PERRY REAL ESTATE COLLEGE FINAL EXAM all questions with correct answers
3 views 0 purchase
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
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 EXPERTIPS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.89. You're not tied to anything after your purchase.
