PERRY REAL ESTATE COLLEGE
FINAL EXAM QUESTIONS AND
ANSWERS
A9bhouse9bwith9boutmoded9bplumbing9bis9bsuffering9bfrom
-curable9bphysical9bdeterioration
-external9bdepreciation
-incurable9bphysical9bdeterioration
-functional9bobsolescence9b-9bANSWERS--functional9bobsolescence
In9border9bto9bbe9ba9bLicense9bmember9bof9bthe9bcommission,9ba9bperson9bmust9bbe
-a9bKY9bcitizen
-a9bnon-felon
-all9bof9bthe9babove
-a9blicensed9bbroker9b-9bANSWERS--all9bof9bthe9babove
A9blicensed9breal9bestate9bprofessional9bacting9bas9ba9bpoint9bof9bcontact9bbetween9btwo9b
or9bmore9bpeople9bin9bnegotiating9bthe9bsale,9brental,9bor9bpurchase9bof9ba9bproperty9bis9bk
nown9bas9ba(n)
-sales9baffiliate
-property9bmanager
-appraiser
-broker9b-9bANSWERS--broker
A9blandowner9bconstructed9ba9bbuilding9b79bstories9bhigh.9bSeveral9byears9blater9bthe9bmu
nicipality9bchanged9bthe9bzoning9bordinance,9bprohibiting9bbuildings9bthat9bexceed9b69bsto
ries9bin9bheight.9bWhich9bof9bthe9bfollowing9bis9btrue9bregarding9bthe9bexisting9b7-
story9bbuilding?
-the9bowner9bmust9bobtain9ba9bvariance
-it9bis9bnonconforming9buse
-it9bis9ba9bconditional9buse
-the9bbuilding9bmust9bbe9bdemolished9b-9bANSWERS--it9bis9ba9bnonconforming9buse
All9bof9bthe9bfollowing9bshould9bbe9ba9bconsideration9bin9bselecting9ba9btenant9bfor9bthe9bpr
operty9bEXCEPT
-size9bof9bthe9bavailable9bspace9brelative9bto9bthe9btenant's9brequirements
-compatibility9bof9bthe9btenant's9bbusiness9bwith9bthose9bof9bother9btenants
-tenant's9bability9bto9bmake9bthe9brental9bpayments
-Ethnic9bbackground9bof9bthe9btenant9band9bhis9bor9bher9bemployees9b-9bANSWERS--
Ethnic9bbackground9bof9bthe9btenant9band9bhis9bor9bher9bemployees
A9bmechanic's9blien9bwould9bbe9bproperly9bclassified9bas9ba(n)
-equitable9blien.9b
-voluntary9blien.9b
-general9blien.9b
-specific9blien.9b-9bANSWERS--specific9blien
, All9bof9bthe9bfollowing9bare9bprohibited9bunder9bthe9bantitrust9blaws9bEXCEPT
-
Competing9bproperty9bmanagement9bcompanies9bagreeing9bto9bstandardized9bmanage
ment9bfees
-competing9bbrokers9ballocating9bmarkets9bbased9bon9bthe9bvalue9bof9bhomes
-a9bbroker's9bsetting9ba9bcompany9bcommission9bschedule
-
real9bestate9bcompanies9bagreeing9bNOT9bto9bcooperate9bwith9ba9bbroker9bbecause9bof9bt
he9bfees9bthat9bbroker9bcharges9b-9bANSWERS--
a9bbroker's9bsetting9ba9bcompany9bcommission9bschedule
A9brancher9bowns9ba9bparcel9bof9bland9bon9bwhich9boil9bwas9bdiscovered.9bIf9bthe9brancher9
bhas9bnot9bpreviously9bconveyed9bthe9boil9brights,9bwho9bowns9bthe9boil?
-the9bfederal9bgovernment
-the9btenant9bto9bwhom9bthe9bproperty9bhas9bbeen9bleased
-the9bstate9bgovernment
-the9brancher9b-9bANSWERS--the9brancher
Abel9band9bBaker9bare9bjoint9btenants.9bBaker9bsells9bhis9binterest9bto9bCharlie.9bWhat9bis9b
the9brelationship9bof9bAbel9band9bCharlie?
-they9bare9bjoint9btenants
-they9bare9btenants9bin9bcommon
-there9bis9bno9brelationship9bbecause9bBaker9bcannot9bsell9bto9bCharlie
-Abel9bowns9ba9b2/39binterest9band9bCharlie9bowns9ba9b1/39binterest9b-9bANSWERS--
they9bare9btenants9bin9bcommon
All9bof9bthe9bfollowing9bwould9bbe9bacceptable9bas9bevidence9bof9bmarketable9btitle9bEXCE
PT
-a9bproperty9bowner's9bwarranty9bdeed
-an9babstract9band9blegal9bopinion
-Torren's9bcertificate
-a9btitle9binsurance9bpolicy9b-9bANSWERS--a9bproperty9bowner's9bwarranty9bdeed
The9bmethod9bof9bdescribing9bland9bthat9buses9bdegrees,9bfeet,9band9bmonuments9bis9bkn
own9bas9bthe
-angular9bsystem.9b
-metes9band9bbounds9bsystem.9b
-rectangular9bsurvey9bsystem.9b
-lot9band9bblock9bsystem.9b-9bANSWERS--metes9band9bbounds9bsystem
which9bof9bthe9bfollowing9bis9btrue9bregarding9ba9bspecial9bwarranty9bdeed?
-
The9bgrantors9bwarranties9bare9blimited9bto9bthe9btime9bthe9bgrantor9bowned9bthe9bpropert
y
-the9bgrantor9bretains9ban9binterest9bin9bthe9bownership
-
the9bgrantor9bis9bmaking9badditional9bwarranties9bbeyond9bthose9bgiven9bin9ba9bwarranty9b
deed
FINAL EXAM QUESTIONS AND
ANSWERS
A9bhouse9bwith9boutmoded9bplumbing9bis9bsuffering9bfrom
-curable9bphysical9bdeterioration
-external9bdepreciation
-incurable9bphysical9bdeterioration
-functional9bobsolescence9b-9bANSWERS--functional9bobsolescence
In9border9bto9bbe9ba9bLicense9bmember9bof9bthe9bcommission,9ba9bperson9bmust9bbe
-a9bKY9bcitizen
-a9bnon-felon
-all9bof9bthe9babove
-a9blicensed9bbroker9b-9bANSWERS--all9bof9bthe9babove
A9blicensed9breal9bestate9bprofessional9bacting9bas9ba9bpoint9bof9bcontact9bbetween9btwo9b
or9bmore9bpeople9bin9bnegotiating9bthe9bsale,9brental,9bor9bpurchase9bof9ba9bproperty9bis9bk
nown9bas9ba(n)
-sales9baffiliate
-property9bmanager
-appraiser
-broker9b-9bANSWERS--broker
A9blandowner9bconstructed9ba9bbuilding9b79bstories9bhigh.9bSeveral9byears9blater9bthe9bmu
nicipality9bchanged9bthe9bzoning9bordinance,9bprohibiting9bbuildings9bthat9bexceed9b69bsto
ries9bin9bheight.9bWhich9bof9bthe9bfollowing9bis9btrue9bregarding9bthe9bexisting9b7-
story9bbuilding?
-the9bowner9bmust9bobtain9ba9bvariance
-it9bis9bnonconforming9buse
-it9bis9ba9bconditional9buse
-the9bbuilding9bmust9bbe9bdemolished9b-9bANSWERS--it9bis9ba9bnonconforming9buse
All9bof9bthe9bfollowing9bshould9bbe9ba9bconsideration9bin9bselecting9ba9btenant9bfor9bthe9bpr
operty9bEXCEPT
-size9bof9bthe9bavailable9bspace9brelative9bto9bthe9btenant's9brequirements
-compatibility9bof9bthe9btenant's9bbusiness9bwith9bthose9bof9bother9btenants
-tenant's9bability9bto9bmake9bthe9brental9bpayments
-Ethnic9bbackground9bof9bthe9btenant9band9bhis9bor9bher9bemployees9b-9bANSWERS--
Ethnic9bbackground9bof9bthe9btenant9band9bhis9bor9bher9bemployees
A9bmechanic's9blien9bwould9bbe9bproperly9bclassified9bas9ba(n)
-equitable9blien.9b
-voluntary9blien.9b
-general9blien.9b
-specific9blien.9b-9bANSWERS--specific9blien
, All9bof9bthe9bfollowing9bare9bprohibited9bunder9bthe9bantitrust9blaws9bEXCEPT
-
Competing9bproperty9bmanagement9bcompanies9bagreeing9bto9bstandardized9bmanage
ment9bfees
-competing9bbrokers9ballocating9bmarkets9bbased9bon9bthe9bvalue9bof9bhomes
-a9bbroker's9bsetting9ba9bcompany9bcommission9bschedule
-
real9bestate9bcompanies9bagreeing9bNOT9bto9bcooperate9bwith9ba9bbroker9bbecause9bof9bt
he9bfees9bthat9bbroker9bcharges9b-9bANSWERS--
a9bbroker's9bsetting9ba9bcompany9bcommission9bschedule
A9brancher9bowns9ba9bparcel9bof9bland9bon9bwhich9boil9bwas9bdiscovered.9bIf9bthe9brancher9
bhas9bnot9bpreviously9bconveyed9bthe9boil9brights,9bwho9bowns9bthe9boil?
-the9bfederal9bgovernment
-the9btenant9bto9bwhom9bthe9bproperty9bhas9bbeen9bleased
-the9bstate9bgovernment
-the9brancher9b-9bANSWERS--the9brancher
Abel9band9bBaker9bare9bjoint9btenants.9bBaker9bsells9bhis9binterest9bto9bCharlie.9bWhat9bis9b
the9brelationship9bof9bAbel9band9bCharlie?
-they9bare9bjoint9btenants
-they9bare9btenants9bin9bcommon
-there9bis9bno9brelationship9bbecause9bBaker9bcannot9bsell9bto9bCharlie
-Abel9bowns9ba9b2/39binterest9band9bCharlie9bowns9ba9b1/39binterest9b-9bANSWERS--
they9bare9btenants9bin9bcommon
All9bof9bthe9bfollowing9bwould9bbe9bacceptable9bas9bevidence9bof9bmarketable9btitle9bEXCE
PT
-a9bproperty9bowner's9bwarranty9bdeed
-an9babstract9band9blegal9bopinion
-Torren's9bcertificate
-a9btitle9binsurance9bpolicy9b-9bANSWERS--a9bproperty9bowner's9bwarranty9bdeed
The9bmethod9bof9bdescribing9bland9bthat9buses9bdegrees,9bfeet,9band9bmonuments9bis9bkn
own9bas9bthe
-angular9bsystem.9b
-metes9band9bbounds9bsystem.9b
-rectangular9bsurvey9bsystem.9b
-lot9band9bblock9bsystem.9b-9bANSWERS--metes9band9bbounds9bsystem
which9bof9bthe9bfollowing9bis9btrue9bregarding9ba9bspecial9bwarranty9bdeed?
-
The9bgrantors9bwarranties9bare9blimited9bto9bthe9btime9bthe9bgrantor9bowned9bthe9bpropert
y
-the9bgrantor9bretains9ban9binterest9bin9bthe9bownership
-
the9bgrantor9bis9bmaking9badditional9bwarranties9bbeyond9bthose9bgiven9bin9ba9bwarranty9b
deed