PSI TN State Exam Practice & Study
Guide.
they must do what
IMMEDIATELY?
6. ***TN State law states that
a Bro-
1. What is the purpose of an
escrow account?
2. Who is responsible for
looking af- ter Escrow
Accounts for property?
3. Another name for Escrow
Money (earnest money,
security deposits) is ?
4. When a Broker gets
Escrow/Trust money and
deposit into the Es- crow
Account they MUST do what
as well?
5. When an Affiliate broker gets
Es- crow/ Trust money (ie
Earnest or Deposit money)
1/
25
, PSI TN State Exam Practice & Study
Guide.
Keep money that doesn't belong to you SEPARATE slip either the word Escrow or Trust
from personal account/money
Broker
Give it to their Broker
Trust Money
Prometily after their is a Binding Agreement
The Broker must write on the check and the deposit unless
ker must deposit money into an Es- there is something in the Sales Contract
for a ditterent
crow account? date***
7. 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).
8. Conversion Illegally spending money that does not belong to
you
9. Fair Housing Act of 1968 Prohibited discrimination concerning the sale,
rental,
and financing of housing based on race
2/
25
, PSI TN State Exam Practice & Study
Guide.
10. ***Fair Housing Amendments Expansion of the Fair Housing Act to include
Act of 1988 Pregant women, families with children under the
age of 18/ Familial Status and those with physical
or mental dis- abilities.
11. ***Fair Housing Laws Anti-discrimination legislation designed to
ensure
equal opportunity in housing to all home buyers.
12. ***What are the 7 protected class- Race,
es Color, Religion
? National origin, Sex,
Familial status, Handicapped/
Disability
13. ***Civil Rights Act of 1966 Prohibited Racial Discrimination
(Has NO exemptions allowed)
14. ***A single woman that NO, she is allowed to only woman rent out the
owns a duplex and lives in other side of the duplex she owns.
one side and would like to
ONLY have woman rent out
the other side, is this Sex- ual
Discrimination?
NO, however the person may say "Female
15. ***Can an add that states "NO
Roommate
MEN ALLOWED" be placed on a for wanted"
rent sign?
16. Housing and Community Added sex (gender) to the list of protected
Develop- ment Act of 1974 classes
17. ***Senior Communities Living for people that are 62 years age or older
3/
25
Guide.
they must do what
IMMEDIATELY?
6. ***TN State law states that
a Bro-
1. What is the purpose of an
escrow account?
2. Who is responsible for
looking af- ter Escrow
Accounts for property?
3. Another name for Escrow
Money (earnest money,
security deposits) is ?
4. When a Broker gets
Escrow/Trust money and
deposit into the Es- crow
Account they MUST do what
as well?
5. When an Affiliate broker gets
Es- crow/ Trust money (ie
Earnest or Deposit money)
1/
25
, PSI TN State Exam Practice & Study
Guide.
Keep money that doesn't belong to you SEPARATE slip either the word Escrow or Trust
from personal account/money
Broker
Give it to their Broker
Trust Money
Prometily after their is a Binding Agreement
The Broker must write on the check and the deposit unless
ker must deposit money into an Es- there is something in the Sales Contract
for a ditterent
crow account? date***
7. 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).
8. Conversion Illegally spending money that does not belong to
you
9. Fair Housing Act of 1968 Prohibited discrimination concerning the sale,
rental,
and financing of housing based on race
2/
25
, PSI TN State Exam Practice & Study
Guide.
10. ***Fair Housing Amendments Expansion of the Fair Housing Act to include
Act of 1988 Pregant women, families with children under the
age of 18/ Familial Status and those with physical
or mental dis- abilities.
11. ***Fair Housing Laws Anti-discrimination legislation designed to
ensure
equal opportunity in housing to all home buyers.
12. ***What are the 7 protected class- Race,
es Color, Religion
? National origin, Sex,
Familial status, Handicapped/
Disability
13. ***Civil Rights Act of 1966 Prohibited Racial Discrimination
(Has NO exemptions allowed)
14. ***A single woman that NO, she is allowed to only woman rent out the
owns a duplex and lives in other side of the duplex she owns.
one side and would like to
ONLY have woman rent out
the other side, is this Sex- ual
Discrimination?
NO, however the person may say "Female
15. ***Can an add that states "NO
Roommate
MEN ALLOWED" be placed on a for wanted"
rent sign?
16. Housing and Community Added sex (gender) to the list of protected
Develop- ment Act of 1974 classes
17. ***Senior Communities Living for people that are 62 years age or older
3/
25
