PERRY REAL ESTATE COLLEGE
FINAL EXAM QUESTIONS & ACTUAL
CORRECT ANSWERS
Which of the following is true regarding a special warranty deed?
The grantor is making additional warranties beyond those given in a warranty deed.
The grantor's warranties are limited to the time the grantor owned the property.
The grantor is warranting that no encumbrances exist against the property.
The grantor retains an interest in the ownership. - Correct Answer ✔✔ The grantor's
warranties are limited to the time the grantor owned the property.
A joint tenancy with right of survivorship may be created
automatically if the property is distributed to the surviving children.
by deed or will
by presumption if another form of ownership is not described.
automatically if a deed is signed by both spouses - Correct Answer ✔✔ by deed or will
All the following would be considered specific data except:
the dimensions of the subject property
the gross rent multipliers for the area
the employment opportunities in the area
the sales data for comparable properties - Correct Answer ✔✔ the employment
opportunities in the area
If the commission determined that an individual is engages in unlicensed brokerage, the
commission may
Seek injunctive relief in Circuit Court
File a Complaint at the Commission
,Sue in District Court
File a Complaint at the Attorney General's Office - Correct Answer ✔✔ Seek injunctive
relief in Circuit Court
All the following would be acceptable as evidence of marketable title EXCEPT
A property owner's warranty deed
An abstract and legal opinion
Torrens certificate
A title insurance policy - Correct Answer ✔✔ A property owner's warranty deed
If a licensee knows that a seller is under an exclusive listing with another brokerage, the
licensee
May call the seller on the telephone
May not contact that seller
May knock on the seller's door
May send the seller a letter - Correct Answer ✔✔ May not contact that seller
The Governor appoints Commissioners
From a list provided by the Real Estate Commission
From a list provided by the Kentucky Association of REALTORS
From a list provided by his or her staff
None of the above - Correct Answer ✔✔ From a list provided by the Kentucky
Association of REALTORS
All of the following should be a consideration in selecting a tenant for the property
EXCEPT
Compatibility of the tenant's business with those of other tenants
Size of the available space relative to the tenants requirements
Tenant's ability to make the rental payments
, Ethnic background of the tenant and his or her employees - Correct Answer ✔✔ Ethnic
background of the tenant and his or her employees
The defeasance clause in a mortgage requires the mortgages to execute a(n)
assignment of mortgage
satisfaction of mortgage
partial release agreement
subordination agreement - Correct Answer ✔✔ satisfaction of mortgage
Which of the following would be considered legal?
Refusing to sell a house to a person who has a history of mental illness
Charging a family with children a higher security deposit than is charged there are no
children
Requiring a person with a disability to establish an escrow account for the costs to
restore a property after it has been modified
Picturing only white people in a brochure as the "happy residents" in a housing
development - Correct Answer ✔✔ Requiring a person with a disability to establish an
escrow account for the costs to restore a property after it has been modified
Normally, the priority of general liens is determined by
the order in which the cause of action arose
the size of the claim
the order in which they are filed or recorded
the court - Correct Answer ✔✔ the order in which they are filed or recorded
If a licensee offers a rebate or an inducement to a client, this offer must be:
for money only
disclosed in writing
offered to all clients
FINAL EXAM QUESTIONS & ACTUAL
CORRECT ANSWERS
Which of the following is true regarding a special warranty deed?
The grantor is making additional warranties beyond those given in a warranty deed.
The grantor's warranties are limited to the time the grantor owned the property.
The grantor is warranting that no encumbrances exist against the property.
The grantor retains an interest in the ownership. - Correct Answer ✔✔ The grantor's
warranties are limited to the time the grantor owned the property.
A joint tenancy with right of survivorship may be created
automatically if the property is distributed to the surviving children.
by deed or will
by presumption if another form of ownership is not described.
automatically if a deed is signed by both spouses - Correct Answer ✔✔ by deed or will
All the following would be considered specific data except:
the dimensions of the subject property
the gross rent multipliers for the area
the employment opportunities in the area
the sales data for comparable properties - Correct Answer ✔✔ the employment
opportunities in the area
If the commission determined that an individual is engages in unlicensed brokerage, the
commission may
Seek injunctive relief in Circuit Court
File a Complaint at the Commission
,Sue in District Court
File a Complaint at the Attorney General's Office - Correct Answer ✔✔ Seek injunctive
relief in Circuit Court
All the following would be acceptable as evidence of marketable title EXCEPT
A property owner's warranty deed
An abstract and legal opinion
Torrens certificate
A title insurance policy - Correct Answer ✔✔ A property owner's warranty deed
If a licensee knows that a seller is under an exclusive listing with another brokerage, the
licensee
May call the seller on the telephone
May not contact that seller
May knock on the seller's door
May send the seller a letter - Correct Answer ✔✔ May not contact that seller
The Governor appoints Commissioners
From a list provided by the Real Estate Commission
From a list provided by the Kentucky Association of REALTORS
From a list provided by his or her staff
None of the above - Correct Answer ✔✔ From a list provided by the Kentucky
Association of REALTORS
All of the following should be a consideration in selecting a tenant for the property
EXCEPT
Compatibility of the tenant's business with those of other tenants
Size of the available space relative to the tenants requirements
Tenant's ability to make the rental payments
, Ethnic background of the tenant and his or her employees - Correct Answer ✔✔ Ethnic
background of the tenant and his or her employees
The defeasance clause in a mortgage requires the mortgages to execute a(n)
assignment of mortgage
satisfaction of mortgage
partial release agreement
subordination agreement - Correct Answer ✔✔ satisfaction of mortgage
Which of the following would be considered legal?
Refusing to sell a house to a person who has a history of mental illness
Charging a family with children a higher security deposit than is charged there are no
children
Requiring a person with a disability to establish an escrow account for the costs to
restore a property after it has been modified
Picturing only white people in a brochure as the "happy residents" in a housing
development - Correct Answer ✔✔ Requiring a person with a disability to establish an
escrow account for the costs to restore a property after it has been modified
Normally, the priority of general liens is determined by
the order in which the cause of action arose
the size of the claim
the order in which they are filed or recorded
the court - Correct Answer ✔✔ the order in which they are filed or recorded
If a licensee offers a rebate or an inducement to a client, this offer must be:
for money only
disclosed in writing
offered to all clients
