PERRY REAL ESTATE COMPREHENSIVE QUESTIONS
AND ANSWERS SET A+
✔✔A licensee has a duty to report a conviction to the Commission
-True, if it is a felony
-False, as there is no duty to report
-False, if it is a felony
-True, if it is a felony or a misdemeanor - ✔✔True, if it is a felony
✔✔If a license is revoked, which of the following is TRUE?
-The license revocation is permanent
-The license revocation is for 10 years
-the license revocation is for 5 years
-none of the above - ✔✔the license revocation is for 5 years
✔✔The type of real estate loan that allows the lender to increase the outstanding
balance of a loan up to the original sum in the note while advancing additional funds is
the
-graduated payment mortgage
-growing equity mortgage
-open end mortgage
-wraparound loan - ✔✔open-end mortgage
✔✔The Commission will not pursue a complaint unless it
-has already been investigated
-alleges a prima facie case of a license law violation
-is typewritten
-has already been litigated in court - ✔✔alleges a prima facie of a license law violation
✔✔Assume that the listing and selling brokers split the commission evenly. What is the
sales price of a house if the listing broker received $2,593.50 and the total rate is 6%? -
✔✔$86,450
, ✔✔The Commission can conduct an emergency hearing for
-Any allegation
-Allegations of gross negligence
-alleged escrow account violations
-alleged advertising violations - ✔✔alleged escrow account violations
✔✔A trust is a legal arrangement in which property is held for the benefit of a third party
by a(n)
-attorney in fact
-trustee
-trustor
-beneficiary - ✔✔trustee
✔✔a bilateral contract is one in which
-the promise of one party is given in exchange for the promise of the other party
-something is to be done by one party only
-only one of the parties is obligated to act
-a restriction is placed in the contract by one party to limit the performance by the other -
✔✔the promise of one party is given in exchange for the promise of the other party
✔✔When the supply of a commodity decreases while demand remains the same,
-demand tends to rise
-demand tends to drop
-price tends to drop
-price tends to rise - ✔✔price tends to rise
✔✔As provided in a valid purchase contract, the real estate transaction must be closed.
Closing requires all of the following EXCEPT
-that the seller deliver the deed to the purchaser
-that the broker be present to receive any commission
-the purchaser pay the balance of the purchase price to the seller
-that the seller clear the title so that the condition of the title complies with the terms of
the contract - ✔✔that the broker be present to receive any commission
✔✔A portion of Walter's building was inadvertently built on George's land. this caused
an
-accretion
-avulsion
-encroachment
-easement - ✔✔encroachment
✔✔if the Commission seeks injunctive relief, the case must be filed where?
-In the county where the Commission is located
-In the county where the unlawful activity took place
AND ANSWERS SET A+
✔✔A licensee has a duty to report a conviction to the Commission
-True, if it is a felony
-False, as there is no duty to report
-False, if it is a felony
-True, if it is a felony or a misdemeanor - ✔✔True, if it is a felony
✔✔If a license is revoked, which of the following is TRUE?
-The license revocation is permanent
-The license revocation is for 10 years
-the license revocation is for 5 years
-none of the above - ✔✔the license revocation is for 5 years
✔✔The type of real estate loan that allows the lender to increase the outstanding
balance of a loan up to the original sum in the note while advancing additional funds is
the
-graduated payment mortgage
-growing equity mortgage
-open end mortgage
-wraparound loan - ✔✔open-end mortgage
✔✔The Commission will not pursue a complaint unless it
-has already been investigated
-alleges a prima facie case of a license law violation
-is typewritten
-has already been litigated in court - ✔✔alleges a prima facie of a license law violation
✔✔Assume that the listing and selling brokers split the commission evenly. What is the
sales price of a house if the listing broker received $2,593.50 and the total rate is 6%? -
✔✔$86,450
, ✔✔The Commission can conduct an emergency hearing for
-Any allegation
-Allegations of gross negligence
-alleged escrow account violations
-alleged advertising violations - ✔✔alleged escrow account violations
✔✔A trust is a legal arrangement in which property is held for the benefit of a third party
by a(n)
-attorney in fact
-trustee
-trustor
-beneficiary - ✔✔trustee
✔✔a bilateral contract is one in which
-the promise of one party is given in exchange for the promise of the other party
-something is to be done by one party only
-only one of the parties is obligated to act
-a restriction is placed in the contract by one party to limit the performance by the other -
✔✔the promise of one party is given in exchange for the promise of the other party
✔✔When the supply of a commodity decreases while demand remains the same,
-demand tends to rise
-demand tends to drop
-price tends to drop
-price tends to rise - ✔✔price tends to rise
✔✔As provided in a valid purchase contract, the real estate transaction must be closed.
Closing requires all of the following EXCEPT
-that the seller deliver the deed to the purchaser
-that the broker be present to receive any commission
-the purchaser pay the balance of the purchase price to the seller
-that the seller clear the title so that the condition of the title complies with the terms of
the contract - ✔✔that the broker be present to receive any commission
✔✔A portion of Walter's building was inadvertently built on George's land. this caused
an
-accretion
-avulsion
-encroachment
-easement - ✔✔encroachment
✔✔if the Commission seeks injunctive relief, the case must be filed where?
-In the county where the Commission is located
-In the county where the unlawful activity took place
