Perry Real Estate College Final Exam
Questions With Verified Answers
Fixture - answer✔An item of personal property that has been converted to real property by
being permanently affixed to the realty.
Special Purpose Real Estate - answer✔churches, schools, cemeteries, and government-held
lands
Propriety lease - answer✔the lease given to shareholders in a cooperative
Disposition - answer✔Right to encumber
Control - answer✔Right to determine interest of property
Accession - answer✔Acquiring title to additions or improvements to real property as a result of
a lease ending
PITI - answer✔Principal, Interest, Taxes, Insurance
Exclusion - answer✔ability to legally refuse others interest
Yes - answer✔Are Fixtures real property?
third - answer✔Mortgage interest on a ____ home affects tax returns
Improvement - answer✔any artificial thing attached on or below ground, such as a building,
fence, water line or sewer pipe, as well as growing things that are made part of the landscaping.
Deed - answer✔A document that transfers ownership of property from one party to another.
federally related transaction - answer✔Appraisals are required for
Condo - answer✔An individually owned unit in an apartment-style complex with shared
ownership of common areas.Owned in fee simple + undivided joint interests
Transaction broker - answer✔not representing either party but helping a buyer/seller fill out a
sales contract
Customer - answer✔someone who refused buyer representation
a FSBO seller
Fee for services - answer✔unbundling of services
Exclusive right to sell listing - answer✔commission regardless if the broker aids
Care violation - answer✔Switching from residential to industrial prep w/ no experience
Agency coupled with an interest - answer✔Broker agrees to provide financing for condo being
constructed with exclusive right to sell the units
fee-for-service - answer✔offering real estate services in a piecemeal fashion
Patent defect - answer✔one that can be seen with the naked eye
Exclusive buyer agency agreement - answer✔contract signed between purchaser and a broker
fraud - answer✔net listings are prohibited because they could lead to
dual agent - answer✔Principal broker appoints you to rep the buyer in designated agency
Latent defect - answer✔One that you can't see under ordinary inspection
CMA - answer✔Way to ensure a buyer doesn't overpay
Retainer fee - answer✔A small fee paid by the client upon creation of a buyer agency
relationship as an advance partial compensation for services
Exclusive right to sell - answer✔most protection for a broker
Ratification - answer✔can be expressed in writing or orally accepting the acts or by principal
taking the benefits
Honesty and fair dealing - answer✔If a buyer is unrepresented, listing agent still owes the buyer
the duty of
Open listing - answer✔Listing given to any number of brokers; only selling broker is paid
caveat emptor - answer✔buyer beware
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