-an 1890 law that banned the formation of trusts and
monopolies in the United States
