Perry real estate College exam study
guide 2026 Questions with CorreCt detailed
answers || 100% guaranteed Pass
<latest Version>
1. Number of approximate agents in the US - ANSWER ✔ 3 Million
2. number of homes sold in 2020 - ANSWER ✔ 5.64 million, 822,00 were new
construction
3. number of brokerage firms - ANSWER ✔ 106,548
4. typical time home owners live in home before selling - ANSWER ✔ 8 years
5. average size of home - ANSWER ✔ 1900 Sq Foot
6. age of average owner - ANSWER ✔ 45
7. Broadest indicator of economy strength - ANSWER ✔ Gross Domestic
Product
8. Healthy economies show - ANSWER ✔ increase or growth of
approximately 3 Percent
,9. increase growth = - ANSWER ✔ Overheating economy
10.Healthy economy generates - ANSWER ✔ low, stable inflation
11.Fixture - ANSWER ✔ An item of personal property that has been converted
to real property by being permanently affixed to the realty.
12.Special Purpose Real Estate - ANSWER ✔ churches, schools, cemeteries,
and government-held lands
13.Propriety lease - ANSWER ✔ the lease given to shareholders in a
cooperative
14.Disposition - ANSWER ✔ Right to encumber
15.Control - ANSWER ✔ Right to determine interest of property
16.Accession - ANSWER ✔ Acquiring title to additions or improvements to
real property as a result of a lease ending
17.PITI - ANSWER ✔ Principal, Interest, Taxes, Insurance
18.Exclusion - ANSWER ✔ ability to legally refuse others interest
19.A house with outmoded plumbing is suffering from
, -curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - ANSWER ✔ functional obsolescence
20.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 - ANSWER ✔ all of the above
21.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 - ANSWER ✔ broker
22.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 - ANSWER ✔ it is a nonconforming use
23.Which of the following is true regarding a special warranty deed?
The grantor is making additional warranties beyond those given in a
warranty deed.
The grantor's warranties are limited to the time the grantor owned the
property.
The grantor is warranting that no encumbrances exist against the property.
The grantor retains an interest in the ownership. - ANSWER ✔ The grantor's
warranties are limited to the time the grantor owned the property.
24.A joint tenancy with right of survivorship may be created
automatically if the property is distributed to the surviving children.
by deed or will
by presumption if another form of ownership is not described.
automatically if a deed is signed by both spouses - ANSWER ✔ by deed or
will
guide 2026 Questions with CorreCt detailed
answers || 100% guaranteed Pass
<latest Version>
1. Number of approximate agents in the US - ANSWER ✔ 3 Million
2. number of homes sold in 2020 - ANSWER ✔ 5.64 million, 822,00 were new
construction
3. number of brokerage firms - ANSWER ✔ 106,548
4. typical time home owners live in home before selling - ANSWER ✔ 8 years
5. average size of home - ANSWER ✔ 1900 Sq Foot
6. age of average owner - ANSWER ✔ 45
7. Broadest indicator of economy strength - ANSWER ✔ Gross Domestic
Product
8. Healthy economies show - ANSWER ✔ increase or growth of
approximately 3 Percent
,9. increase growth = - ANSWER ✔ Overheating economy
10.Healthy economy generates - ANSWER ✔ low, stable inflation
11.Fixture - ANSWER ✔ An item of personal property that has been converted
to real property by being permanently affixed to the realty.
12.Special Purpose Real Estate - ANSWER ✔ churches, schools, cemeteries,
and government-held lands
13.Propriety lease - ANSWER ✔ the lease given to shareholders in a
cooperative
14.Disposition - ANSWER ✔ Right to encumber
15.Control - ANSWER ✔ Right to determine interest of property
16.Accession - ANSWER ✔ Acquiring title to additions or improvements to
real property as a result of a lease ending
17.PITI - ANSWER ✔ Principal, Interest, Taxes, Insurance
18.Exclusion - ANSWER ✔ ability to legally refuse others interest
19.A house with outmoded plumbing is suffering from
, -curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - ANSWER ✔ functional obsolescence
20.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 - ANSWER ✔ all of the above
21.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 - ANSWER ✔ broker
22.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 - ANSWER ✔ it is a nonconforming use
23.Which of the following is true regarding a special warranty deed?
The grantor is making additional warranties beyond those given in a
warranty deed.
The grantor's warranties are limited to the time the grantor owned the
property.
The grantor is warranting that no encumbrances exist against the property.
The grantor retains an interest in the ownership. - ANSWER ✔ The grantor's
warranties are limited to the time the grantor owned the property.
24.A joint tenancy with right of survivorship may be created
automatically if the property is distributed to the surviving children.
by deed or will
by presumption if another form of ownership is not described.
automatically if a deed is signed by both spouses - ANSWER ✔ by deed or
will
