Perry Real Estate College Final exam review questions with complete solution latest update 2024/2025
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Course
PERRY REAL ESTATE
Institution
PERRY REAL ESTATE
Fixture - correct answer An item of personal property that has been converted to
real property by being permanently affixed to the realty.
Special Purpose Real Estate - correct answer churches, schools, cemeteries, and
government-held lands
Propriety lease - correct answer the lease given to sh...
Perry Real Estate College Final exam review questions with
complete solution latest update 2024/2025
Fixture - correct answer An item of personal property that has been converted to
real property by being permanently affixed to the realty.
Special Purpose Real Estate - correct answer churches, schools, cemeteries, and
government-held lands
Propriety lease - correct answer the lease given to shareholders in a cooperative
Disposition - correct answer Right to encumber
Control - correct answer Right to determine interest of property
Accession - correct answer Acquiring title to additions or improvements to real
property as a result of a lease ending
PITI - correct answer Principal, Interest, Taxes, Insurance
Exclusion - correct answer ability to legally refuse others interest
Yes - correct answer Are Fixtures real property?
third - correct answer Mortgage interest on a ____ home affects tax returns
Improvement - correct 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 - correct answer A document that transfers ownership of property from
one party to another.
federally related transaction - correct answer Appraisals are required for
Condo - correct answer An individually owned unit in an apartment-style complex
with shared ownership of common areas.Owned in fee simple + undivided joint
interests
monetary policy - correct answer factor in supply
Old english law - correct answer Bundle of legal rights comes from
Fructus Industriales - correct answer An Emblements, considered real property,
plant or crop that require annual cultivation
Enjoyment - correct answer possession without harassment or interference
Broker - correct answer Point of contact between 2 or more people in negotiating
the sale, rental or purchase
FEMA - correct answer administers the national flood insurance program
Chattel - correct answer an item of personal, movable property
Subdivision - correct answer the dividing of a single property into smaller parcels
Agency - correct answer Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and
implication
,Perry Real Estate College Final exam review questions with
complete solution latest update 2024/2025
Net listings - correct answer prohibited in some states
Agent - correct answer Principal broker of firm
Puffing - correct answer "Best deal in town"
Exclusive agency - correct answer owner sold home herself and didn't owe a
commission
Seller's decision - correct answer Listed price of a property is always
Breached duty of loyalty - correct answer Showing a buyer homes outside their
price range
Agent is interested in a property they are showing a buyer and they make an offer
on it
"self dealing"
Undisclosed dual agency - correct answer repping buyer and seller without full
and complete disclosure
Broker - correct answer Commission that is paid to a salesperson is determined
by mutual agreement with
Transaction broker - correct answer not representing either party but helping a
buyer/seller fill out a sales contract
Customer - correct answer someone who refused buyer representation
a FSBO seller
Fee for services - correct answer unbundling of services
Exclusive right to sell listing - correct answer commission regardless if the broker
aids
Care violation - correct answer Switching from residential to industrial prep w/ no
experience
Agency coupled with an interest - correct answer Broker agrees to provide
financing for condo being constructed with exclusive right to sell the units
fee-for-service - correct answer offering real estate services in a piecemeal
fashion
Patent defect - correct answer one that can be seen with the naked eye
Exclusive buyer agency agreement - correct answer contract signed between
purchaser and a broker
fraud - correct answer net listings are prohibited because they could lead to
, Perry Real Estate College Final exam review questions with
complete solution latest update 2024/2025
dual agent - correct answer Principal broker appoints you to rep the buyer in
designated agency
Latent defect - correct answer One that you can't see under ordinary inspection
CMA - correct answer Way to ensure a buyer doesn't overpay
Retainer fee - correct 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 - correct answer most protection for a broker
Ratification - correct answer can be expressed in writing or orally accepting the
acts or by principal taking the benefits
Honesty and fair dealing - correct answer If a buyer is unrepresented, listing
agent still owes the buyer the duty of
Open listing - correct answer Listing given to any number of brokers; only selling
broker is paid
caveat emptor - correct answer buyer beware
Duty of Disclosure - correct answer Letting the buyer know a home has a serious
foundation issue
Honesty - correct answer Not a fiduciary duty owed to a client
Buyers agency - correct answer Exists when an agent represents the buyer only
Example of single agency
contingent fee - correct answer A fee that is only received upon a successful
closing
Designated agency - correct answer A process that accommodates an in-house
sale in which two different agents are involved. The broker designates one agent
to represent the seller and one agent to represent the buyer.
Implied agency - correct answer May create an undisclosed dual agency
unintentionally, inadvertently or accidentally
Real estate fees - correct answer Always established by the brokers in the area
Principal - correct answer In a typical listing agreement, the seller is the
Common law - correct answer an agent is a fiduciary of the principal
Tenant at sufferance - correct answer A tenant who remains in the property after
the lease expires without the landlord's consent
Liquidated damages - correct answer Parties agree in advance that certain
damages will be available if contract is breached
Consideration - correct answer Love and affection in a contract
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