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Perry Real Estate Final Exam 2025 | Featuring Topics such as Property Ownership, Contracts, Exams of Real Estate Management

Perry Technical Institute Real Estate Management

The Perry Real Estate Final Exam 2025 is an essential resource for students preparing for their real estate licensing exams. This comprehensive guide covers a range of crucial topics within the real estate domain, including Property Ownership, Contracts, Real Estate Law, Financing, Agency Relationships, and Fair Housing. As a newly released study tool, it provides up-to-date information and scenarios that reflect current industry standards and practices. The exam material includes detailed questions and correct answers, offering insights into real-world applications of real estate principles. For instance, students will learn about the rights associated with property control, such as the right to sell property, and the nuances of agency relationships, like the restrictions on contacting sellers under exclusive listings.

Typology: Exams

2024/2025

Available from 06/15/2025

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Perry Real Estate Final Exam 2025 | Featuring

Topics such as Property Ownership, Contracts,

Real Estate Law, Financing, Agency

Relationships, and Fair Housing | Just

Released

All of the following are included in the right to control one's property EXCEPT

-the right to exclude the utilities' meter reader

-the right to enjoy profits from its ownership

-the right to erect "no trespassing" signs

-The right to sell the property to a neighbor ---------CORRECT ANSWER----------------

-The right to exclude the utilities' meter reader

If a licensee knows that a seller is under an exclusive listing with another

brokerage, the licensee

-may knock of the seller's door

-may call the seller on the telephone

-may not contact that seller

- may send the seller a letter ---------CORRECT ANSWER-----------------may not

contact that seller

All of the following are physical characteristics of land EXCEPT

Partial preview of the text

Download Perry Real Estate Final Exam 2025 | Featuring Topics such as Property Ownership, Contracts and more Exams Real Estate Management in PDF only on Docsity!

Perry Real Estate Final Exam 2025 | Featuring

Topics such as Property Ownership, Contracts,

Real Estate Law, Financing, Agency

Relationships, and Fair Housing | Just

Released

All of the following are included in the right to control one's property EXCEPT

the right to exclude the utilities' meter reader
the right to enjoy profits from its ownership
the right to erect "no trespassing" signs
The right to sell the property to a neighbor ---------CORRECT ANSWER----------------
The right to exclude the utilities' meter reader If a licensee knows that a seller is under an exclusive listing with another brokerage, the licensee
may knock of the seller's door
may call the seller on the telephone
may not contact that seller
may send the seller a letter ---------CORRECT ANSWER-----------------may not contact that seller All of the following are physical characteristics of land EXCEPT

scarcity
indestructibility
uniqueness
immobility ---------CORRECT ANSWER-----------------scarcity If a homeowner's insurance policy provides coverage for less than 80 percent of the full replacement cost of the dwelling, then the loss of the residence will be settled for
the market value of the property less the land value.
the lowest repair bid.
either the actual cash value or the prorated repair cost.
the total replacement cost. ---------CORRECT ANSWER-----------------either the actual cash value or the prorated repair cost a father conveyed the family home to his daughter by will as a pur autre vie estate for the life of her mother. If the daughter should die before the mother, who gains possession of the property?
the remainderman
the father's other children
the mother
the daughter's heirs ---------CORRECT ANSWER-----------------the daughters heirs Which of the following is true about land taken for public use?

in a separate account
in the owners account
none of the above ---------CORRECT ANSWER-----------------in a separate account An earnest money deposit must be placed into escrow within _____ business days of receipt ---------CORRECT ANSWER----------------- 3 A bill of sale is used to transfer the ownership of
fixtures
appurtenances
real estate
personal property ---------CORRECT ANSWER-----------------personal property All of the following affect how quickly the forces of supply and demand work EXCEPT
degree of standardization of the product's price
mobility of the parties to the transaction
degree of standardization of the product
mobility of the product ---------CORRECT ANSWER-----------------degree of standardization of the products price

A property manager must be licensed, unless:

he receives a rental unit as his compensation
he receives bonuses as his compensation
he only receives a fee for each lease as his compensation
he receives commissions as his compansation ---------CORRECT ANSWER------------- ----he receives a rental unit as his compensation 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

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
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

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 Assume that the listing and selling brokers split the commission evenly. What is the sales price of a house if the listing broker received $2,593.50 and the total rate is 6%? ---------CORRECT ANSWER-----------------$86, The Commission can conduct an emergency hearing for
Any allegation
Allegations of gross negligence
alleged escrow account violations
alleged advertising violations ---------CORRECT ANSWER-----------------alleged escrow account violations A trust is a legal arrangement in which property is held for the benefit of a third party by a(n)
attorney in fact

trustee
trustor
beneficiary ---------CORRECT ANSWER-----------------trustee a bilateral contract is one in which
the promise of one party is given in exchange for the promise of the other party
something is to be done by one party only
only one of the parties is obligated to act
a restriction is placed in the contract by one party to limit the performance by the other ---------CORRECT ANSWER-----------------the promise of one party is given in exchange for the promise of the other party When the supply of a commodity decreases while demand remains the same,
demand tends to rise
demand tends to drop
price tends to drop
price tends to rise ---------CORRECT ANSWER-----------------price tends to rise As provided in a valid purchase contract, the real estate transaction must be closed. Closing requires all of the following EXCEPT
that the seller deliver the deed to the purchaser
that the broker be present to receive any commission

- 5.8% ---------CORRECT ANSWER-----------------5.8%

A lease should contain all of the following provisions EXCEPT

possession of the premises
use of the premises
term of the lease
sale and leaseback clause ---------CORRECT ANSWER-----------------sale and leaseback clause All of the following would affect demand EXCEPT
population
fiscal policy
wage levels
demographics ---------CORRECT ANSWER-----------------fiscal policy All of the following are true regarding public records EXCEPT
they provide constructive notice about interests in the property
they guarantee marketable title
they establish priority of liens

they give notice of encumbrances ---------CORRECT ANSWER-----------------they guarantee marketable title If I am makes an offer on a house and the seller excepts in writing. What is the current status of this relationship? ---------CORRECT ANSWER-----------------Because the seller has promised to sell and the buyer has promised to buy, it is clearly a bilateral contract. It is express because they announced their intentions in writing. This contract is executory because the sale has not closed yet Additional conditions that must be satisfied before a sales contract is fully enforceable are called ---------CORRECT ANSWER-----------------contingencies If I'm in allows a woman to back out of the contract, returned the earnest money to her, and both are back to the positions they held before the contract, the contract has been ---------CORRECT ANSWER-----------------Rescission allows both parties to return to their original possessions before the contract, so any monies exchange must be returned A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is obligated to perform only if the buyer is first able to sell her condo. This is an example of ---------CORRECT ANSWER-----------------A property sale contingency protects a buyer who has to sell a property in order to buy the sellers property

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 descendent left a will giving his neighbor the right to use a well on the descendents land as long as the neighbor lived. The neighbors interest in the property is properly called ---------CORRECT ANSWER-----------------An easement in gross is an individual interest in someone else's land A lawsuit to terminate an easement is called an action to ---------CORRECT ANSWER-----------------Action to quiet title If an adjacent public land use diminishes the value of your property you may claim compensation under which theory ---------CORRECT ANSWER-----------------Inverse condemnation The process by which government can acquire ownership of private land for public use is ---------CORRECT ANSWER-----------------Condemnation A partnership which is for a long-term arrangement is called ---------CORRECT ANSWER-----------------Syndicate

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 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

Perry Real Estate Final Exam 2025 | Featuring Topics such as Property Ownership, Contracts, Exams of Real Estate Management

Related documents

Partial preview of the text

Download Perry Real Estate Final Exam 2025 | Featuring Topics such as Property Ownership, Contracts and more Exams Real Estate Management in PDF only on Docsity!

Perry Real Estate Final Exam 2025 | Featuring

Topics such as Property Ownership, Contracts,

Real Estate Law, Financing, Agency

Relationships, and Fair Housing | Just

Released

- 5.8% ---------CORRECT ANSWER-----------------5.8%