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Exam (elaborations)

Perry Real Estate College Final Exam Questions and Answers 100% Correct.

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  • Perry Real Estate
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  • Perry Real Estate

Perry Real Estate College Final Exam Questions and Answers 100% Correct.

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  • November 11, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Perry Real Estate
  • Perry Real Estate
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Boffin
Perry Real Estate


Perry Real Estate College Final Exam Questions and
Answers 100% Correct.
A house with outmoded plumbing is suffering from

-curable physical deterioration

-external depreciation

-incurable physical deterioration

-functional obsolescence - ✔✔✔ - 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 - ✔✔✔ - 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 - ✔✔✔ - 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


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-it is nonconforming use

-it is a conditional use

-the building must be demolished - ✔✔✔ - 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 - ✔✔✔ - 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.

-specific lien. - ✔✔✔ - 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 - ✔✔✔ - a broker's setting a company commission schedule




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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 - ✔✔✔ - 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 - ✔✔✔ - 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 - ✔✔✔ - 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. - ✔✔✔ - metes and bounds system

Perry Real Estate Page 3

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