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Perry real estate final exam 2025 (Actual
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Mary received a life estate in 310 Broadway. Mary died in 2011. This means that the life estate ---------CORRECT ANSWER-----------------A life estate is a freehold estate limited in duration to the life of the owner or some other designated person He governments payment to a landowner for seizure of his or her property is called ---------CORRECT ANSWER-----------------Just compensation Ownership of real estate by one individual is called ---------CORRECT ANSWER------- ----------Severalty The amount a property increases in value after successful assemblage is --------- CORRECT ANSWER-----------------Plottage The cost approach estimates accrued depreciation using the ---------CORRECT ANSWER-----------------Straight line method
A business in which real estate investors pull the resources to own a particular property is called ---------CORRECT ANSWER-----------------Syndicate Adjusted cost basis includes all the following except ---------CORRECT ANSWER----- ------------Taxes For income producing property is the amount remaining after all expenses have been paid is known as ---------CORRECT ANSWER-----------------Cash flow All of the following are associated with a 1031 tax exchange except
- Like kind
- Boot
- Qualified intermediary
- The elimination capital gains taxes ---------CORRECT ANSWER----------------- 4 The equal credit opportunity act primarily deals with what ---------CORRECT ANSWER-----------------Discrimination in lending
If hud files charges, the aggrieved party has blank to exercise an election to take this matter to federal court for a jury trial ---------CORRECT ANSWER----------------- 20 days Among other classifications the fair housing act of 1968 made it illegal to discriminate on the basis of ---------CORRECT ANSWER-----------------Race, color, religion, or national origin In applying the balancing test the courts appear to favor the blank except under extreme circumstances ---------CORRECT ANSWER-----------------Handicapped person A private action alleging discrimination must be brought within ---------CORRECT ANSWER-----------------two years of the alleged discrimination. If a mortgage lender refuses to make a mortgage loan to a woman because she is a single mother the lender has violated what law ---------CORRECT ANSWER--------- --------ECOA A convent refuses to allow members of other face to rent their room. This is ------- --CORRECT ANSWER-----------------Legal
According to the Supreme Court there are no exceptions regarding which protected class ---------CORRECT ANSWER-----------------Racial discrimination A landlord is required To permit a tenant at the blank expense to make a reasonable modification of the living space in order to have full use and enjoyment of the premises ---------CORRECT ANSWER-----------------Tenants An occupancy requirement is exempt from familial status protection under the fair housing act if the housing is intended to be occupied by ---------CORRECT ANSWER-----------------persons 62 years of age or older. Or for occupancy and 80% of its units by at least one person 55 years of age or older At closing the virus is credit for accrued items. What expenses could these have been ---------CORRECT ANSWER-----------------Accrued items are bills to be paid by the buyer Disturbing blank during remodeling a renovation creates dangerous airborne particles that pose a health risk ---------CORRECT ANSWER-----------------Asbestos What was banned in 1978 ever is associated health risk for discovery but it remains an ongoing going concern ---------CORRECT ANSWER-----------------Asbestos
A tenant signed a one-year lease with a landlord on April 10. On the following March 1, the landlord asked the tenant whether the lease will be renewed. The tenant did not respond but was still in the apartment on April 11. What can the landlord do ---------CORRECT ANSWER-----------------As an estate for years no notice was required to terminate. If the tenant does not pay rent, it will become a tenancy at sufferance. If the tenant pays rent and the landlord accepts it, it will be a holdover or periodic tenancy, which could be changed into an estate for years if they enter into a year-long lease If a landlord agrees to put part of the tenants rent towards the purchase price the landlord and tenants have agreed to ---------CORRECT ANSWER-----------------A sale leaseback If a licensee receives a complaint from the commission he or she must --------- CORRECT ANSWER-----------------he has 20 days to answer a complaint Eloise is representing a buyer for a property. The buyer looks at a property that is actually owned by Eloise and her husband Lenny and listed by Eloise. Eloise does not mention this fact to the buyer. Eloise is in violation of license law for --------- CORRECT ANSWER-----------------Undisclosed dual agency Danyal has a felony conviction that does not show up on his background check. He does not inform the commission of this conviction. The commission can discipline Danyal's license for ---------CORRECT ANSWER-----------------If Danyal does not disclose his felony he has obtained a license through false means
Janet attended nine hours of continuing education in the last calendar year. All of these hours were in law. Which of the following is true ---------CORRECT ANSWER-- ---------------A licensee must take a minimum of three hours of law but may take more If a licensee has been found guilty of fraud in order to pay restitution the consumer can receive up to blank dollars from the recovery fund ---------CORRECT ANSWER-----------------$20K Donna's license has been canceled. She can have her license renewed as long as she does so within ---------CORRECT ANSWER-----------------One year An earnest money deposit must be placed into escrow within blank days of receipt ---------CORRECT ANSWER-----------------3 business days All of the following are exempt from licensure except ---------CORRECT ANSWER---- -------------A personal assistant is not exempt from licensure but must follow the laws pertaining to personal assistance
adopted the uniform vendor and purchaser act, the seller remains responsible for the property until the day of closing The term statue of limitation is best described as the limitation on the --------- CORRECT ANSWER-----------------Every state limits the right during which parties to a contract may bring a legal action to enforce their rights. Rights not enforced within the Applicable time period Are lost In case the buyer decides not to buy for no legal reason, the contract may provide at the earnest money is there as ---------CORRECT ANSWER-----------------Liquidated damages limit the compensation available to the injured party should a breach of contract occur What is minimum consideration in a valid contract ---------CORRECT ANSWER------- ----------Anything the parties agree is good and valuable What is an example of a unilateral contract ---------CORRECT ANSWER----------------- In a unilateral contract only one party is obligated to perform. The optionor- owner of the property must sell at the agreed-upon price only if the optionee he decides to buy A woman is buying a man's house and wants to take over the mortgage. The lender releases the man from the obligation substituting the woman as the party
liable for the debt. This new agreement is called ---------CORRECT ANSWER---------- -------Novation A real estate broker in ounces to the sales people in her office that she will pay $1000 bonus to the top selling sales person each quarter. This contract is an ------- --CORRECT ANSWER-----------------The offer of a bonus to the top selling sales person each quarter is an express contract because the broker clearly stated her intentions and words to the sales people. It is unilateral contract because she's obligated to keep her promise but the sales people are not obligated to perform A testamentary trust is created by ---------CORRECT ANSWER-----------------A will In any Township what is the number of the section designated as the school section ---------CORRECT ANSWER----------------- 16 Lonnie conveys the ownership of his house to his mother and stipulates that upon her death he will recapture ownership. The interest Lonnie has in the property is a ---------CORRECT ANSWER-----------------reversionary interest If a creator of a life estate chooses not to name my remainderman the creator has ---------CORRECT ANSWER-----------------The property will revert back to the creator
A manufactured home can be turned into real estate by what process --------- CORRECT ANSWER-----------------AFFIXATION A developer grants a local power company the right to install necessary transmission lines. This right is an example of a ---------CORRECT ANSWER------------ -----Easement in gross The beneficiary of a land trust is also commonly ---------CORRECT ANSWER----------- ------The trustor Homeowner Gurnee acquired ownership of land that was deposited by a river running through his property by ---------CORRECT ANSWER-----------------Accretion Many states determine the order of water rights according to which users of the water hold recorded beneficial use permits. This allocation of water rights is controlled by ---------CORRECT ANSWER-----------------If an owner has a beneficial use for scarce water, this falls under the doctrine of prior appropriation Jamal Morton an herb are joint tenants in a parcel of land. Herb conveys his interest to his longtime friend Walid. After the conveyance Jamall and Morton ---- -----CORRECT ANSWER-----------------Remain joint tenants owning a two thirds interest
One of the drawbacks of a corporation is ---------CORRECT ANSWER----------------- Double taxation A syndicate may be set up as ---------CORRECT ANSWER-----------------A trust a partnership or a corporation Rights granted to owners along a river or stream are known as ---------CORRECT ANSWER-----------------Riparian rights A trust is a legal arrangement in which title to property is held for the benefit of a third-party by a ---------CORRECT ANSWER-----------------trustee PITT stands for ---------CORRECT ANSWER-----------------Possession Interest Time Title The term "metes" refers to ---------CORRECT ANSWER-----------------Distance
If a Kentucky license he wants to promote an out of state property in the state of Kentucky he or she must ---------CORRECT ANSWER-----------------Seek permission from the commission Tenant security deposits must be placed where ---------CORRECT ANSWER----------- ------Separate account A person who complies information on properties that are available for rent in exchange for a fee is exempt from licensure. True or false? ---------CORRECT ANSWER-----------------This person is exempt no matter who pays the fee In designated agency the principal broker or managing broker is a ---------CORRECT ANSWER-----------------Dual agent If a licensee offers a rebate or an inducement to a client this offer must be --------- CORRECT ANSWER-----------------Disclosed in writing Susan makes an offer on an FSBO property. Susan's agent obtained the property disclosure from the seller. The agent has blank hours to present the form to Susan ---------CORRECT ANSWER----------------- 120
The duty of accounting means that a licensee must ---------CORRECT ANSWER------- ----------Remit money to the rightful owner A builder has asked a licensee to list a newly built home. The sellers disclosure form is required unless ---------CORRECT ANSWER-----------------The sellers disclosure is not required if the builder provides a warranty Listing agent should present the sellers disclosure form to the seller --------- CORRECT ANSWER-----------------When the listing is signed The information on the sellers disclosure form applies to ---------CORRECT ANSWER-----------------That sellers ownership of the property Where's his listing contract all contain a clause stating that the listing will automatically extend at the expiration of the original term. Wes's contracts are --- ------CORRECT ANSWER-----------------Illegal because contracts must have a definite end date Blank is possession without harassment or interference ---------CORRECT ANSWER- ----------------Enjoyment
Socrates is the founder of what ---------CORRECT ANSWER-----------------Science of ethics A licensee owes the following fiduciary duties to a customer ---------CORRECT ANSWER-----------------Honesty and fair dealing Broker Smith is helping a buyer and seller fill out a sales contract, but it's not representing either party. Broker Smith is a ---------CORRECT ANSWER----------------- Transaction broker Kant is the founder of what ---------CORRECT ANSWER-----------------Modern ethics True or false. Another term for breach of the duty of loyalty is self dealing --------- CORRECT ANSWER-----------------True If a real estate agent is showing a client a house above their price range to get a better commission this breaches the duty of ---------CORRECT ANSWER--------------- --Loyalty
When making an offer on a 1970 property the buyer should have ---------CORRECT ANSWER-----------------Seller disclosure, agency disclosure, lead paint disclosure and a copy of the offer Blank can be accomplished expressly in writing or orally accepting the ax or by the principal taking the benefits of the past acts ---------CORRECT ANSWER----------------
- Ratification If a title has serious defects it is not ---------CORRECT ANSWER----------------- Marketable The blank clause lays out the rules and regulations in the granting instrument ----- ----CORRECT ANSWER-----------------Habendum Specific liens include ---------CORRECT ANSWER------------------ vendors' liens,
- mechanics' liens,
- mortgage liens,
- real estate tax liens,
- liens for special assessments utilities
