Perry Real Estate College Final Exam Study Guide _ Verified Questions & Answers _ Complete Exam Prep 1 2026-03-02
Perry Real Estate College
Final Exam Study Guide |
Verified Questions &
Answers | Complete Exam
Prep
Page 1
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_ Perry Real Estate College Final Exam Study Guide _ Verified Questions & Answers _ Complete Exam Prep.pdf
,Perry Real Estate College Final Exam 2 2026-03-02
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
Page 2 Perry Real Estate College Final Exam.pdf
,Perry Real Estate College Final Exam 3 2026-03-02
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
Page 3 Perry Real Estate College Final Exam.pdf
, Perry Real Estate College Final Exam 4 2026-03-02
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
Page 4 Perry Real Estate College Final Exam.pdf
Perry Real Estate College
Final Exam Study Guide |
Verified Questions &
Answers | Complete Exam
Prep
Page 1
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_ Perry Real Estate College Final Exam Study Guide _ Verified Questions & Answers _ Complete Exam Prep.pdf
,Perry Real Estate College Final Exam 2 2026-03-02
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
Page 2 Perry Real Estate College Final Exam.pdf
,Perry Real Estate College Final Exam 3 2026-03-02
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
Page 3 Perry Real Estate College Final Exam.pdf
, Perry Real Estate College Final Exam 4 2026-03-02
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
Page 4 Perry Real Estate College Final Exam.pdf
