PERRY REAL ESTATE COLLEGE
FINAL EXAM
A-house-with-outmoded-plumbing-is-suffering-from
-curable-physical-deterioration
-external-depreciation
-incurable-physical-deterioration
-functional-obsolescence---ans-✔✔functional-obsolescence
In-order-to-be-a-License-member-of-the-commission,-a-person-must-be
-a-KY-citizen
-a-non-felon
-all-of-the-above
-a-licensed-broker---ans-✔✔all-of-the-above
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---ans-✔✔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---ans-✔✔it-is-a-nonconforming-use
All-of-the-following-should-be-a-consideration-in-selecting-a-tenant-for-the-property-
EXCEPT
-size-of-the-available-space-relative-to-the-tenant's-requirements
-compatibility-of-the-tenant's-business-with-those-of-other-tenants
-tenant's-ability-to-make-the-rental-payments
-Ethnic-background-of-the-tenant-and-his-or-her-employees---ans-✔✔Ethnic-background-
of-the-tenant-and-his-or-her-employees
, A-mechanic's-lien-would-be-properly-classified-as-a(n)
-equitable-lien.-
-voluntary-lien.-
-general-lien.-
-specific-lien.---ans-✔✔specific-lien
All-of-the-following-are-prohibited-under-the-antitrust-laws-EXCEPT
-Competing-property-management-companies-agreeing-to-standardized-management-
fees
-competing-brokers-allocating-markets-based-on-the-value-of-homes
-a-broker's-setting-a-company-commission-schedule
-real-estate-companies-agreeing-NOT-to-cooperate-with-a-broker-because-of-the-fees-that-
broker-charges---ans-✔✔a-broker's-setting-a-company-commission-schedule
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---ans-✔✔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---ans-✔✔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---ans-✔✔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.---ans-✔✔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
FINAL EXAM
A-house-with-outmoded-plumbing-is-suffering-from
-curable-physical-deterioration
-external-depreciation
-incurable-physical-deterioration
-functional-obsolescence---ans-✔✔functional-obsolescence
In-order-to-be-a-License-member-of-the-commission,-a-person-must-be
-a-KY-citizen
-a-non-felon
-all-of-the-above
-a-licensed-broker---ans-✔✔all-of-the-above
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---ans-✔✔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---ans-✔✔it-is-a-nonconforming-use
All-of-the-following-should-be-a-consideration-in-selecting-a-tenant-for-the-property-
EXCEPT
-size-of-the-available-space-relative-to-the-tenant's-requirements
-compatibility-of-the-tenant's-business-with-those-of-other-tenants
-tenant's-ability-to-make-the-rental-payments
-Ethnic-background-of-the-tenant-and-his-or-her-employees---ans-✔✔Ethnic-background-
of-the-tenant-and-his-or-her-employees
, A-mechanic's-lien-would-be-properly-classified-as-a(n)
-equitable-lien.-
-voluntary-lien.-
-general-lien.-
-specific-lien.---ans-✔✔specific-lien
All-of-the-following-are-prohibited-under-the-antitrust-laws-EXCEPT
-Competing-property-management-companies-agreeing-to-standardized-management-
fees
-competing-brokers-allocating-markets-based-on-the-value-of-homes
-a-broker's-setting-a-company-commission-schedule
-real-estate-companies-agreeing-NOT-to-cooperate-with-a-broker-because-of-the-fees-that-
broker-charges---ans-✔✔a-broker's-setting-a-company-commission-schedule
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---ans-✔✔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---ans-✔✔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---ans-✔✔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.---ans-✔✔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
