Exam (elaborations)
PERRY REAL ESTATE COLLEGE FINAL EXAM
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PERRY REAL ESTATE COLLEGE FINAL EXAM
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PERRY REAL ESTATE COLLEGE FINAL EXAMA house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - answers- functional obsolescence
In order to be a license member of the commission, a person must be
-a ky citizen
-a non-felon
-all of the above
-a licensed broker - answers- all of the above
A licensed real estate professional acting as a point of contact between two or more
people in negotiating the sale, rental, or purchase of a property is known as a(n)
-sales affiliate
-property manager
-appraiser
-broker - answers- broker
A mechanic's lien would be properly classified as a(n)
-equitable lien.
-voluntary lien.
-general lien.
-specific lien. - answers- specific lien
All of the following are prohibited under the antitrust laws except
-competing property management companies agreeing to standardized management
fees
-competing brokers allocating markets based on the value of homes
-a broker's setting a company commission schedule
-real estate companies agreeing not to cooperate with a broker because of the fees that
broker charges - answers- a broker's setting a company commission schedule
A rancher owns a parcel of land on which oil was discovered. If the rancher has not
previously conveyed the oil rights, who owns the oil?
-the federal government
-the tenant to whom the property has been leased
-the state government
-the rancher - answers- the rancher
Abel and baker are joint tenants. Baker sells his interest to charlie. What is the
relationship of abel and charlie?
-they are joint tenants
-they are tenants in common
, -there is no relationship because baker cannot sell to charlie
-abel owns a 2/3 interest and charlie owns a 1/3 interest - answers- they are tenants in
common
All of the following would be acceptable as evidence of marketable title except
-a property owner's warranty deed
-an abstract and legal opinion
-torren's certificate
-a title insurance policy - answers- a property owner's warranty deed
The method of describing land that uses degrees, feet, and monuments is known as the
-angular system.
-metes and bounds system.
-rectangular survey system.
-lot and block system. - answers- metes and bounds system
Which of the following is true regarding a special warranty deed?
-the grantors warranties are limited to the time the grantor owned the property
-the grantor retains an interest in the ownership
-the grantor is making additional warranties beyond those given in a warranty deed
-the grantor is warranting that non encumbrances exist against the property - answers-
the grantor's warranties are limited to the time the grantor owned the property
If an owner takes his property off the market for a definite period in exchange for some
consideration but grants an individual the right to purchase the property within that
period for a stated price, this is called a(n)
-contract of sale
-installment agreement
-right of first refusal
-option - answers- option
A licensee has a duty to report a conviction to the commission
-true, if it is a felony
-false, as there is no duty to report
-false, if it is a felony
-true, if it is a felony or a misdemeanor - answers- true, if it is a felony
If a license is revoked, which of the following is true?
-the license revocation is permanent
-the license revocation is for 10 years
-the license revocation is for 5 years
-none of the above - answers- the license revocation is for 5 years
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