PERRY REAL ESTATE MODULE ONE
EXAM QUESTIONS & CORRECT
ANSWERS
Mixed Used Development - Correct Answer ✔✔ Development that combines several
uses in one complex—for example, shopping center, office space, hotel, residential
complex, civic center, and convention center.
What are property management duties? - Correct Answer ✔✔ Maximizing the owner's
profits, collecting rents, administering
Broker - Correct Answer ✔✔ A licensed real estate professional acting as a point of
contact between tow or more people in negotiating the sale, rental, or purchase of a
property
License laws protect the rights of ____________. - Correct Answer ✔✔ Buyers, sellers,
tenants, and property owners (all types of consumers)
What can commission be used for? - Correct Answer ✔✔ Rehabbing and remodeling,
and also down payment or closing costs
An individual who buys a cooperative, receives .....? - Correct Answer ✔✔ Proprietary
lease
A basic form policy would cover all the following - Correct Answer ✔✔ Damage from
smoke, damage from lightning, damage from air craft.
( except damage from falling objects)
What is annexation? - Correct Answer ✔✔ Converting personal property into real
property
(Example: if a landowner converts sand, soil, and stones into cement and build a
sidewalk)
The selling price of a property is $96,000. What is the 10% down payment and the 1.5%
loan origination fee? - Correct Answer ✔✔ 10% of $96,000= 9,600
96,000-9,600= 86,400
Multiply 86,400 by .015= 1,296
Add 1,296+ 9,600= 10,896
Laws that affect real estate licenses - Correct Answer ✔✔ Contract, general property,
agency
, Real estate license, federal regulations, tax, zoning/land use and environmental laws
and regulations.
Personality - Correct Answer ✔✔ If a mobile home is delivered to a lot and hooked up to
utilities
mobility - Correct Answer ✔✔ Personal property can be distinguished from real property
by such
Exclusion - Correct Answer ✔✔ The ability to legally refuse other's interest
Equity - Correct Answer ✔✔ When a person buys a home/house using a mortgage
loan, the difference between the amount owed on the property and its market value
What is PITI? - Correct Answer ✔✔ Principal, Interest, Taxes, Insurance
If a company use use a shack for storage on purchased... it's considered? - Correct
Answer ✔✔ Improvement
A company buys a 100 acre parcel of land and builds several storage shacks. The
company uses those shacks to store hazardous material, such as old paint, etc.
How much will a married couple owe in taxes if they sell their home and lived in it for the
past two years of five years? - Correct Answer ✔✔ A married couple does not pay
capital gains if they have lived in their home two of the five years before selling it. ( none
if it's less than 500,00)
fixture - Correct Answer ✔✔ An item of personal property that has been converted to
real property by being permanently affixed to the realty.
PUD - Correct Answer ✔✔ A community that merges housing, recreation, and
commercial units in one self-contained development
Personal property - Correct Answer ✔✔ All property not classified as real property
True or False
All licensed agents must be realtors - Correct Answer ✔✔ False
Enjoyment - Correct Answer ✔✔ possession without harassment or interference
Improvement - Correct Answer ✔✔ When added to a piece of property, drainage,
sewage, and water access
Condo - Correct Answer ✔✔ individually owned unit in an apartment style complex with
shared ownership of common areas.
A multi-unit residential building in which individual units are owned in fee simple, plus an
individual joint interest in the common elements.
EXAM QUESTIONS & CORRECT
ANSWERS
Mixed Used Development - Correct Answer ✔✔ Development that combines several
uses in one complex—for example, shopping center, office space, hotel, residential
complex, civic center, and convention center.
What are property management duties? - Correct Answer ✔✔ Maximizing the owner's
profits, collecting rents, administering
Broker - Correct Answer ✔✔ A licensed real estate professional acting as a point of
contact between tow or more people in negotiating the sale, rental, or purchase of a
property
License laws protect the rights of ____________. - Correct Answer ✔✔ Buyers, sellers,
tenants, and property owners (all types of consumers)
What can commission be used for? - Correct Answer ✔✔ Rehabbing and remodeling,
and also down payment or closing costs
An individual who buys a cooperative, receives .....? - Correct Answer ✔✔ Proprietary
lease
A basic form policy would cover all the following - Correct Answer ✔✔ Damage from
smoke, damage from lightning, damage from air craft.
( except damage from falling objects)
What is annexation? - Correct Answer ✔✔ Converting personal property into real
property
(Example: if a landowner converts sand, soil, and stones into cement and build a
sidewalk)
The selling price of a property is $96,000. What is the 10% down payment and the 1.5%
loan origination fee? - Correct Answer ✔✔ 10% of $96,000= 9,600
96,000-9,600= 86,400
Multiply 86,400 by .015= 1,296
Add 1,296+ 9,600= 10,896
Laws that affect real estate licenses - Correct Answer ✔✔ Contract, general property,
agency
, Real estate license, federal regulations, tax, zoning/land use and environmental laws
and regulations.
Personality - Correct Answer ✔✔ If a mobile home is delivered to a lot and hooked up to
utilities
mobility - Correct Answer ✔✔ Personal property can be distinguished from real property
by such
Exclusion - Correct Answer ✔✔ The ability to legally refuse other's interest
Equity - Correct Answer ✔✔ When a person buys a home/house using a mortgage
loan, the difference between the amount owed on the property and its market value
What is PITI? - Correct Answer ✔✔ Principal, Interest, Taxes, Insurance
If a company use use a shack for storage on purchased... it's considered? - Correct
Answer ✔✔ Improvement
A company buys a 100 acre parcel of land and builds several storage shacks. The
company uses those shacks to store hazardous material, such as old paint, etc.
How much will a married couple owe in taxes if they sell their home and lived in it for the
past two years of five years? - Correct Answer ✔✔ A married couple does not pay
capital gains if they have lived in their home two of the five years before selling it. ( none
if it's less than 500,00)
fixture - Correct Answer ✔✔ An item of personal property that has been converted to
real property by being permanently affixed to the realty.
PUD - Correct Answer ✔✔ A community that merges housing, recreation, and
commercial units in one self-contained development
Personal property - Correct Answer ✔✔ All property not classified as real property
True or False
All licensed agents must be realtors - Correct Answer ✔✔ False
Enjoyment - Correct Answer ✔✔ possession without harassment or interference
Improvement - Correct Answer ✔✔ When added to a piece of property, drainage,
sewage, and water access
Condo - Correct Answer ✔✔ individually owned unit in an apartment style complex with
shared ownership of common areas.
A multi-unit residential building in which individual units are owned in fee simple, plus an
individual joint interest in the common elements.
