PERRY REAL ESTATE COLLEGE FINAL
QUESTIONS AND CORRECT ANSWERS
Q: Fixture
Ans: An item of personal property that has been converted to real property by
being permanently affixed to the realty.
Q: Special Purpose Real Estate
Ans: churches, schools, cemeteries, and government-held lands
Q: Propriety lease
Ans: the lease given to shareholders in a cooperative
Q: Disposition
Ans: Right to encumber
Q: Control
Ans: Right to determine interest of property
Q: Accession
Ans: Acquiring title to additions or improvements to real property as a result of
a lease ending
Q: PITI
Ans: Principal, Interest, Taxes, Insurance
Q: Exclusion
Ans: ability to legally refuse others interest
Q: Yes
,Ans: Are Fixtures real property?
Q: third
Ans: Mortgage interest on a home affects tax returns
Q: Improvement
Ans: 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.
Q: Deed
Ans: A document that transfers ownership of property from one party to
another.
Q: federally related transaction
Ans: Appraisals are required for
Q: Condo
Ans: An individually owned unit in an apartment-style complex with shared
ownership of common areas.Owned in fee simple + undivided joint interests
Q: monetary policy
Ans: factor in supply
Q: Old english law
Ans: Bundle of legal rights comes from
Q: Fructus Industriales
Ans: An Emblements, considered real property, plant or crop that require
annual cultivation
Q: Enjoyment
Ans: possession without harassment or interference
,Q: Broker
Ans: Point of contact between 2 or more people in negotiating the sale,
rental or purchase
Q: FEMA
Ans: administers the national flood insurance program
Q: Chattel
Ans: an item of personal, movable property
Q: Subdivision
Ans: the dividing of a single property into smaller parcels
Q: Agency
Ans: Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and
implication
Q: Net listings
Ans: prohibited in some states
Q: Agent
Ans: Principal broker of firm
Q: Puffing
Ans: "Best deal in town"
Q: Exclusive agency
Ans: owner sold home herself and didn't owe a commission
, Q: Seller's decision
Ans: Listed price of a property is always
Q: Breached duty of loyalty
Ans: Showing a buyer homes outside their price range
Agent is interested in a property they are showing a buyer and they make an
offer on it
"self dealing"
Q: Undisclosed dual agency
Ans: repping buyer and seller without full and complete disclosure
Q: Broker
Ans: Commission that is paid to a salesperson is determined by mutual
agreement with
Q: Transaction broker
Ans: not representing either party but helping a buyer/seller fill out a sales
contract
Q: Customer
Ans: someone who refused buyer representation
a FSBO seller
Q: Fee for services
Ans: unbundling of services
QUESTIONS AND CORRECT ANSWERS
Q: Fixture
Ans: An item of personal property that has been converted to real property by
being permanently affixed to the realty.
Q: Special Purpose Real Estate
Ans: churches, schools, cemeteries, and government-held lands
Q: Propriety lease
Ans: the lease given to shareholders in a cooperative
Q: Disposition
Ans: Right to encumber
Q: Control
Ans: Right to determine interest of property
Q: Accession
Ans: Acquiring title to additions or improvements to real property as a result of
a lease ending
Q: PITI
Ans: Principal, Interest, Taxes, Insurance
Q: Exclusion
Ans: ability to legally refuse others interest
Q: Yes
,Ans: Are Fixtures real property?
Q: third
Ans: Mortgage interest on a home affects tax returns
Q: Improvement
Ans: 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.
Q: Deed
Ans: A document that transfers ownership of property from one party to
another.
Q: federally related transaction
Ans: Appraisals are required for
Q: Condo
Ans: An individually owned unit in an apartment-style complex with shared
ownership of common areas.Owned in fee simple + undivided joint interests
Q: monetary policy
Ans: factor in supply
Q: Old english law
Ans: Bundle of legal rights comes from
Q: Fructus Industriales
Ans: An Emblements, considered real property, plant or crop that require
annual cultivation
Q: Enjoyment
Ans: possession without harassment or interference
,Q: Broker
Ans: Point of contact between 2 or more people in negotiating the sale,
rental or purchase
Q: FEMA
Ans: administers the national flood insurance program
Q: Chattel
Ans: an item of personal, movable property
Q: Subdivision
Ans: the dividing of a single property into smaller parcels
Q: Agency
Ans: Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and
implication
Q: Net listings
Ans: prohibited in some states
Q: Agent
Ans: Principal broker of firm
Q: Puffing
Ans: "Best deal in town"
Q: Exclusive agency
Ans: owner sold home herself and didn't owe a commission
, Q: Seller's decision
Ans: Listed price of a property is always
Q: Breached duty of loyalty
Ans: Showing a buyer homes outside their price range
Agent is interested in a property they are showing a buyer and they make an
offer on it
"self dealing"
Q: Undisclosed dual agency
Ans: repping buyer and seller without full and complete disclosure
Q: Broker
Ans: Commission that is paid to a salesperson is determined by mutual
agreement with
Q: Transaction broker
Ans: not representing either party but helping a buyer/seller fill out a sales
contract
Q: Customer
Ans: someone who refused buyer representation
a FSBO seller
Q: Fee for services
Ans: unbundling of services
