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PERRY REAL ESTATE COLLEGE FINAL EXAM QUESTIONS AND ANSWERS

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2025/2026 Written for academic year
Institution PERRY REAL ESTATE COLLEGE
Course PERRY REAL ESTATE COLLEGE
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PERRY REAL ESTATE COLLEGE FINAL EXAM QUESTIONS AND ANSWERS

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PERRY REAL ESTATE COLLEGE
FINAL EXAM QUESTIONS AND
ANSWERS
Af4housef4withf4outmodedf4plumbingf4isf4sufferingf4from
-curablef4physicalf4deterioration
-externalf4depreciation
-incurablef4physicalf4deterioration
-functionalf4obsolescencef4-f4ANSWERS--functionalf4obsolescence

Inf4orderf4tof4bef4af4Licensef4memberf4off4thef4commission,f4af4personf4mustf4be
-af4KYf4citizen
-af4non-felon
-allf4off4thef4above
-af4licensedf4brokerf4-f4ANSWERS--allf4off4thef4above

Af4licensedf4realf4estatef4professionalf4actingf4asf4af4pointf4off4contactf4betweenf4twof4orf4m
oref4peoplef4inf4negotiatingf4thef4sale,f4rental,f4orf4purchasef4off4af4propertyf4isf4knownf4asf4
a(n)
-salesf4affiliate
-propertyf4manager
-appraiser
-brokerf4-f4ANSWERS--broker

Af4landownerf4constructedf4af4buildingf47f4storiesf4high.f4Severalf4yearsf4laterf4thef4munici
palityf4changedf4thef4zoningf4ordinance,f4prohibitingf4buildingsf4thatf4exceedf46f4storiesf4in
f4height.f4Whichf4off4thef4followingf4isf4truef4regardingf4thef4existingf47-storyf4building?

-thef4ownerf4mustf4obtainf4af4variance
-itf4isf4nonconformingf4use
-itf4isf4af4conditionalf4use
-thef4buildingf4mustf4bef4demolishedf4-f4ANSWERS--itf4isf4af4nonconformingf4use

Allf4off4thef4followingf4shouldf4bef4af4considerationf4inf4selectingf4af4tenantf4forf4thef4propert
yf4EXCEPT
-sizef4off4thef4availablef4spacef4relativef4tof4thef4tenant'sf4requirements
-compatibilityf4off4thef4tenant'sf4businessf4withf4thosef4off4otherf4tenants
-tenant'sf4abilityf4tof4makef4thef4rentalf4payments
-Ethnicf4backgroundf4off4thef4tenantf4andf4hisf4orf4herf4employeesf4-f4ANSWERS--
Ethnicf4backgroundf4off4thef4tenantf4andf4hisf4orf4herf4employees

Af4mechanic'sf4lienf4wouldf4bef4properlyf4classifiedf4asf4a(n)
-equitablef4lien.f4
-voluntaryf4lien.f4
-generalf4lien.f4
-specificf4lien.f4-f4ANSWERS--specificf4lien

, Allf4off4thef4followingf4aref4prohibitedf4underf4thef4antitrustf4lawsf4EXCEPT
-
Competingf4propertyf4managementf4companiesf4agreeingf4tof4standardizedf4manageme
ntf4fees
-competingf4brokersf4allocatingf4marketsf4basedf4onf4thef4valuef4off4homes
-af4broker'sf4settingf4af4companyf4commissionf4schedule
-
realf4estatef4companiesf4agreeingf4NOTf4tof4cooperatef4withf4af4brokerf4becausef4off4thef4f
eesf4thatf4brokerf4chargesf4-f4ANSWERS--
af4broker'sf4settingf4af4companyf4commissionf4schedule

Af4rancherf4ownsf4af4parcelf4off4landf4onf4whichf4oilf4wasf4discovered.f4Iff4thef4rancherf4hasf4
notf4previouslyf4conveyedf4thef4oilf4rights,f4whof4ownsf4thef4oil?
-thef4federalf4government
-thef4tenantf4tof4whomf4thef4propertyf4hasf4beenf4leased
-thef4statef4government
-thef4rancherf4-f4ANSWERS--thef4rancher

Abelf4andf4Bakerf4aref4jointf4tenants.f4Bakerf4sellsf4hisf4interestf4tof4Charlie.f4Whatf4isf4thef4r
elationshipf4off4Abelf4andf4Charlie?
-theyf4aref4jointf4tenants
-theyf4aref4tenantsf4inf4common
-theref4isf4nof4relationshipf4becausef4Bakerf4cannotf4sellf4tof4Charlie
-Abelf4ownsf4af42/3f4interestf4andf4Charlief4ownsf4af41/3f4interestf4-f4ANSWERS--
theyf4aref4tenantsf4inf4common

Allf4off4thef4followingf4wouldf4bef4acceptablef4asf4evidencef4off4marketablef4titlef4EXCEPT
-af4propertyf4owner'sf4warrantyf4deed
-anf4abstractf4andf4legalf4opinion
-Torren'sf4certificate
-af4titlef4insurancef4policyf4-f4ANSWERS--af4propertyf4owner'sf4warrantyf4deed

Thef4methodf4off4describingf4landf4thatf4usesf4degrees,f4feet,f4andf4monumentsf4isf4known
f4asf4the

-angularf4system.f4
-metesf4andf4boundsf4system.f4
-rectangularf4surveyf4system.f4
-lotf4andf4blockf4system.f4-f4ANSWERS--metesf4andf4boundsf4system

whichf4off4thef4followingf4isf4truef4regardingf4af4specialf4warrantyf4deed?
-Thef4grantorsf4warrantiesf4aref4limitedf4tof4thef4timef4thef4grantorf4ownedf4thef4property
-thef4grantorf4retainsf4anf4interestf4inf4thef4ownership
-
thef4grantorf4isf4makingf4additionalf4warrantiesf4beyondf4thosef4givenf4inf4af4warrantyf4dee
d
-thef4grantorf4isf4warrantingf4thatf4nonf4encumbrancesf4existf4againstf4thef4propertyf4-
f4ANSWERS--

Thef4grantor'sf4warrantiesf4aref4limitedf4tof4thef4timef4thef4grantorf4ownedf4thef4property

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