Exam (elaborations)
PERRY REAL ESTATE COLLEGE FINAL EXAM
- Course
- Institution
PERRY REAL ESTATE COLLEGE FINAL EXAM
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now