PERRY REAL ESTATE COLLEGE
FINAL EXAM QUESTIONS & UPDATED
ANSWERS RATED 100% CORRECT
Fixture - Correct Answer ✔✔ An item of personal property that has been converted to
real property by being permanently affixed to the realty.
Special Purpose Real Estate - Correct Answer ✔✔ churches, schools, cemeteries, and
government-held lands
Propriety lease - Correct Answer ✔✔ the lease given to shareholders in a cooperative
Disposition - Correct Answer ✔✔ Right to encumber
Control - Correct Answer ✔✔ Right to determine interest of property
Accession - Correct Answer ✔✔ Acquiring title to additions or improvements to real
property as a result of a lease ending
PITI - Correct Answer ✔✔ Principal, Interest, Taxes, Insurance
Exclusion - Correct Answer ✔✔ ability to legally refuse others interest
Yes - Correct Answer ✔✔ Are Fixtures real property?
third - Correct Answer ✔✔ Mortgage interest on a ____ home affects tax returns
Improvement - Correct Answer ✔✔ 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.
Deed - Correct Answer ✔✔ A document that transfers ownership of property from one
party to another.
federally related transaction - Correct Answer ✔✔ Appraisals are required for
Condo - Correct Answer ✔✔ An individually owned unit in an apartment-style complex
with shared ownership of common areas.Owned in fee simple + undivided joint interests
monetary policy - Correct Answer ✔✔ factor in supply
,Old english law - Correct Answer ✔✔ Bundle of legal rights comes from
Fructus Industriales - Correct Answer ✔✔ An Emblements, considered real property,
plant or crop that require annual cultivation
Enjoyment - Correct Answer ✔✔ possession without harassment or interference
Broker - Correct Answer ✔✔ Point of contact between 2 or more people in negotiating
the sale, rental or purchase
FEMA - Correct Answer ✔✔ administers the national flood insurance program
Chattel - Correct Answer ✔✔ an item of personal, movable property
Subdivision - Correct Answer ✔✔ the dividing of a single property into smaller parcels
Agency - Correct Answer ✔✔ Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and
implication
Net listings - Correct Answer ✔✔ prohibited in some states
Agent - Correct Answer ✔✔ Principal broker of firm
Puffing - Correct Answer ✔✔ "Best deal in town"
Exclusive agency - Correct Answer ✔✔ owner sold home herself and didn't owe a
commission
Seller's decision - Correct Answer ✔✔ Listed price of a property is always
Breached duty of loyalty - Correct Answer ✔✔ 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"
Undisclosed dual agency - Correct Answer ✔✔ repping buyer and seller without full and
complete disclosure
Broker - Correct Answer ✔✔ Commission that is paid to a salesperson is determined by
mutual agreement with
, Transaction broker - Correct Answer ✔✔ not representing either party but helping a
buyer/seller fill out a sales contract
Customer - Correct Answer ✔✔ someone who refused buyer representation
a FSBO seller
Fee for services - Correct Answer ✔✔ unbundling of services
Exclusive right to sell listing - Correct Answer ✔✔ commission regardless if the broker
aids
Care violation - Correct Answer ✔✔ Switching from residential to industrial prep w/ no
experience
Agency coupled with an interest - Correct Answer ✔✔ Broker agrees to provide
financing for condo being constructed with exclusive right to sell the units
fee-for-service - Correct Answer ✔✔ offering real estate services in a piecemeal fashion
Patent defect - Correct Answer ✔✔ one that can be seen with the naked eye
Exclusive buyer agency agreement - Correct Answer ✔✔ contract signed between
purchaser and a broker
fraud - Correct Answer ✔✔ net listings are prohibited because they could lead to
dual agent - Correct Answer ✔✔ Principal broker appoints you to rep the buyer in
designated agency
Latent defect - Correct Answer ✔✔ One that you can't see under ordinary inspection
CMA - Correct Answer ✔✔ Way to ensure a buyer doesn't overpay
Retainer fee - Correct Answer ✔✔ A small fee paid by the client upon creation of a
buyer agency relationship as an advance partial compensation for services
Exclusive right to sell - Correct Answer ✔✔ most protection for a broker
Ratification - Correct Answer ✔✔ can be expressed in writing or orally accepting the
acts or by principal taking the benefits
Honesty and fair dealing - Correct Answer ✔✔ If a buyer is unrepresented, listing agent
still owes the buyer the duty of
FINAL EXAM QUESTIONS & UPDATED
ANSWERS RATED 100% CORRECT
Fixture - Correct Answer ✔✔ An item of personal property that has been converted to
real property by being permanently affixed to the realty.
Special Purpose Real Estate - Correct Answer ✔✔ churches, schools, cemeteries, and
government-held lands
Propriety lease - Correct Answer ✔✔ the lease given to shareholders in a cooperative
Disposition - Correct Answer ✔✔ Right to encumber
Control - Correct Answer ✔✔ Right to determine interest of property
Accession - Correct Answer ✔✔ Acquiring title to additions or improvements to real
property as a result of a lease ending
PITI - Correct Answer ✔✔ Principal, Interest, Taxes, Insurance
Exclusion - Correct Answer ✔✔ ability to legally refuse others interest
Yes - Correct Answer ✔✔ Are Fixtures real property?
third - Correct Answer ✔✔ Mortgage interest on a ____ home affects tax returns
Improvement - Correct Answer ✔✔ 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.
Deed - Correct Answer ✔✔ A document that transfers ownership of property from one
party to another.
federally related transaction - Correct Answer ✔✔ Appraisals are required for
Condo - Correct Answer ✔✔ An individually owned unit in an apartment-style complex
with shared ownership of common areas.Owned in fee simple + undivided joint interests
monetary policy - Correct Answer ✔✔ factor in supply
,Old english law - Correct Answer ✔✔ Bundle of legal rights comes from
Fructus Industriales - Correct Answer ✔✔ An Emblements, considered real property,
plant or crop that require annual cultivation
Enjoyment - Correct Answer ✔✔ possession without harassment or interference
Broker - Correct Answer ✔✔ Point of contact between 2 or more people in negotiating
the sale, rental or purchase
FEMA - Correct Answer ✔✔ administers the national flood insurance program
Chattel - Correct Answer ✔✔ an item of personal, movable property
Subdivision - Correct Answer ✔✔ the dividing of a single property into smaller parcels
Agency - Correct Answer ✔✔ Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and
implication
Net listings - Correct Answer ✔✔ prohibited in some states
Agent - Correct Answer ✔✔ Principal broker of firm
Puffing - Correct Answer ✔✔ "Best deal in town"
Exclusive agency - Correct Answer ✔✔ owner sold home herself and didn't owe a
commission
Seller's decision - Correct Answer ✔✔ Listed price of a property is always
Breached duty of loyalty - Correct Answer ✔✔ 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"
Undisclosed dual agency - Correct Answer ✔✔ repping buyer and seller without full and
complete disclosure
Broker - Correct Answer ✔✔ Commission that is paid to a salesperson is determined by
mutual agreement with
, Transaction broker - Correct Answer ✔✔ not representing either party but helping a
buyer/seller fill out a sales contract
Customer - Correct Answer ✔✔ someone who refused buyer representation
a FSBO seller
Fee for services - Correct Answer ✔✔ unbundling of services
Exclusive right to sell listing - Correct Answer ✔✔ commission regardless if the broker
aids
Care violation - Correct Answer ✔✔ Switching from residential to industrial prep w/ no
experience
Agency coupled with an interest - Correct Answer ✔✔ Broker agrees to provide
financing for condo being constructed with exclusive right to sell the units
fee-for-service - Correct Answer ✔✔ offering real estate services in a piecemeal fashion
Patent defect - Correct Answer ✔✔ one that can be seen with the naked eye
Exclusive buyer agency agreement - Correct Answer ✔✔ contract signed between
purchaser and a broker
fraud - Correct Answer ✔✔ net listings are prohibited because they could lead to
dual agent - Correct Answer ✔✔ Principal broker appoints you to rep the buyer in
designated agency
Latent defect - Correct Answer ✔✔ One that you can't see under ordinary inspection
CMA - Correct Answer ✔✔ Way to ensure a buyer doesn't overpay
Retainer fee - Correct Answer ✔✔ A small fee paid by the client upon creation of a
buyer agency relationship as an advance partial compensation for services
Exclusive right to sell - Correct Answer ✔✔ most protection for a broker
Ratification - Correct Answer ✔✔ can be expressed in writing or orally accepting the
acts or by principal taking the benefits
Honesty and fair dealing - Correct Answer ✔✔ If a buyer is unrepresented, listing agent
still owes the buyer the duty of
