Perry Real Estate College Final Exam 2026/2027 | 250 Questions & verified Solutions | Real Estate Licensing

1 /1 Perry Real Estate College Final Exam 2026/2027 | 250 Questions & verified Solutions | Real Estate Licensing 2026/2027 | QUESTIONS & CORRECT ANSWERS | 100% VERIFIED STUDY MATERIAL A house with outmoded plumbing is suffering from -curable physical deterioration -external depreciation -incurable physical deterioration -functional obsolescence functional obsolescence 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 all of the above 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 broker 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 it is a nonconforming use All of the following should be a consideration in selecting a tenant for the property EXCEPT -size of the available space relative to the tenant's requirements -compatibility of the tenant's business with those of other tenants -tenant's ability to make the rental payments -Ethnic background of the tenant and his or her employees Ethnic background of the tenant and his or her employees A mechanic's lien would be properly classified as a(n) -equitable lien. -voluntary lien. -general lien. -specific lien. specific lien 2 /1 All of the following are prohibited under the antitrust laws EXCEPT -Competing property management companies agreeing to standardized management fees -competing brokers allocating markets based on the value of homes -a broker's setting a company commission schedule -real estate companies agreeing NOT to cooperate with a broker because of the fees that broker charges a broker's setting a company commission schedule A rancher owns a parcel of land on which oil was discovered. If the rancher has not previously conveyed the oil rights, who owns the oil? -the federal government -the tenant to whom the property has been leased -the state government -the rancher the rancher Abel and Baker are joint tenants. Baker sells his interest to Charlie. What is the relationship of Abel and Charlie? -they are joint tenants -they are tenants in common -there is no relationship because Baker cannot sell to Charlie -Abel owns a 2/3 interest and Charlie owns a 1/3 interest they are tenants in common All of the following would be acceptable as evidence of marketable title EXCEPT -a property owner's warranty deed -an abstract and legal opinion -Torren's certificate -a title insurance policy a property owner's warranty deed The method of describing land that uses degrees, feet, and monuments is known as the -angular system. -metes and bounds system. -rectangular survey system. -lot and block system. metes and bounds system which of the following is true regarding a special warranty deed? -The grantors warranties are limited to the time the grantor owned the property -the grantor retains an interest in the ownership -the grantor is making additional warranties beyond those given in a warranty deed -the grantor is warranting that non encumbrances exist against the property The grantor's warranties are limited to the time the grantor owned the property 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 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 True, if it is a felony 3 /1 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 4 /1 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 Either of the above: in the county where the Commission is located or in the county filed where? where the unlawful activity took place -In the county where the Commission is located -In the county where the unlawful activity took place -either of the above -none of the above A small office building sold for $949,000 and the broker received a commission of $54,990. What was the broker's commission rate? -7% -6.2% -11.3% -5.8% 5.8% A lease should contain all of the following provisions EXCEPT -possession of the premises -use of the premises -term of the lease -sale and leaseback clause sale and leaseback clause All of the following would affect demand EXCEPT -population -fiscal policy -wage levels -demographics fiscal policy All of the following are true regarding public records EXCEPT -they provide constructive notice about interests in the property -they guarantee marketable title -they establish priority of liens -they give notice of encumbrances they guarantee marketable title A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. How much money would a salesperson receive for her 60% share in the 10% commission? $960 The commission is made up of the following: -4 brokers and 1 consumer -6 brokers and 1 consumer -1 consumer and 6 brokers -4 consumers and 1 licensee 6 brokers and 1 consumer All of the following would acquire title to real property EXCEPT -the grantee -the lessee -the devisee -the vendee The lessee 5 /1 All of the following are required for a deed to be valid EXCEPT -date -name of the grantee -legal description -signature of the grantee signature of the grantee a lease that will terminate within one year of its inception -may be oral -must be in writing -violates the provisions of the statue of frauds -is invalid may be oral all of the following are true regarding public records EXCEPT -the provide constructive notice about interests in the property -they give notice of encumbrances -they guarantee marketable title -they establish priority of liens they guarantee marketable title The Commission is charged with determining if a license applicant meets all of the following criteria EXCEPT: -trustworthy -honest -competent to protect the public -never been adjudicated bankrupt never been adjudicated bankrupt The principal difference between an estate for years and an estate from year to year is that -an estate from year to year has no expiration date -an estate for years cannot be terminated -an estate for years is a life estate -an estate from year to year must be in writing an estate from year to year has no expiration date a tenant's lease has expired, but the tenant has not vacated the premise or negotiated a renewal lease. The landlord has declared that the tenant is not to remain in the building. This situation is an example of -an estate for years -tenancy at will -an estate from year to year -tenancy at sufferance tenancy at suffereance The Governor appoints Commissioners from a list provided by the Kentucky Association of REALTORS A standard rectangular survey system section contains -160 acres -640 acres -160 government lots -36 townships 640 acres Which of the following is NOT required for the broker to remove money from his or her escrow account? -court order -a mutual release -performance on the contract -signed affidavit signed affidavit all of the following are essential to the formation of a contract EXCEPT -performance -consideration -offer -acceptance performance 6 /1 Broker Janna was accused of violating antitrust laws. Of the following, she was MOST likely accused of -not having an equal housing opportunity sign in her office window -dealing in unlicensed exchange services -price fixing -undisclosed dual agencies price fixing Under license laws, real estate advertising must contain which of the following? -company's address -listing agent's name -company's telephone number -company name or principal broker's name Company name or principal broker's name A property owner contracted to have a swimming pool installed on her property. When the pool was completed, she refused to pay for the improvement, and the contractor filed a lien for nonpayment. This lien was most likely a -specific lien -general lien -special lien -voluntary lien specific lien Charging more interest than is legally allowed is known as -usury -a deficiency -escheat -an estoppel usury A third party holds title to property on behalf of someone else through the use of a -devise -deed in trust -bequest -quitclaim deed deed in trust Broker Kenneth arrives to present a purchase offer to she was under duress from her son and daughter-in-law, and therefore, the contract Dorita, an invalid, and finds her son and his wife also is voidable present. In the presence of Broker Kenneth, both individuals persistently urge Dorita to accept the offer, even though it is much lower than the price she has been asking for her home. If Dorita accepts the offer, she may later claim that All of the following are true about radon EXCEPT -modern construction reduces the potential for radon gas accumulation -it is colorless, odorless, and tasteless -radon levels will vary in certain weather conditions -levels can be reduced by installing ventilation systems modern construction reduces the potential for radon gas accumulation If a licensee fails to renew his or her license on time, the license is -expired -revoked -canceled -none of the above canceled A mortgage broker generally offers which of the following services? -granting real estate loans using investor funds -handling the escrow procedures -providing credit qualifications and evaluation reports -bringing the borrower and the lender together bringing the borrower and the lender together 7 /1 The Real Estate Settlement Procedures Act (RESPA) applies in a loan assumption if the -terms of the assumed loan are modified by the lender -lender charges less than $50 for the assumption -buyer must be approved by the lender for the assumption to occur -seller does NOT want to be liable for the loan in the future terms of the assumed loan are modified by the lender Normally, the priority of general liens is determined by the -order in which they are filed or recorded. -order in which the cause of action arose. -size of the claim. -court. the order in which they are filed or recorded A lot with a depth of 80 ft and an area of 4,800 sg ft was sold for $350 per front foot. What was the total sales price? -$35,000 -$21,000 -$28,000 -$31,800 $21,000 Which of the following has an indeterminable duration? -estate for years -license -freehold estate -less than freehold estate freehold estate A tire company has a manufacturing plant located in an area that has just been re-zoned for residential usage. The company is allowed to continue operating the plant under the new zoning classification. However, if the plant is destroyed by fire, the tire company most likely would be forbidden to rebuild the plant in that neighborhood under any circumstances CERCLA regulations for administration of the Superfund, which helps pay for cleanup of uncontrolled hazardous waste sites, impose strict, joint and several, and retroactive liability on potentially responsible parties A principal broker must ensure that a personal assistant has which of the following? -reasonable access to his supervising licensee -training -reasonable supervision -all of the above all of the above Advantages of an investment in real estate include all of the following EXCEPT -the use of leverage to increase rates of return -tax deductions -the possibility of a tax-deferred exchange -high liquidity high liquidity The defeasance clause in a mortgage requires the mortgagee to execute a(n) -assignment of mortgage -satisfaction of mortgage -subordination agreement -partial release agreement satisfaction of mortgage Which of the following investments can not be depreciated? -commercial building -single family home -100 acres of vacant land -shopping mall 100 acres of vacant land 8 /1 a broker who is the agent of the buyer should do which of the following? -present to the seller only offers that are acceptable -disclose to the seller that the buyer is a minority person -disclose to the seller the maximum price the buyer is willing to pay -advise the buyer if the listing price of the seller's house is unrealistic advise the buyer if the listing price of the seller's house is unrealistic a sales associate with one year of experience is managing a broker's branch office, which is 45 miles from the main office. Which of the following is TRUE? -the sales associate is acting legally because she has enough experience -the sales associate is acting illegally because she does not have enough experience -the sales associate's experience does natter under license law -none of the above The sales associate is acting illegally because she does not have enough experience a recorded subdivision plat is used in the -metes and bounds system -rectangular survey system -geodetic survey system -lot and block system lot and block system The Commission cannot have more than members from one political party 4 A parcel of land described as "the NW 1/4 and the SW 1/4 of Section 6, T4N, R8W of the Third Principal Meridian" was sold for $2,500 per acre. The listing broker will receive a 5% commission on the total sales price. How much will the broker receive? $5,000 What is the cost of constructing a fence 6 ft 6 in high around a lot measuring 90' x 175', if the cost of erecting the fence is $1,25 per linear ft and the cost of material is $.825 per sg ft of fence? $3,505 A building is valued as $215,000 and contains 4 apartments that rent for $470 each per month. The owner estimates that the net operating income is 65% of the gross rental receipts. What is the capitalization rate? -3.7% -14.2% -10.5% -6.8% 6.8% Carbon monoxide is not -quickly absorbed in the body -a result of incomplete combustion -a natural result of combustion -easy to detect Carbon monoxide is not easy to detect When compared with a 30 year payment period, taking out a loan with a 20 year payment period would result in -lower monthly payments -higher monthly payments -greater impound requirements -slower equity buildup higher monthly payments 9 /1 All of the following are subject to real property ownership rights EXCEPT -buildings located on the land -air space above the land -navigable rivers running through the land -easements running with the land navigable rivers running through the land All of the following are alternative risk management techniques EXCEPT -ignoring it -retaining it -transferring it -avoiding it ignoring it An important characteristic of land is that is may be modified or improved at some point in time. Depending on its type, an improvement may increase the value of real estate greatly. All of the following are considered to be improvements EXCEPT -buildings -crops -sewers -roads crops Federal income tax regulations allow homeowners to reduce their taxable income by amounts paid for -repairs and maintenance -hazard insurance premiums -principal and interest -real estate taxes real estate taxes Referral fees can be legally paid -from a licensed broker to a consumer who referred a client -from one licensed agent to another licensed agent -from one licensed broker to another licensed broker -from one consumer to another consumer from one licensed broker to another licensed broker A tenant has an estate for years. According to the written one-year lease, the tenancy will expire on May 1st. To obtain possession as of the date, the landlord -must give the tenant 30 days' notice -must give the tenant 60 days notice -is not required to give the tenant any notice -must give the tenant noticed before April 15th is not required to give the tenant any notice In Kentucky, errors and omissions insurance is -voluntary -recommended -not necessary -mandatory mandatory The type of listing agreement that provides for payment of a commission to the broker even though the owner makes the sale without the broker's aid is called an -exclusive right to sell listing -exclusive agency listing -open listing -option listing exclusive right to sell listing A person who has complete control of a parcel of real estate is said to own a -leasehold estate -fee simple estate -defeasible fee estate -life estate fee simple estate 10 /1 Capping is the method of -burying waste and covering with soil -piling waste into a hill at surface level and covering with clay -laying soil over the surface of a landfill and planting vegetation -compacting waste and sealing it in a container laying soil over the surface of a landfill and planting vegetation All of the following liens need to be recorded to be valid EXCEPT -Mechanic's lien -Judgement lien -Real estate tax lien -Mortgage lien real estate tax lien All of the following are included in the right to control one's property EXCEPT -the right to exclude the utilities' meter reader -the right to enjoy profits from its ownership -the right to erect "no trespassing" signs -The right to sell the property to a neighbor The right to exclude the utilities' meter reader If a licensee knows that a seller is under an exclusive listing with another brokerage, the licensee -may knock of the seller's door -may call the seller on the telephone -may not contact that seller - may send the seller a letter may not contact that seller All of the following are physical characteristics of land EXCEPT -scarcity -indestructibility -uniqueness -immobility scarcity If a homeowner's insurance policy provides coverage for less than 80 percent of the full replacement cost of the dwelling, then the loss of the residence will be settled for -the market value of the property less the land value. -the lowest repair bid. -either the actual cash value or the prorated repair cost. -the total replacement cost. either the actual cash value or the prorated repair cost a father conveyed the family home to his daughter by will as a pur autre vie estate for the life of her mother. If the daughter should die before the mother, who gains possession of the property? -the remainderman -the father's other children -the mother -the daughter's heirs the daughters heirs Which of the following is true about land taken for public use? -the local use will benefit the residents in the immediate area -the health, safety, and welfare of the government must be the reason -the owner must be fairly compensated -the property is then established as a fee simple determinable estate for a particular use the owner must be fairly compensated 11 /1 if a licensee if found in violation of license law and discipline is ordered, the licensee -can appeal to the Commission -can appeal to the attorney general -can appeal to the circuit court -has no recourse can appeal to the circuit court All of the following are exempt from licensure EXCEPT: -trustee -attorney -attorney in fact -personal assistant personal assistant Tenant security deposits must be placed where? -in the broker's operating account -in a separate account -in the owners account -none of the above in a separate account An earnest money deposit must be placed into escrow within business days of receipt 3 a bill of sale is used to transfer the ownership of -fixtures -appurtenances -real estate -personal property personal property All of the following affect how quickly the forces of supply degree of standardization of the products price and demand work EXCEPT -degree of standardization of the product's price -mobility of the parties to the transaction -degree of standardization of the product -mobility of the product A property manager must be licensed, unless: he receives a rental unit as his compensation -he receives a rental unit as his compensation -he receives bonuses as his compensation -he only receives a fee for each lease as his compensation -he receives commissions as his compansation all of the following are duties of a property manager repairing tenant fixtures EXCEPT -renting space to tenants -repairing tenant fixtures -complying with legal requirements -preparing a budget all of the following would be considered specific date the employment opportunities in the area EXCEPT: -the employment opportunities in the area -the gross rent multiplies for the area -the dimensions of the subject property -the sales data for comparable properties 12 /1 A salesperson who represents the seller is showing a withhold the information prevents the buyer from making an informed decision house to a prospective buyer-customer. The salesperson knows that the house has water problems in its basement. Which of the following is true? -disclosing the information violates the salesperson's fiduciary duty to the seller -disclosing the information could create a fiduciary relationship with the buyer -withholding the information properly protects the confidence of the seller -withhold the information prevents the buyer from making an informed decision Which of the following would be considered legal? Requiring a person with a disability to establish an escrow account for the costs to restore a property after it has been modified The primary survey line running north and south in any principal meridian area described by the rectangular survey system is its -base line -principal meridian -township line -range line a property manager's primary obligation is to owners -tenants -bankers -owners -government authorities 1 /1 If I am makes an offer on a house and the seller excepts in Because the seller has promised to sell and the buyer has promised to buy, it is writing. What is the current status of this relationship? clearly a bilateral contract. It is express because they announced their intentions in writing. This contract is executory because the sale has not closed yet Additional conditions that must be satisfied before a sales contingencies contract is fully enforceable are called If I'm in allows a woman to back out of the contract, Rescission allows both parties to return to their original possessions before the returned the earnest money to her, and both are back to contract, so any monies exchange must be returned the positions they held before the contract, the contract has been A buyer makes an offer to buy a sellers house. Pursuant it A property sale contingency protects a buyer who has to sell a property in order to to this offer, the buyer is obligated to perform only if the buy the sellers property buyer is first able to sell her condo. This is an example of On March 7 a buyer and a seller execute a contract for the In states that have adopted the uniform vendor and purchaser act, the seller purchase of the sellers property. Closing is set for June 10. remains responsible for the property until the day of closing On April 15 the property is struck by lightning and destroyed by the resulting fire. If the uniform vendor and purchase or risk act has been adopted by the state in which the property is located, which party bears liability for the loss? The term statue of limitation is best described as the Every state limits the right during which parties to a contract may bring a legal limitation on the action to enforce their rights. Rights not enforced within the Applicable time period Are lost In case the buyer decides not to buy for no legal reason, Liquidated damages limit the compensation available to the injured party should a the contract may provide at the earnest money is there as breach of contract occur What is minimum consideration in a valid contract Anything the parties agree is good and valuable What is an example of a unilateral contract In a unilateral contract only one party is obligated to perform. The optionor-owner of the property must sell at the agreed-upon price only if the optionee he decides to buy A woman is buying a man's house and wants to take over Novatio n the mortgage. The lender releases the man from the obligation substituting the woman as the party liable for the debt. This new agreement is called A real estate broker in ounces to the sales people in her The offer of a bonus to the top selling sales person each quarter is an express office that she will pay $1000 bonus to the top selling sales contract because the broker clearly stated her intentions and words to the sales person each quarter. This contract is an people. It is unilateral contract because she's obligated to keep her promise but the sales people are not obligated to perform A testamentary trust is created by A will In any Township what is the number of the section 16 designated as the school section Lonnie conveys the ownership of his house to his mother reversionary interest and stipulates that upon her death he will recapture ownership. The interest Lonnie has in the property is a 2 /1 If a creator of a life estate chooses not to name my The property will revert back to the creator remainderman the creator has A descendent left a will giving his neighbor the right to use An easement in gross is an individual interest in someone else's land a well on the descendents land as long as the neighbor lived. The neighbors interest in the property is properly called A lawsuit to terminate an easement is called an action to Action to quiet title If an adjacent public land use diminishes the value of your Inverse condemnation property you may claim compensation under which theory The process by which government can acquire ownership Condemnation of private land for public use is A partnership which is for a long-term arrangement is Syndicate called This is a special type of zoning used to control density by Bulk zoning imposing restriction such as setbacks A manufactured home can be turned into real estate by AFFIXATIO N what process A developer grants a local power company the right to Easement in gross install necessary transmission lines. This right is an example of a The beneficiary of a land trust is also commonly The trustor Homeowner Gurnee acquired ownership of land that was Accretion deposited by a river running through his property by Many states determine the order of water rights according If an owner has a beneficial use for scarce water, this falls under the doctrine of to which users of the water hold recorded beneficial use prior appropriation permits. This allocation of water rights is controlled by Jamal Morton an herb are joint tenants in a parcel of land. Remain joint tenants owning a two thirds interest Herb conveys his interest to his longtime friend Walid. After the conveyance Jamall and Morton One of the drawbacks of a corporation is Double taxation A syndicate may be set up as A trust a partnership or a corporation 3 /1 Rights granted to owners along a river or stream are Riparian rights known as A trust is a legal arrangement in which title to property is trustee held for the benefit of a third-party by a PITT stands for Possession Interest Time Title The term "metes" refers to Distance Mary received a life estate in 310 Broadway. Mary died in A life estate is a freehold estate limited in duration to the life of the owner or some 2011. This means that the life estate other designated person He governments payment to a landowner for seizure of his Just compensation or her property is called Ownership of real estate by one individual is called Severalty The amount a property increases in value after successful Plottage assemblage is The cost approach estimates accrued depreciation using Straight line method the A business in which real estate investors pull the resources Syndicate to own a particular property is called Adjusted cost basis includes all the following except Taxes For income producing property is the amount remaining Cash flow after all expenses have been paid is known as All of the following are associated with a 1031 tax 4 exchange except 1. Like kind 2. Boot 3. Qualified intermediary 4. The elimination capital gains taxes The equal credit opportunity act primarily deals with what Discrimination in lending 4 /1 Once HUD approves the ruling the parties have blank days 30 to appeal the case to the appropriate federal court of appeals Our local government subject to the restraints of the fair Yes, land use regulations, including zoning provisions in special use permit cannot housing act effectively prohibit groups of disabled individuals from living in the residence of their choice The federal fair housing act prohibits discrimination on the Sexual orientation basis of all the following except The equal credit opportunity act of 1974 prohibits Familial status discrimination on the basis of all the following except If hud files charges, the aggrieved party has blank to 20 days exercise an election to take this matter to federal court for a jury trial Among other classifications the fair housing act of 1968 Race, color, religion, or national origin made it illegal to discriminate on the basis of In applying the balancing test the courts appear to favor Handicapped person the blank except under extreme circumstances A private action alleging discrimination must be brought two years of the alleged discrimination. within If a mortgage lender refuses to make a mortgage loan to a ECOA woman because she is a single mother the lender has violated what law A convent refuses to allow members of other face to rent Legal their room. This is According to the Supreme Court there are no exceptions Racial discrimination regarding which protected class A landlord is required To permit a tenant at the blank Tenants expense to make a reasonable modification of the living space in order to have full use and enjoyment of the premises An occupancy requirement is exempt from familial status persons 62 years of age or older. Or for occupancy and 80% of its units by at least protection under the fair housing act if the housing is one person 55 years of age or older intended to be occupied by At closing the virus is credit for accrued items. What Accrued items are bills to be paid by the buyer expenses could these have been Disturbing blank during remodeling a renovation creates Asbestos dangerous airborne particles that pose a health risk 5 /1 What was banned in 1978 ever is associated health risk for Asbestos discovery but it remains an ongoing going concern At closing the listing broker commission is typically shown Debit to the seller as a If a real estate agent suspects mold in a property what An inspection can uncover the presence of mold should he or she recommend I lead-based paint disclosure form must be attached to all Residential sales contract involving which of the following properties built before 1978 Residential Who owns the building that is erected on land that has a lessee ground lease A woman rents an apartment from a man under a one-year none written lease. The expiration date of the lease is May 1. How much notice must a man give a woman to recover possession when the lease expires A tenant signed a one-year lease with a landlord on April As an estate for years no notice was required to terminate. If the tenant does not 10. On the following March 1, the landlord asked the pay rent, it will become a tenancy at sufferance. If the tenant pays rent and the tenant whether the lease will be renewed. The tenant did landlord accepts it, it will be a holdover or periodic tenancy, which could be changed not respond but was still in the apartment on April 11. What into an estate for years if they enter into a year-long lease can the landlord do If a landlord agrees to put part of the tenants rent towards A sale leaseback the purchase price the landlord and tenants have agreed to If a licensee receives a complaint from the commission he he has 20 days to answer a complaint or she must Eloise is representing a buyer for a property. The buyer Undisclosed dual agency looks at a property that is actually owned by Eloise and her husband Lenny and listed by Eloise. Eloise does not mention this fact to the buyer. Eloise is in violation of license law for Danyal has a felony conviction that does not show up on If Danyal does not disclose his felony he has obtained a license through false his background check. He does not inform the commission means of this conviction. The commission can discipline Danyal's license for Janet attended nine hours of continuing education in the A licensee must take a minimum of three hours of law but may take more last calendar year. All of these hours were in law. Which of the following is true If a licensee has been found guilty of fraud in order to pay $20 K restitution the consumer can receive up to blank dollars from the recovery fund 6 /1 Donna's license has been canceled. She can have her One year license renewed as long as she does so within An earnest money deposit must be placed into escrow 3 business days within blank days of receipt All of the following are exempt from licensure except A personal assistant is not exempt from licensure but must follow the laws pertaining to personal assistance A personal assistant may give out all of the information A personal assistant may not disclose the purchase price on a contract about a listed property except Real estate brokerage includes all of the following activities Acting as a trustee except If a licensee is found in violation of license on discipline is Can appeal to circuit court ordered the licensee In order to legally sell real estate at auction, to licensees Broke r must be present an auctioneer and a If a licensee is found to be in violation of license law Fine of $2K decommission can order all of the following except Play principal broker is required by law to Exercise adequate supervision over their agents By law if an agent is asked to complete the sellers There must be a hold harmless clause disclosure form the agent must have If a principal broker fails to return an agents license when It is improper to fail to return an agents license when asked asked the principal broker If a Kentucky license he wants to promote an out of state Seek permission from the commission property in the state of Kentucky he or she must Tenant security deposits must be placed where Separate account A person who complies information on properties that are This person is exempt no matter who pays the fee available for rent in exchange for a fee is exempt from licensure. True or false? In designated agency the principal broker or managing Dual agent broker is a 7 /1 If a licensee offers a rebate or an inducement to a client Disclosed in writing this offer must be Susan makes an offer on an FSBO property. Susan's 120 agent obtained the property disclosure from the seller. The agent has blank hours to present the form to Susan The duty of accounting means that a licensee must Remit money to the rightful owner A builder has asked a licensee to list a newly built home. The sellers disclosure is not required if the builder provides a warranty The sellers disclosure form is required unless Listing agent should present the sellers disclosure form to When the listing is signed the seller The information on the sellers disclosure form applies to That sellers ownership of the property Where's his listing contract all contain a clause stating that Illegal because contracts must have a definite end date the listing will automatically extend at the expiration of the original term. Wes's contracts are Blank is possession without harassment or interference Enjoyment The terms land, real estate and real property are False synonymous Blank is the ability to legally refuse others interest Exclusion After the construction of a building in the air right above a Air rights do not interfere with the use of the land rail road right of way the trains can An individual who buys a cooperative receives which of the Proprietary lease following Mark has directed a fence to keep trespassers from Exclusion hunting on his property. Since Mark owns the land he can keep others off under the right of Demographics include Demographics is the study and description of a population. Family size, ratio of adults to children, ages, family income, etc. are all demographic factors that contribute to the amount and type of housing needed Socrates is the founder of what Science of ethics 8 /1 A licensee owes the following fiduciary duties to a Honesty and fair dealing customer Broker Smith is helping a buyer and seller fill out a sales Transaction broker contract, but it's not representing either party. Broker Smith is a Kant is the founder of what Modern ethics True or false. Another term for breach of the duty of loyalty True is self dealing If a real estate agent is showing a client a house above Loyalt y their price range to get a better commission this breaches the duty of When making an offer on a 1970 property the buyer should Seller disclosure, agency disclosure, lead paint disclosure and a copy of the offer have Blank can be accomplished expressly in writing or orally Ratificatio n accepting the ax or by the principal taking the benefits of the past acts If a title has serious defects it is not Marketable The blank clause lays out the rules and regulations in the Habendu m granting instrument Specific liens include - vendors' liens, - mechanics' liens, - mortgage liens, - real estate tax liens, - liens for special assessments utilities Lien holders do not own an interest in the property False When an owner files a document in the public records this Constructive notice action provides what type of notice to the subsequent purchasers A special warranty deed includes which of the following Warranty of a title warranties The blank clause follows the granting clause and start out Habendu m with to have and to hold 9 /1 A Notary is required to acknowledge what? Deed Which of these causes outlines the ownership to be Habendum clause enjoyed by the grantee A voluntary lien is created by who The owner such as taking out a mortgage loan If a review of the circumstances would have revealed the Constructive notice facts about a title what type of notice exist Which of the following is not necessary to create a valid Grantees signature is not necessary deed In a land contract the vendor Retains title until the full purchase price is paid overtime Which of the following Advertisements would violate the None of the above truth in lending act Blank limits the amount the lender can require RESPA And alienation clause in a loan document will prevent a Assuming a loan future buyer from Brandon assumes the loan of seller Frank. Brandon Novatio n agrees that Frank is free from any liability to pay this debt in the future. This agreement is a The federal reserve system consist of blank federal 12 reserve district banks The lender my only take a certain amount each month for RESPA escrow reserves under which law A veteran wants to refinance a home by changing to a VA Lenders are permitted to charge borrowers discount points on VA loans. He should guaranteed loan. The lender insist on 3.5 discount points proceed with refinancing the loan and pay the discount points which of the following options are available to the veteran Pledging property for a loan without giving up possession Hypothecatio n is referred to as Hey borrowers promise to repay the debt is a Promissory note 1/ The basic role of GINNIE Mae is to Ginnie Maes basic role is to resupply capital to primary lenders by guaranteeing repayment of pools of mortgage loans Hey state law provides that lenders cannot charge more Usury law than 24% interest on any loan. This kind of law is called The lender on a mortgage is also known as Mortgagee At the end of a partially amortized loan the borrower must Make ballon payment do what A borrower has just made the final payment on a mortgage A mortgage satisfaction document must be recorded to remove the lien/show the loan. Regardless of the fact the record still show a lien on debt has been paid in full the mortgage property until which of the following occur In a lien theory state, if the mortgagor defaults on the loan Foreclosure the mortgagee can only obtain legal title through this proceeding The due on sale clause is the Alienation clause Belinda agrees to buy Eli's property and take over the Assumptio n mortgage. Belinda's agreement is a Under this type of loan all the personal property in Package loan appliances are covered a security along with the real estate When a seller is free of any future liability for a loan Novation agreement assumed by buyer the seller has signed a The rescission provisions of the truth in lending act apply Consumer credit transactions include the rescission provisions of the truth in to which of the following transactions lending act Consumer credit transactions include the rescission provisions of the truth in lending act