PERRY REAL ESTATE COLLEGE FINAL EXAM
QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS
◉ Fixture. Answer: An item of personal property that has been
converted to real property by being permanently affixed to the realty.
◉ Special Purpose Real Estate. Answer: churches, schools,
cemeteries, and government-held lands
◉ Propriety lease. Answer: the lease given to shareholders in a
cooperative
◉ Disposition. Answer: Right to encumber
◉ Control. Answer: Right to determine interest of property
◉ Accession. Answer: Acquiring title to additions or improvements to
real property as a result of a lease ending
◉ PITI. Answer: Principal, Interest, Taxes, Insurance
◉ Exclusion. Answer: ability to legally refuse others interest
,◉ Yes. Answer: Are Fixtures real property?
◉ third. Answer: Mortgage interest on a ____ home affects tax returns
◉ Improvement. 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. Answer: A document that transfers ownership of property
from one party to another.
◉ federally related transaction. Answer: Appraisals are required for
◉ Condo. 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. Answer: factor in supply
◉ Old english law. Answer: Bundle of legal rights comes from
◉ Fructus Industriales. Answer: An Emblements, considered real
property, plant or crop that require annual cultivation
,◉ Enjoyment. Answer: possession without harassment or interference
◉ Broker. Answer: Point of contact between 2 or more people in
negotiating the sale, rental or purchase
◉ FEMA. Answer: administers the national flood insurance program
◉ Chattel. Answer: an item of personal, movable property
◉ Subdivision. Answer: the dividing of a single property into smaller
parcels
◉ Agency. Answer: Not determined by source of compensation
Created by express agreement between parties and ratification,
estoppel, and implication
◉ Net listings. Answer: prohibited in some states
◉ Agent. Answer: Principal broker of firm
◉ Puffing. Answer: "Best deal in town"
◉ Exclusive agency. Answer: owner sold home herself and didn't owe
a commission
, ◉ Seller's decision. Answer: Listed price of a property is always
◉ Breached duty of loyalty. 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. Answer: repping buyer and seller without
full and complete disclosure
◉ Broker. Answer: Commission that is paid to a salesperson is
determined by mutual agreement with
◉ Transaction broker. Answer: not representing either party but
helping a buyer/seller fill out a sales contract
◉ Customer. Answer: someone who refused buyer representation
a FSBO seller
◉ Fee for services. Answer: unbundling of services
QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS
◉ Fixture. Answer: An item of personal property that has been
converted to real property by being permanently affixed to the realty.
◉ Special Purpose Real Estate. Answer: churches, schools,
cemeteries, and government-held lands
◉ Propriety lease. Answer: the lease given to shareholders in a
cooperative
◉ Disposition. Answer: Right to encumber
◉ Control. Answer: Right to determine interest of property
◉ Accession. Answer: Acquiring title to additions or improvements to
real property as a result of a lease ending
◉ PITI. Answer: Principal, Interest, Taxes, Insurance
◉ Exclusion. Answer: ability to legally refuse others interest
,◉ Yes. Answer: Are Fixtures real property?
◉ third. Answer: Mortgage interest on a ____ home affects tax returns
◉ Improvement. 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. Answer: A document that transfers ownership of property
from one party to another.
◉ federally related transaction. Answer: Appraisals are required for
◉ Condo. 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. Answer: factor in supply
◉ Old english law. Answer: Bundle of legal rights comes from
◉ Fructus Industriales. Answer: An Emblements, considered real
property, plant or crop that require annual cultivation
,◉ Enjoyment. Answer: possession without harassment or interference
◉ Broker. Answer: Point of contact between 2 or more people in
negotiating the sale, rental or purchase
◉ FEMA. Answer: administers the national flood insurance program
◉ Chattel. Answer: an item of personal, movable property
◉ Subdivision. Answer: the dividing of a single property into smaller
parcels
◉ Agency. Answer: Not determined by source of compensation
Created by express agreement between parties and ratification,
estoppel, and implication
◉ Net listings. Answer: prohibited in some states
◉ Agent. Answer: Principal broker of firm
◉ Puffing. Answer: "Best deal in town"
◉ Exclusive agency. Answer: owner sold home herself and didn't owe
a commission
, ◉ Seller's decision. Answer: Listed price of a property is always
◉ Breached duty of loyalty. 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. Answer: repping buyer and seller without
full and complete disclosure
◉ Broker. Answer: Commission that is paid to a salesperson is
determined by mutual agreement with
◉ Transaction broker. Answer: not representing either party but
helping a buyer/seller fill out a sales contract
◉ Customer. Answer: someone who refused buyer representation
a FSBO seller
◉ Fee for services. Answer: unbundling of services
