PERRY REAL ESTATE COLLEGE FINAL EXAM |100
QUESTIONS| WITH COMPLETE SOLUTIONS!!
-
PERRY REAL ESTATE COLLEGE FINAL EXAM | ACTUAL 100
QUESTIONS WITH COMPLETE SOLUTIONS (VERIFIED
ANSWERS) | LATEST UPDATED 2026/2027 | GRADED A+.
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - Correct answer-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 - Correct answer-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 - Correct answer-broker
,PERRY REAL ESTATE COLLEGE FINAL EXAM |100
QUESTIONS| WITH COMPLETE SOLUTIONS!!
-
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 - Correct answer-it is a nonconforming use
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
- Correct answer-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 - Correct answer-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 - Correct answer-they are tenants in common
, PERRY REAL ESTATE COLLEGE FINAL EXAM |100
QUESTIONS| WITH COMPLETE SOLUTIONS!!
-
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 - Correct answer-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. - Correct answer-metes and bounds system
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 - Correct answer-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. - Correct answer-specific lien
QUESTIONS| WITH COMPLETE SOLUTIONS!!
-
PERRY REAL ESTATE COLLEGE FINAL EXAM | ACTUAL 100
QUESTIONS WITH COMPLETE SOLUTIONS (VERIFIED
ANSWERS) | LATEST UPDATED 2026/2027 | GRADED A+.
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - Correct answer-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 - Correct answer-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 - Correct answer-broker
,PERRY REAL ESTATE COLLEGE FINAL EXAM |100
QUESTIONS| WITH COMPLETE SOLUTIONS!!
-
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 - Correct answer-it is a nonconforming use
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
- Correct answer-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 - Correct answer-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 - Correct answer-they are tenants in common
, PERRY REAL ESTATE COLLEGE FINAL EXAM |100
QUESTIONS| WITH COMPLETE SOLUTIONS!!
-
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 - Correct answer-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. - Correct answer-metes and bounds system
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 - Correct answer-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. - Correct answer-specific lien
