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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.
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All of the following are included in the right to control one's property EXCEPT
A property manager must be licensed, unless:
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 method of describing land that uses degrees, feet, and monuments is known as the
The Commission will not pursue a complaint unless it
A lease should contain all of the following provisions EXCEPT
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