PERRY REAL ESTATE COLLEGE
FINAL EXAM QUESTIONS AND
ANSWERS
A8vhouse8vwith8voutmoded8vplumbing8vis8vsuffering8vfrom
-curable8vphysical8vdeterioration
-external8vdepreciation
-incurable8vphysical8vdeterioration
-functional8vobsolescence8v-8vANSWERS--functional8vobsolescence
In8vorder8vto8vbe8va8vLicense8vmember8vof8vthe8vcommission,8va8vperson8vmust8vbe
-a8vKY8vcitizen
-a8vnon-felon
-all8vof8vthe8vabove
-a8vlicensed8vbroker8v-8vANSWERS--all8vof8vthe8vabove
A8vlicensed8vreal8vestate8vprofessional8vacting8vas8va8vpoint8vof8vcontact8vbetween8vtwo8vo
r8vmore8vpeople8vin8vnegotiating8vthe8vsale,8vrental,8vor8vpurchase8vof8va8vproperty8vis8vkno
wn8vas8va(n)
-sales8vaffiliate
-property8vmanager
-appraiser
-broker8v-8vANSWERS--broker
A8vlandowner8vconstructed8va8vbuilding8v78vstories8vhigh.8vSeveral8vyears8vlater8vthe8vmun
icipality8vchanged8vthe8vzoning8vordinance,8vprohibiting8vbuildings8vthat8vexceed8v68vstori
es8vin8vheight.8vWhich8vof8vthe8vfollowing8vis8vtrue8vregarding8vthe8vexisting8v7-
story8vbuilding?
-the8vowner8vmust8vobtain8va8vvariance
-it8vis8vnonconforming8vuse
-it8vis8va8vconditional8vuse
-the8vbuilding8vmust8vbe8vdemolished8v-8vANSWERS--it8vis8va8vnonconforming8vuse
All8vof8vthe8vfollowing8vshould8vbe8va8vconsideration8vin8vselecting8va8vtenant8vfor8vthe8vpro
perty8vEXCEPT
-size8vof8vthe8vavailable8vspace8vrelative8vto8vthe8vtenant's8vrequirements
-compatibility8vof8vthe8vtenant's8vbusiness8vwith8vthose8vof8vother8vtenants
-tenant's8vability8vto8vmake8vthe8vrental8vpayments
-Ethnic8vbackground8vof8vthe8vtenant8vand8vhis8vor8vher8vemployees8v-8vANSWERS--
Ethnic8vbackground8vof8vthe8vtenant8vand8vhis8vor8vher8vemployees
A8vmechanic's8vlien8vwould8vbe8vproperly8vclassified8vas8va(n)
-equitable8vlien.8v
-voluntary8vlien.8v
-general8vlien.8v
-specific8vlien.8v-8vANSWERS--specific8vlien
, All8vof8vthe8vfollowing8vare8vprohibited8vunder8vthe8vantitrust8vlaws8vEXCEPT
-
Competing8vproperty8vmanagement8vcompanies8vagreeing8vto8vstandardized8vmanage
ment8vfees
-competing8vbrokers8vallocating8vmarkets8vbased8von8vthe8vvalue8vof8vhomes
-a8vbroker's8vsetting8va8vcompany8vcommission8vschedule
-
real8vestate8vcompanies8vagreeing8vNOT8vto8vcooperate8vwith8va8vbroker8vbecause8vof8vth
e8vfees8vthat8vbroker8vcharges8v-8vANSWERS--
a8vbroker's8vsetting8va8vcompany8vcommission8vschedule
A8vrancher8vowns8va8vparcel8vof8vland8von8vwhich8voil8vwas8vdiscovered.8vIf8vthe8vrancher8v
has8vnot8vpreviously8vconveyed8vthe8voil8vrights,8vwho8vowns8vthe8voil?
-the8vfederal8vgovernment
-the8vtenant8vto8vwhom8vthe8vproperty8vhas8vbeen8vleased
-the8vstate8vgovernment
-the8vrancher8v-8vANSWERS--the8vrancher
Abel8vand8vBaker8vare8vjoint8vtenants.8vBaker8vsells8vhis8vinterest8vto8vCharlie.8vWhat8vis8vt
he8vrelationship8vof8vAbel8vand8vCharlie?
-they8vare8vjoint8vtenants
-they8vare8vtenants8vin8vcommon
-there8vis8vno8vrelationship8vbecause8vBaker8vcannot8vsell8vto8vCharlie
-Abel8vowns8va8v2/38vinterest8vand8vCharlie8vowns8va8v1/38vinterest8v-8vANSWERS--
they8vare8vtenants8vin8vcommon
All8vof8vthe8vfollowing8vwould8vbe8vacceptable8vas8vevidence8vof8vmarketable8vtitle8vEXCE
PT
-a8vproperty8vowner's8vwarranty8vdeed
-an8vabstract8vand8vlegal8vopinion
-Torren's8vcertificate
-a8vtitle8vinsurance8vpolicy8v-8vANSWERS--a8vproperty8vowner's8vwarranty8vdeed
The8vmethod8vof8vdescribing8vland8vthat8vuses8vdegrees,8vfeet,8vand8vmonuments8vis8vkno
wn8vas8vthe
-angular8vsystem.8v
-metes8vand8vbounds8vsystem.8v
-rectangular8vsurvey8vsystem.8v
-lot8vand8vblock8vsystem.8v-8vANSWERS--metes8vand8vbounds8vsystem
which8vof8vthe8vfollowing8vis8vtrue8vregarding8va8vspecial8vwarranty8vdeed?
-
The8vgrantors8vwarranties8vare8vlimited8vto8vthe8vtime8vthe8vgrantor8vowned8vthe8vproperty
-the8vgrantor8vretains8van8vinterest8vin8vthe8vownership
-
the8vgrantor8vis8vmaking8vadditional8vwarranties8vbeyond8vthose8vgiven8vin8va8vwarranty8vd
eed
FINAL EXAM QUESTIONS AND
ANSWERS
A8vhouse8vwith8voutmoded8vplumbing8vis8vsuffering8vfrom
-curable8vphysical8vdeterioration
-external8vdepreciation
-incurable8vphysical8vdeterioration
-functional8vobsolescence8v-8vANSWERS--functional8vobsolescence
In8vorder8vto8vbe8va8vLicense8vmember8vof8vthe8vcommission,8va8vperson8vmust8vbe
-a8vKY8vcitizen
-a8vnon-felon
-all8vof8vthe8vabove
-a8vlicensed8vbroker8v-8vANSWERS--all8vof8vthe8vabove
A8vlicensed8vreal8vestate8vprofessional8vacting8vas8va8vpoint8vof8vcontact8vbetween8vtwo8vo
r8vmore8vpeople8vin8vnegotiating8vthe8vsale,8vrental,8vor8vpurchase8vof8va8vproperty8vis8vkno
wn8vas8va(n)
-sales8vaffiliate
-property8vmanager
-appraiser
-broker8v-8vANSWERS--broker
A8vlandowner8vconstructed8va8vbuilding8v78vstories8vhigh.8vSeveral8vyears8vlater8vthe8vmun
icipality8vchanged8vthe8vzoning8vordinance,8vprohibiting8vbuildings8vthat8vexceed8v68vstori
es8vin8vheight.8vWhich8vof8vthe8vfollowing8vis8vtrue8vregarding8vthe8vexisting8v7-
story8vbuilding?
-the8vowner8vmust8vobtain8va8vvariance
-it8vis8vnonconforming8vuse
-it8vis8va8vconditional8vuse
-the8vbuilding8vmust8vbe8vdemolished8v-8vANSWERS--it8vis8va8vnonconforming8vuse
All8vof8vthe8vfollowing8vshould8vbe8va8vconsideration8vin8vselecting8va8vtenant8vfor8vthe8vpro
perty8vEXCEPT
-size8vof8vthe8vavailable8vspace8vrelative8vto8vthe8vtenant's8vrequirements
-compatibility8vof8vthe8vtenant's8vbusiness8vwith8vthose8vof8vother8vtenants
-tenant's8vability8vto8vmake8vthe8vrental8vpayments
-Ethnic8vbackground8vof8vthe8vtenant8vand8vhis8vor8vher8vemployees8v-8vANSWERS--
Ethnic8vbackground8vof8vthe8vtenant8vand8vhis8vor8vher8vemployees
A8vmechanic's8vlien8vwould8vbe8vproperly8vclassified8vas8va(n)
-equitable8vlien.8v
-voluntary8vlien.8v
-general8vlien.8v
-specific8vlien.8v-8vANSWERS--specific8vlien
, All8vof8vthe8vfollowing8vare8vprohibited8vunder8vthe8vantitrust8vlaws8vEXCEPT
-
Competing8vproperty8vmanagement8vcompanies8vagreeing8vto8vstandardized8vmanage
ment8vfees
-competing8vbrokers8vallocating8vmarkets8vbased8von8vthe8vvalue8vof8vhomes
-a8vbroker's8vsetting8va8vcompany8vcommission8vschedule
-
real8vestate8vcompanies8vagreeing8vNOT8vto8vcooperate8vwith8va8vbroker8vbecause8vof8vth
e8vfees8vthat8vbroker8vcharges8v-8vANSWERS--
a8vbroker's8vsetting8va8vcompany8vcommission8vschedule
A8vrancher8vowns8va8vparcel8vof8vland8von8vwhich8voil8vwas8vdiscovered.8vIf8vthe8vrancher8v
has8vnot8vpreviously8vconveyed8vthe8voil8vrights,8vwho8vowns8vthe8voil?
-the8vfederal8vgovernment
-the8vtenant8vto8vwhom8vthe8vproperty8vhas8vbeen8vleased
-the8vstate8vgovernment
-the8vrancher8v-8vANSWERS--the8vrancher
Abel8vand8vBaker8vare8vjoint8vtenants.8vBaker8vsells8vhis8vinterest8vto8vCharlie.8vWhat8vis8vt
he8vrelationship8vof8vAbel8vand8vCharlie?
-they8vare8vjoint8vtenants
-they8vare8vtenants8vin8vcommon
-there8vis8vno8vrelationship8vbecause8vBaker8vcannot8vsell8vto8vCharlie
-Abel8vowns8va8v2/38vinterest8vand8vCharlie8vowns8va8v1/38vinterest8v-8vANSWERS--
they8vare8vtenants8vin8vcommon
All8vof8vthe8vfollowing8vwould8vbe8vacceptable8vas8vevidence8vof8vmarketable8vtitle8vEXCE
PT
-a8vproperty8vowner's8vwarranty8vdeed
-an8vabstract8vand8vlegal8vopinion
-Torren's8vcertificate
-a8vtitle8vinsurance8vpolicy8v-8vANSWERS--a8vproperty8vowner's8vwarranty8vdeed
The8vmethod8vof8vdescribing8vland8vthat8vuses8vdegrees,8vfeet,8vand8vmonuments8vis8vkno
wn8vas8vthe
-angular8vsystem.8v
-metes8vand8vbounds8vsystem.8v
-rectangular8vsurvey8vsystem.8v
-lot8vand8vblock8vsystem.8v-8vANSWERS--metes8vand8vbounds8vsystem
which8vof8vthe8vfollowing8vis8vtrue8vregarding8va8vspecial8vwarranty8vdeed?
-
The8vgrantors8vwarranties8vare8vlimited8vto8vthe8vtime8vthe8vgrantor8vowned8vthe8vproperty
-the8vgrantor8vretains8van8vinterest8vin8vthe8vownership
-
the8vgrantor8vis8vmaking8vadditional8vwarranties8vbeyond8vthose8vgiven8vin8va8vwarranty8vd
eed