PERRY REAL ESTATE COLLEGE FINAL EXAM all questions with correct answers
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Course
PERRY REAL ESTATE
Institution
PERRY REAL ESTATE
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - correct answer functional obsolescence
In order to be a License member of the commission, a person must be
-a KY citizen
-a non...
PERRY REAL ESTATE COLLEGE FINAL EXAM all
questions with correct answers
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - correct answer 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 - correct answer 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 - correct answer broker
A landowner constructed a building 7 stories high. Several years later the
municipality changed the zoning ordinance, prohibiting buildings that exceed 6
stories in height. Which of the following is true regarding the existing 7-story
building?
-the owner must obtain a variance
-it is nonconforming use
-it is a conditional use
-the building must be demolished - correct answer it is a nonconforming use
All of the following should be a consideration in selecting a tenant for the
property EXCEPT
-size of the available space relative to the tenant's requirements
-compatibility of the tenant's business with those of other tenants
-tenant's ability to make the rental payments
-Ethnic background of the tenant and his or her employees - correct answer
Ethnic background of the tenant and his or her employees
A mechanic's lien would be properly classified as a(n)
-equitable lien.
-voluntary lien.
-general lien.
,PERRY REAL ESTATE COLLEGE FINAL EXAM all
questions with correct answers
-specific lien. - correct answer 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 - correct answer 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 - correct answer 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 - correct answer 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 - correct answer 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. - correct answer 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
, PERRY REAL ESTATE COLLEGE FINAL EXAM all
questions with correct answers
-the grantor is making additional warranties beyond those given in a warranty
deed
-the grantor is warranting that non encumbrances exist against the property -
correct answer 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 - correct answer 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 - correct answer 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 - correct answer the license revocation is for 5 years
The type of real estate loan that allows the lender to increase the outstanding
balance of a loan up to the original sum in the note while advancing additional
funds is the
-graduated payment mortgage
-growing equity mortgage
-open end mortgage
-wraparound loan - correct answer open-end mortgage
The Commission will not pursue a complaint unless it
-has already been investigated
-alleges a prima facie case of a license law violation
-is typewritten
-has already been litigated in court - correct answer alleges a prima facie of a
license law violation
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