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Perry Real Estate College Final Exam
Questions With Correct Answers
An |item |of |personal |property |that |has |been |converted |to |real |property |by |being |permanently |affixed |to |the |realty. |- |VERIFIED |ANSWER✔✔-Fixture
churches, |schools, |cemeteries, |and |government-held |lands |- |VERIFIED |ANSWER✔✔-Special |Purpose |Real |Estate
the |lease |given |to |shareholders |in |a |cooperative |- |VERIFIED |ANSWER✔✔-Propriety |lease
Right |to |encumber |- |VERIFIED |ANSWER✔✔-Disposition
Right |to |determine |interest |of |property |- |VERIFIED |ANSWER✔✔-Control
Acquiring |title |to |additions |or |improvements |to |real |property |as |a |result |of |a |lease |ending |- |VERIFIED |ANSWER✔✔-Accession
Principal, |Interest, |Taxes, |Insurance |- |VERIFIED |ANSWER✔✔-PITI
ability |to |legally |refuse |others |interest |- |VERIFIED |ANSWER✔✔-Exclusion
Are |Fixtures |real |property? |- |VERIFIED |ANSWER✔✔-Yes
Mortgage |interest |on |a |____ |home |affects |tax |returns |- |VERIFIED |ANSWER✔✔-third
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. |- |VERIFIED |ANSWER✔✔- Improvement
A |document |that |transfers |ownership |of |property |from |one |party |to |another. |- |VERIFIED |ANSWER✔✔-Deed
Appraisals |are |required |for |- |VERIFIED |ANSWER✔✔-federally |related |transaction
An |individually |owned |unit |in |an |apartment-style |complex |with |shared |ownership |of |common |areas.Owned |in |fee |simple |+ |undivided |joint |interests |- |VERIFIED |ANSWER✔✔-Condo
factor |in |supply |- |VERIFIED |ANSWER✔✔-monetary |policy
Bundle |of |legal |rights |comes |from |- |VERIFIED |ANSWER✔✔-Old |english |law
An |Emblements, |considered |real |property, |plant |or |crop |that |require |annual |cultivation |- |VERIFIED |ANSWER✔✔-Fructus |Industriales
possession |without |harassment |or |interference |- |VERIFIED |ANSWER✔✔-Enjoyment
Point |of |contact |between | 2 |or |more |people |in |negotiating |the |sale, |rental |or |purchase |- |VERIFIED |ANSWER✔✔-Broker
administers |the |national |flood |insurance |program |- |VERIFIED |ANSWER✔✔-FEMA
an |item |of |personal, |movable |property |- |VERIFIED |ANSWER✔✔-Chattel
the |dividing |of |a |single |property |into |smaller |parcels |- |VERIFIED |ANSWER✔✔-Subdivision
Not |determined |by |source |of |compensation
a |FSBO |seller |- |VERIFIED |ANSWER✔✔-Customer
unbundling |of |services |- |VERIFIED |ANSWER✔✔-Fee |for |services
commission |regardless |if |the |broker |aids |- |VERIFIED |ANSWER✔✔-Exclusive |right |to |sell |listing
Switching |from |residential |to |industrial |prep |w/ |no |experience |- |VERIFIED |ANSWER✔✔-Care |violation
Broker |agrees |to |provide |financing |for |condo |being |constructed |with |exclusive |right |to |sell |the |units |- |VERIFIED |ANSWER✔✔-Agency |coupled |with |an |interest
offering |real |estate |services |in |a |piecemeal |fashion |- |VERIFIED |ANSWER✔✔-fee-for-service
one |that |can |be |seen |with |the |naked |eye |- |VERIFIED |ANSWER✔✔-Patent |defect
contract |signed |between |purchaser |and |a |broker |- |VERIFIED |ANSWER✔✔-Exclusive |buyer |agency |agreement
net |listings |are |prohibited |because |they |could |lead |to |- |VERIFIED |ANSWER✔✔-fraud
Principal |broker |appoints |you |to |rep |the |buyer |in |designated |agency |- |VERIFIED |ANSWER✔✔-dual |agent
One |that |you |can't |see |under |ordinary |inspection |- |VERIFIED |ANSWER✔✔-Latent |defect
Way |to |ensure |a |buyer |doesn't |overpay |- |VERIFIED |ANSWER✔✔-CMA
A |small |fee |paid |by |the |client |upon |creation |of |a |buyer |agency |relationship |as |an |advance |partial |compensation |for |services |- |VERIFIED |ANSWER✔✔-Retainer |fee
most |protection |for |a |broker |- |VERIFIED |ANSWER✔✔-Exclusive |right |to |sell
can |be |expressed |in |writing |or |orally |accepting |the |acts |or |by |principal |taking |the |benefits |- |VERIFIED |ANSWER✔✔-Ratification
If |a |buyer |is |unrepresented, |listing |agent |still |owes |the |buyer |the |duty |of |- |VERIFIED |ANSWER✔✔- Honesty |and |fair |dealing
Listing |given |to |any |number |of |brokers; |only |selling |broker |is |paid |- |VERIFIED |ANSWER✔✔-Open |listing
buyer |beware |- |VERIFIED |ANSWER✔✔-caveat |emptor
Letting |the |buyer |know |a |home |has |a |serious |foundation |issue |- |VERIFIED |ANSWER✔✔-Duty |of |Disclosure
Not |a |fiduciary |duty |owed |to |a |client |- |VERIFIED |ANSWER✔✔-Honesty
Exists |when |an |agent |represents |the |buyer |only
Example |of |single |agency |- |VERIFIED |ANSWER✔✔-Buyers |agency
A |fee |that |is |only |received |upon |a |successful |closing |- |VERIFIED |ANSWER✔✔-contingent |fee
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. |- |VERIFIED |ANSWER✔✔-Designated |agency
Premises |are |not |liveable |for |a |tenant |- |VERIFIED |ANSWER✔✔-Constructive |eviction
A |transfer |of |contract |rights |to |a |third |party |- |VERIFIED |ANSWER✔✔-Assignment
seller |disclosure |form, |signed |purchase |contract, |and |agency |disclosure |form |to |buyer |- |VERIFIED |ANSWER✔✔-Buyers |agent |gives
Law |requires |a |contract |for |the |purpose |of |real |estate |to |be |in |writing |- |VERIFIED |ANSWER✔✔- Statute |of |frauds
principle |of |caveat |emptor |has |been |largely |superseded |by |- |VERIFIED |ANSWER✔✔-Seller |disclosure |laws
Landlord |typically |pays |expenses |of |ownership
Tenant |pays |basic |rent |- |VERIFIED |ANSWER✔✔-Gross |lease
Sublessee |- |VERIFIED |ANSWER✔✔-Tenant
a |tenancy |granted |by |landlords |to |tenants |allowing |them |to |remain |in |possession |without |lease |agreement |- |VERIFIED |ANSWER✔✔-Tenancy |at |will
A |lease |prohibits |the |assignment |or |subletting |without |the |lessor's |approval |and |they |do |it |anyway. |The |sublease |is |
17 |year |old |enters |into |a |contract |- |VERIFIED |ANSWER✔✔-Voidable
employment |contract |between |a |broker |and |a |seller |- |VERIFIED |ANSWER✔✔-Listing |contract
George |wants |to |purchase |Henry's |house |and |they |verbally |agree |on |a |price. |The |agreement |is: |- |VERIFIED |ANSWER✔✔-Unenforcable
a |transfer |of |the |tenant's |interest |but |not |his |or |her |obligations |is |- |VERIFIED |ANSWER✔✔-Sublease
Someone |retains |the |title |until |a |loan |balance |is |paid |in |full |- |VERIFIED |ANSWER✔✔-Installment |contract
Lessee |pays |the |fire |insurance |- |VERIFIED |ANSWER✔✔-Net |lease
A |tenant |who |continues |to |occupy |property |after |the |lease |has |expired |and |can |be |evicted |by |the |landlord |- |VERIFIED |ANSWER✔✔-Holdover |Tenant
Provisions |in |a |contract; |Suitable |financing, |home |inspection |and |appraisal |- |VERIFIED |ANSWER✔✔- Contingencies
mortgage |lien |- |VERIFIED |ANSWER✔✔-Encumbrance
Planning, |zoning |and |building |codes |- |VERIFIED |ANSWER✔✔-Public |land |use |restrictions
A |nonconforming |but |legal |structure |that |existed |prior |to |the |enactment |of |a |land |use |ordinance |is |said |to |be |________ |- |VERIFIED |ANSWER✔✔-grandfathered
trust |that |is |established |after |the |death |of |the |owner |is |called |- |VERIFIED |ANSWER✔✔-Testamentary |trust
the |right |to |use |land |for |a |specific, |limited |purpose |unrelated |to |any |adjacent |parcel |- |VERIFIED |ANSWER✔✔-Easement |in |gross
A |partnership |in |which |two |or |more |individuals |join |to |undertake |a |major |business |project. |- |VERIFIED |ANSWER✔✔-joint |venture
Horizontal |property |laws |- |VERIFIED |ANSWER✔✔-Condo |laws
Partnership |for |a |long |term |arrangement |- |VERIFIED |ANSWER✔✔-Syndicate
person |who |has |complete |control |over |a |parcel |of |real |estate |- |VERIFIED |ANSWER✔✔-Fee |simple |estate
The |process |by |which |the |government |exercises |its |right |of |eminent |domain |and |can |acquire |ownership |of |private |land |for |public |use |- |VERIFIED |ANSWER✔✔-Condemnation
(aka |special |use |permit) |Allows |a |land |use |that |does |not |conform |within |existing |zoning |- |VERIFIED |ANSWER✔✔-Conditional |use |permit
for | 25 |lots |- |VERIFIED |ANSWER✔✔-Interstate |Land |Sales |Full |Disclosure |Act
if |a |property |owner |dies |with |no |heirs |and |no |will, |the |property |reverts |to |the |ownership |of |the |state |- |VERIFIED |ANSWER✔✔-Escheat
Condo |owners |can |share |floors |and |ceilings |- |VERIFIED |ANSWER✔✔-town |house |vs |condo
could |tree |stream |or |rock |- |VERIFIED |ANSWER✔✔-Monument
Owners |property |extends |only |to |the |high |water |mark |and |the |public |may |use |the |land |beyond |this |point |- |VERIFIED |ANSWER✔✔-Private |property
Way |for |owners |can |avoid |probate |- |VERIFIED |ANSWER✔✔-Living |trust
special |ownership |by |married |couple |- |VERIFIED |ANSWER✔✔-Tenancy |by |the |Entirety
A |person |who |acquired |ownership |that |can |be |inherited, |with |the |provision |that |the |land |must |always |be |used |for |recreational |purposes |- |VERIFIED |ANSWER✔✔-Fee |estate |subject |to |condition |subsequent
points |of |beginning, |tangible |and |intangible |monuments, |degrees, |minutes |and |seconds |- |VERIFIED |ANSWER✔✔-Metes |and |Bounds
A |form |of |ownership |by |two |or |more |persons |each |having |an |equal |or |unequal |interest |and |passing |the |interest |to |heirs, |not |to |surviving |tenants. |- |VERIFIED |ANSWER✔✔-Tenants |in |common
The |complete |ownership |of |a |property; |may |be |either |absolute |or |conditional.- |will |be |willed |to |children |- |VERIFIED |ANSWER✔✔-fee |simple |estate
beneficiary |of |a |land |trust
The |mortgagor |- |VERIFIED |ANSWER✔✔-Trustor
A |special |type |of |zoning |used |to |control |density |by |imposing |restrictions, |such |as |setbacks |- |VERIFIED |ANSWER✔✔-Bulk |zoning
The |state |takes |property |upon |an |owners |death |if |there |is |no |will |& |no |heirs |exist. |- |VERIFIED |ANSWER✔✔-escheat
time |share |use |sells |only |right |of |occupancy |not |a |fee |simple |estate |- |VERIFIED |ANSWER✔✔-time |share |use |vs |time |share |estate
Dower, |Curtesy, |or |Homestead |- |VERIFIED |ANSWER✔✔-Legal |life |estate
36 |square |miles |- |VERIFIED |ANSWER✔✔-Township |units
density, |natural |resources, |and |setbacks |- |VERIFIED |ANSWER✔✔-Zoning |ordinances
benefit |of |owning |property |as |tenants |in |the |entirety |- |VERIFIED |ANSWER✔✔-Survivorship
water |rights |are |determined |by |priority |of |beneficial |use |- |VERIFIED |ANSWER✔✔-prior |of |appropriation
relationship |between |someone |who |receives |joint |tenant |interest |- |VERIFIED |ANSWER✔✔-tenants |in |common
A |permissible |use |under |former |rules |that |is |now |prohibited |- |automatically |granted |when |zoning |regulations |change |- |VERIFIED |ANSWER✔✔-Non-conforming |use
intrusion |on |a |person's |territory, |rights, |etc. |- |VERIFIED |ANSWER✔✔-Encroachment
if |a |creator |of |a |life |estate |chooses |not |to |name |a |remainderman |- |VERIFIED |ANSWER✔✔- reversionary |interest
An |easement |allowed |by |law |as |necessary |for |the |full |enjoyment |of |a |parcel |of |real |estate; |for |example, |a |right |of |ingress |and |egress |over |a |grantor's |land. |- |VERIFIED |ANSWER✔✔-Easement |by |necessity
A |customary |unit |of |length.
1 |mile |= |5,280 |feet |- |VERIFIED |ANSWER✔✔-mile
Drawback |is |double |taxation |- |VERIFIED |ANSWER✔✔-Corporation
A |law |that |limits |the |permitted |uses |of |land |and |maximum |density |of |development |in |a |community. |- |VERIFIED |ANSWER✔✔-Zoning |Ordinance
Highest |estate |recognized |by |law |- |VERIFIED |ANSWER✔✔-fee |simple
Condo |wants |to |be |able |to |purchase |a |unit |owner's |interest |before |he |or |she |sells |on |the |open |market |- |VERIFIED |ANSWER✔✔-Right |of |first |refusal
can |take |legal |action |against |the |owner |to |force |the |sale |of |the |property |to |pay |off |the |debt |with |proceeds |from |its |sale |- |VERIFIED |ANSWER✔✔-Lien |holders
grantor, |grantee, |in |writing, |legal |description |- |VERIFIED |ANSWER✔✔-Deed |validity
affects |all |real |and |personal |property |of |the |debtor |- |VERIFIED |ANSWER✔✔-General |liens
legal |action |to |remove |a |cloud |on |a |title |- |VERIFIED |ANSWER✔✔-Suit |to |quiet |table
Owner |whose |property |has |been |foreclosed |on |may |still |have |some |rights |- |VERIFIED |ANSWER✔✔- Statutory |right |of |redemption
the |way |a |taxing |authority |authorizes |the |expenditure |of |funds |and |provides |for |the |source |of |the |funding |- |VERIFIED |ANSWER✔✔-Appropriation
date |and |time |that |a |document |was |recorded |will |help |establish |- |VERIFIED |ANSWER✔✔-Priority
certificate |of |title |issued |by |the |county |clerk |without |any |need |for |a |further |search |is |used |in |- |VERIFIED |ANSWER✔✔-Torrens |system
another |word |for |security |- |VERIFIED |ANSWER✔✔-collateral
the |words |convey, |grant |and |remise |are |examples |of |- |VERIFIED |ANSWER✔✔-words |of |conveyance
boat |or |car |taxes |are |not |real |estate |taxes, |they |are |- |VERIFIED |ANSWER✔✔-ad |valorem |taxes
general, |statutory, |and |involuntary |lien |on |both |real |and |personal |property |- |VERIFIED |ANSWER✔✔- federal |tax |lien
way |to |secure |some |tax |relief |if |a |fixed |income |person |has |property |taxes |that |have |increased |greatly |over |the |past |few |years |- |VERIFIED |ANSWER✔✔-exemption
formal |judicial |proceeding |that |confirms |validity |of |a |will |- |VERIFIED |ANSWER✔✔-probate
writ |allows |a |court |to |retain |custody |of |a |debtors |property |until |the |creditors |lawsuit |is |finalized |- |VERIFIED |ANSWER✔✔-attachment
its |purpose |is |to |define |ownership |- |VERIFIED |ANSWER✔✔-Habendum |Clause
A |recorded |notice |stating |that |a |lawsuit |is |pending |that |may |affect |title |and |put |a |possible |future |lien |- |VERIFIED |ANSWER✔✔-lis |pendens
Open, |continuous |
Notorious |and |hostile |possession |of |the |property |- |VERIFIED |ANSWER✔✔-adverse |possession |must |be
person |the |deed |must |be |acknowledged |by |- |VERIFIED |ANSWER✔✔-notary
grantors |promise |to |obtain |any |further |documents |that |are |necessary |to |convey |good |title |- |VERIFIED |ANSWER✔✔-Covenant |of |further |assurances
When |a |document |is |filed |in |public |records |it |has |_____ |over |subsequent |documents |- |VERIFIED |ANSWER✔✔-Priority
Transfer |of |title |requires: |- |VERIFIED |ANSWER✔✔-Both |delivery |and |acceptance
Needed |to |fund |capital |projects |- |VERIFIED |ANSWER✔✔-Local |improvement |district
The |county |where |the |property |is |located |- |VERIFIED |ANSWER✔✔-Where |is |a |deed |recorded?
review |of |circumstances |reveals |facts |about |a |title
Properly |recording |documents |in |the |public |record |- |VERIFIED |ANSWER✔✔-Constructive |notice
Grantor |of |a |title |has |been |declared |mentally |incompetent |by |a |judge |- |VERIFIED |ANSWER✔✔-Void
aka |a |deed |of |trust |lien |- |VERIFIED |ANSWER✔✔-mortgage |lien
Deed |warrants |only |the |grantor |and |no |owner |before |him |- |VERIFIED |ANSWER✔✔-Quitclaim
Certificate |of |title |will |NOT |reveal |- |VERIFIED |ANSWER✔✔-Rights |of |parties |in |possession
Involuntary, |General, |Statutory |- |VERIFIED |ANSWER✔✔-IRS |tax |lien
Targets |homeowners |in |particular |- |VERIFIED |ANSWER✔✔-Real |property |tax
Both |liens |involve |a |debtor |and |creditor |relationship |- |VERIFIED |ANSWER✔✔-Mortgage |and |judgement |lien
Specific, |involuntary |- |VERIFIED |ANSWER✔✔-Real |estate |tax |lien
Creditor |takes |a |property |due |to |a |non |payment |- |VERIFIED |ANSWER✔✔-Foreclosure
Under |the |Ucc |a |lender |who |wishes |to |give |notice |of |its |security |interest |must |file |- |VERIFIED |ANSWER✔✔-Financing |agreement
Requires |a |public |sale |- |VERIFIED |ANSWER✔✔-Power |of |sale
aka |due |on |sale |clause, |call |clause, |resale |clause |- |VERIFIED |ANSWER✔✔-alienation |clause
aka |rapid |payoff |mortgage |- |VERIFIED |ANSWER✔✔-Growing |Equity |Mortgage
A |fee |charged |by |the |lender |at |settlement |that |results |in |increasing |the |lender's |effective |yield |on |the |money |borrowed. |One |discount |point |equals |one |percent |of |the |loan |amount. |- |VERIFIED |ANSWER✔✔-discount |points
NOT |managed |by |federal |gov |
A |privately |owned |corporation, |active |in |buying |FHA |and |VA |mortgage |loans, |known |as |fannie |mae |- |VERIFIED |ANSWER✔✔-Federal |National |Mortgage |association
requires |disclosure |from |discount |points, |interest |rate, |and |loan |origination |fee
requires |that |finance |charges |be |stated |as |an |annual |percentage |rate |- |VERIFIED |ANSWER✔✔-truth |in |lending |act
Allows |borrowers |(62 |years |or |older) |to |borrow |against |their |equity. |Can |supplement |their |retirement |income |- |VERIFIED |ANSWER✔✔-Reverse |annuity |mortgage
when |a |loan |is |paid |in |full, |a |defeasance |clause |requires |the |lender |executes |a |- |VERIFIED |ANSWER✔✔-satisfaction
equitable |right |of |redemption |period |begins |- |VERIFIED |ANSWER✔✔-after |default |letter |is |sent
when |a |borrower |pays |off |his |or |her |loan, |lender |must |file |a |release |and |satisfaction |- |VERIFIED |ANSWER✔✔-defeasance
Prohibits |a |lender |from |making |a |borrower |keep |excessive |amounts |in |the |escrow |- |VERIFIED |ANSWER✔✔-RESPA
note |and |mortgage |created |at |the |time |of |the |closing |- |VERIFIED |ANSWER✔✔-Purchase |money |mortgage
legal |title |is |given |to |the |mortgager |when |the |loan |is |paid |in |full |- |VERIFIED |ANSWER✔✔-title |theory |state
alienation |clause |in |a |loan |document |will |prevent |a |future |buyer |from |- |VERIFIED |ANSWER✔✔- assuming |the |loan
recission |provisions |of |truth |in |lending |act |apply |to |- |VERIFIED |ANSWER✔✔-consumer |credit
mortgage |money |will |become |scarce, |buyers |points |will |increase, |and |percentage |of |ARMS |will |increase |- |VERIFIED |ANSWER✔✔-When |FRB |raises |its |discount |rate
borrower |in |a |mortgage |loan |- |VERIFIED |ANSWER✔✔-mortgagor
A |deed |given |by |the |mortgagor |to |the |mortgagee |when |the |mortgagor |is |in |default. |This |is |a |way |for |the |mortgagor |to |avoid |foreclosure. |- |VERIFIED |ANSWER✔✔-Deed |in |Lieu |of |Foreclosure
in |a |fixed |rate |loan |the |amount |of |interest |is |- |VERIFIED |ANSWER✔✔-predetermined
package |of |loans |sold |on |the |secondary |market |- |VERIFIED |ANSWER✔✔-Pools
has |power |of |sale |clause, |buyer |signs |agreeing |to |give |up |the |property |if |in |default |- |VERIFIED |ANSWER✔✔-deed |of |trust
7.5 |percent |annual |interest |rate |- |VERIFIED |ANSWER✔✔-Truth |in |Lending |Act
