Perry Real Estate College Final Exam
PERRY REAL ESTATE COLLEGE FINAL EXAM NEWEST ACTUAL
EXAM COMPLETE 100 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW VERSION!!
If an owner takes his property off the market for a definite period in exchange for
some consideration but grants an individual the right to purchase the property
within that period for a stated price, this is called a(n)
-contract of sale
-installment agreement
-right of first refusal
-option - Correct Answer-option
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 - Correct Answer-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 - Correct Answer-the license revocation is for 5 years
1|Page
, Perry Real Estate College Final Exam
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 - Correct Answer-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 - Correct Answer-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%? - Correct Answer-$86,450
The Commission can conduct an emergency hearing for
-Any allegation
-Allegations of gross negligence
-alleged escrow account violations
2|Page
, Perry Real Estate College Final Exam
-alleged advertising violations - Correct Answer-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 - Correct Answer-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 - Correct Answer-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 - Correct Answer-price tends to rise
3|Page
PERRY REAL ESTATE COLLEGE FINAL EXAM NEWEST ACTUAL
EXAM COMPLETE 100 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW VERSION!!
If an owner takes his property off the market for a definite period in exchange for
some consideration but grants an individual the right to purchase the property
within that period for a stated price, this is called a(n)
-contract of sale
-installment agreement
-right of first refusal
-option - Correct Answer-option
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 - Correct Answer-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 - Correct Answer-the license revocation is for 5 years
1|Page
, Perry Real Estate College Final Exam
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 - Correct Answer-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 - Correct Answer-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%? - Correct Answer-$86,450
The Commission can conduct an emergency hearing for
-Any allegation
-Allegations of gross negligence
-alleged escrow account violations
2|Page
, Perry Real Estate College Final Exam
-alleged advertising violations - Correct Answer-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 - Correct Answer-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 - Correct Answer-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 - Correct Answer-price tends to rise
3|Page
