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Perry Real Estate College Final Exam
questions with correct answers
Which |of |the |following |is |true |regarding |a |special |warranty |deed? |
The |grantor |is |making |additional |warranties |beyond |those |given |in |a |warranty |deed.
The |grantor's |warranties |are |limited |to |the |time |the |grantor |owned |the |property. |
The |grantor |is |warranting |that |no |encumbrances |exist |against |the |property. |
The |grantor |retains |an |interest |in |the |ownership. |- |VERIFIED |ANSWER✔✔-The |grantor's |warranties |are |limited |to |the |time |the |grantor |owned |the |property.
A |joint |tenancy |with |right |of |survivorship |may |be |created |
automatically |if |the |property |is |distributed |to |the |surviving |children. |
by |deed |or |will |
by |presumption |if |another |form |of |ownership |is |not |described. |
automatically |if |a |deed |is |signed |by |both |spouses |- |VERIFIED |ANSWER✔✔-by |deed |or |will
All |the |following |would |be |considered |specific |data |except: |
the |dimensions |of |the |subject |property |
the |gross |rent |multipliers |for |the |area |
the |employment |opportunities |in |the |area
|
the |sales |data |for |comparable |properties |- |VERIFIED |ANSWER✔✔-the |employment |opportunities |in |the |area
If |the |commission |determined |that |an |individual |is |engages |in |unlicensed |brokerage, |the |commission |may |
Seek |injunctive |relief |in |Circuit |Court |
File |a |Complaint |at |the |Commission |
Sue |in |District |Court |
File |a |Complaint |at |the |Attorney |General's |Office |- |VERIFIED |ANSWER✔✔-Seek |injunctive |relief |in |Circuit |Court
All |the |following |would |be |acceptable |as |evidence |of |marketable |title |EXCEPT
A |property |owner's |warranty |deed |
An |abstract |and |legal |opinion |
Torrens |certificate |
A |title |insurance |policy |- |VERIFIED |ANSWER✔✔-A |property |owner's |warranty |deed
If |a |licensee |knows |that |a |seller |is |under |an |exclusive |listing |with |another |brokerage, |the |licensee |
Ethnic |background |of |the |tenant |and |his |or |her |employees |- |VERIFIED |ANSWER✔✔-Ethnic |background |of |the |tenant |and |his |or |her |employees
The |defeasance |clause |in |a |mortgage |requires |the |mortgages |to |execute |a(n)
assignment |of |mortgage |
satisfaction |of |mortgage |
partial |release |agreement |
subordination |agreement |- |VERIFIED |ANSWER✔✔-satisfaction |of |mortgage
Which |of |the |following |would |be |considered |legal? |
Refusing |to |sell |a |house |to |a |person |who |has |a |history |of |mental |illness |
Charging |a |family |with |children |a |higher |security |deposit |than |is |charged |there |are |no |children |
Requiring |a |person |with |a |disability |to |establish |an |escrow |account |for |the |costs |to |restore |a |property |after |it |has |been |modified |
Picturing |only |white |people |in |a |brochure |as |the |"happy |residents" |in |a |housing |development |- |VERIFIED |ANSWER✔✔-Requiring |a |person |with |a |disability |to |establish |an |escrow |account |for |the |costs |to |restore |a |property |after |it |has |been |modified
Normally, |the |priority |of |general |liens |is |determined |by |
the |order |in |which |the |cause |of |action |arose |
the |size |of |the |claim |
the |order |in |which |they |are |filed |or |recorded |
the |court |- |VERIFIED |ANSWER✔✔-the |order |in |which |they |are |filed |or |recorded
If |a |licensee |offers |a |rebate |or |an |inducement |to |a |client, |this |offer |must |be: |
for |money |only |
disclosed |in |writing |
offered |to |all |clients |
none |of |the |above |- |VERIFIED |ANSWER✔✔-disclosed |in |writing
charging |more |interest |than |is |legally |allowed |is |known |as |
escheat |
usury |
a |deficiency |
an |estoppel |- |VERIFIED |ANSWER✔✔-usury
A |lease |that |will |terminate |within |one |year |of |its |inception |
violates |the |provisions |of |the |statute |of |frauds |
construction |costs |
the |labor |force |
population |
government |controls |- |VERIFIED |ANSWER✔✔-population
All |of |the |following |are |categories |of |the |uses |of |real |property |EXCEPT |
developmental |
agricultural |
industrial |
residential |- |VERIFIED |ANSWER✔✔-developmental
An |extension |of |credit |from |a |seller |to |a |buyer |to |allow |the |buyer |to |complete |the |transaction |is |called |a |
blanket |mortgage |
purchase |money |mortgage |
growing |equity |mortgage |
package |mortgage |- |VERIFIED |ANSWER✔✔-purchase |money |mortgage
A |standard |rectangular |survey |system |section |contains |
160 |acres |
36 |townships |
160 |government |lots |
640 |acres |- |VERIFIED |ANSWER✔✔-640 |acres
an |aggrieved |party |may |recover |how |much |from |the |recovery |fund |
$40,000 |- |VERIFIED |ANSWER✔✔-$20,
Jim |Smith |is |a |new |sales |associate |who |has |worked |with |Broker |Thomas |for | 16 |months. |They |decide |to |go |into |business |together |and |want |to |re-name |the |firm |Smith-Thomas |Realty. |This |plan |is: |
legal |
ethical |
illegal |
an |estate |from |year |to |year |
tenancy |at |will |
an |estate |for |years |- |VERIFIED |ANSWER✔✔-tenancy |at |sufferance
A |buyer |took |delivery |of |the |deed |to |his |new |house |but |neither |recorded |the |deed |nor |took |possession |of |the |property. |Under |these |circumstances |
buyer's |interest |is |not |fully |protected |against |third |parties |
the |deed |is |invalid |after | 90 |days |
the |transfer |of |the |property |from |the |seller |is |ineffective |
the |deed |is |invalid |after | 6 |months |- |VERIFIED |ANSWER✔✔-buyer's |interest |is |not |fully |protected |against |third |parties
The |body |of |law |that |governs |personal |property |transactions |(but |does |not |apply |to |real |estate) |and |involves |use |of |security |agreements, |financing |statements, |and |bulk |transfers |is |the |
Statute |of |Limitations |
Parol |Evidence |Rule |
Uniform |Commercial |Code |
American |Land |Title |Association |- |VERIFIED |ANSWER✔✔-Uniform |Commercial |Code
If |the |commission |seeks |injunctive |relief, |the |case |must |be |filed |where? |
In |the |county |where |the |Commission |is |located |
In |the |county |where |the |unlawful |activity |took |place |
either |of |the |above |
neither |of |the |above |- |VERIFIED |ANSWER✔✔-either |of |the |above
A |portion |of |Walter's |building |was |inadvertently |built |on |George's |land. |This |caused |an |
encroachment |
easement |
avulsion |
accretion |- |VERIFIED |ANSWER✔✔-encroachment
All |of |the |following |would |acquire |title |to |real |property |EXCEPT |
the |devisee |
the |lessee |
the |grantee |
the |vendee |- |VERIFIED |ANSWER✔✔-the |lessee
assistant |
sales |associate |- |VERIFIED |ANSWER✔✔-broker
Abel |and |Baker |are |joint |tenants. |Baker |sells |his |interest |to |Charlie. |What |is |the |relationship |of |Abel |and |Charlie? |
Abel |owns |a |2/3 |interest |and |Charlies |owns |a |1/3 |interest |
there |is |no |relationship |because |Baker |cannot |sell |to |Charlie |
they |are |joint |tenants |
they |are |tenants |in |common |- |VERIFIED |ANSWER✔✔-they |are |tenants |in |common
Nancy |has |referred |a |buyer |to |another |agent, |and |the |transaction |has |closed. |Nancy |receives |a |referral |fee |from |the |other |agent |and |cashed |it. |Which |of |the |following |is |true? |
The |referral |fee |can |be |paid |directly |to |Nancy |
The |referral |fee |is |illegal |
The |referral |fee |should |be |paid |to |Nancy's |principal |broker |
None |of |the |above |- |VERIFIED |ANSWER✔✔-The |referral |fee |should |be |paid |to |Nancy's |principal |broker
If |a |licensee |is |found |in |violation |of |license |law |and |discipline |is |ordered, |the |licensee |
can |appeal |to |the |Attorney |General |
Can |appeal |to |the |Commission |
Has |no |recourse |
Can |appeal |to |the |Circuit |Court |- |VERIFIED |ANSWER✔✔-Can |appeal |to |the |Circuit |Court
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 |
appraiser |
broker |
sales |affiliate |
property |manager |- |VERIFIED |ANSWER✔✔-broker
An |owner |who |is |interested |in |selling |his |house |is |usually |concerned |about |how |much |money |he |can |get |when |it |sells. |A |competitive |market |analysis |may |help |the |seller |determine |a |realistic |listing |price. |Which |of |the |following |is |true? |
A |competitive |market |analysis |is |what |is |prepared |by |a |certified |real |estate |appraiser |
a |broker, |but |not |a |salesperson, |is |permitted |to |prepare |a |competitive |market |analysis |
a |competitive |market |analysis |is |the |same |as |an |appraisal |
right |of |first |refusal |
option |
contract |of |sale |
installment |agreement |- |VERIFIED |ANSWER✔✔-option
Ken |lists | 100 |Main |Street |for |sale. |Ken's |client |advises |Ken |that |he |wants |to |advertise |his |property |for |sale, |in |addition |to |the |ads |being |done |by |Ken. |These |ads |must |include |
Ken's |name |
Seller's |name |
Listing |company's |name |
All |of |the |above |- |VERIFIED |ANSWER✔✔-Listing |company's |name
If |a |licensee |is |found |to |be |in |violation |of |license |law, |the |Commission |can |order |all |of |the |following |EXCEPT: |
Suspension |
$2,000 |fine |
A |formal |reprimand |
Revocation |- |VERIFIED |ANSWER✔✔-$2,000 |fine
All |of |the |following |are |duties |of |a |property |manager |EXCEPT: |
renting |space |to |tenants
complying |with |legal |requirements |
preparing |a |budget |
repairing |tenant |fixtures |- |VERIFIED |ANSWER✔✔-repairing |tenant |fixtures
All |of |the |following |items |are |usually |prorated |between |the |buyer |and |seller |at |closing |EXCEPT: |
Recording |charges |
Real |estate |taxes |
Rents |
Utility |bills |- |VERIFIED |ANSWER✔✔-Recording |charges
A |licensee |must |report |to |the |Commission |if |he |or |she |
Leaves |the |state |
is |convicted |of |a |felony |
has |an |errors |and |omission |claim |filed |against |him |or |her |
the |federal |government |
the |rancher |
the |state |government |- |VERIFIED |ANSWER✔✔-the |rancher
All |of |the |following |are |exempt |from |licensure |EXCEPT |
trustee |
Attorney |in |fact |
Attorney |
Personal |assistant |- |VERIFIED |ANSWER✔✔-Personal |assistant
The |commission |can |conduct |an |emergency |hearing |for |
Allegations |of |gross |negligence |
Any |allegation |
Alleged |escrow |account |violations |
Alleged |advertising |violations |- |VERIFIED |ANSWER✔✔-Alleged |escrow |account |violations
Broker |Smith |is |helping |a |buyer |and |seller |fill |out |a |sales |contract, |but |is |not |representing |either |party. |Broker |Smith |is |a(n)
designated |broker |
unlicensed |broker |
transactional |broker |
traditional |broker |- |VERIFIED |ANSWER✔✔-transactional |broker
The |Real |Estate |Settlement |Procedures |Act |(RESPA) |applies |in |a |loan |assumption |if |the |
buyer |must |be |approved |by |the |lender |for |the |assumption |to |occur |
seller |does |NOT |want |to |be |liable |for |the |loan |in |the |future |
lender |charges |less |than |$50 |for |the |assumption |
terms |of |the |assumed |loan |are |modified |by |the |lender |- |VERIFIED |ANSWER✔✔-terms |of |the |assumed |loan |are |modified |by |the |lender
In |an |unlicensed |person |violates |real |estate |license |law, |the |Commission |may |seek |what |remedy? |
Suspension |
Revocation |
Injunction |
Fince |- |VERIFIED |ANSWER✔✔-Injunction
