PERRY REAL ESTATE COLLEGE FINAL EXAM STUDY GUIDE
COMPREHENSIVE REAL ESTATE CONCEPTS AND PRACTICE QUESTIONS
1. Fixture: An item of personal property that has been converted to real property by being permanently aflxed
to the realty.
2. Special Purpose Real Estate: churches, schools, cemeteries, and government-held lands
3. Propriety lease: the lease given to shareholders in a cooperative
4. Disposition: Right to encumber
5. Control: Right to determine interest of property
6. Accession: Acquiring title to additions or improvements to real property as a result of a lease ending
7. PITI: Principal, Interest, Taxes, Insurance
8. Exclusion: ability to legally refuse others interest
9. Yes: Are Fixtures real property?
10. third: Mortgage interest on a home attects tax returns
11. Improvement: any artificial thing attached on or below ground, such as a building, fence, water line or
sewer pipe, as well as growing things that are made part of the landscaping.
12. Deed: A document that transfers ownership of property from one party to another.
13. federally related transaction: Appraisals are required for
14. Condo: An individually owned unit in an apartment-style complex with shared ownership of common ar-
eas.Owned in fee simple + undivided joint interests
15. monetary policy: factor in supply
16. Old english law: Bundle of legal rights comes from
17. Fructus Industriales: An Emblements, considered real property, plant or crop that require annual
cultivation
18. Enjoyment: possession without harassment or interference
19. Broker: Point of contact between 2 or more people in negotiating the sale, rental or purchase
20. FEMA: administers the national flood insurance program
21. Chattel: an item of personal, movable property
22. Subdivision: the dividing of a single property into smaller parcels
23. Agency: Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and implication
24. Net listings: prohibited in some states
25. Agent: Principal broker of firm
26. Puffing: "Best deal in town"
, PERRY REAL ESTATE COLLEGE FINAL EXAM STUDY GUIDE
COMPREHENSIVE REAL ESTATE CONCEPTS AND PRACTICE QUESTIONS
27. Exclusive agency: owner sold home herself and didn't owe a commission
28. Seller's decision: Listed price of a property is always
29. Breached duty of loyalty: Showing a buyer homes outside their price range
Agent is interested in a property they are showing a buyer and they make an otter on it
"self dealing"
30. Undisclosed dual agency: repping buyer and seller without full and complete disclosure
31. Broker: Commission that is paid to a salesperson is determined by mutual agreement with
32. Transaction broker: not representing either party but helping a buyer/seller fill out a sales contract
33. Customer: someone who refused buyer representation
a FSBO seller
34. Fee for services: unbundling of services
35. Exclusive right to sell listing: commission regardless if the broker aids
36. Care violation: Switching from residential to industrial prep w/ no experience
37. Agency coupled with an interest: Broker agrees to provide financing for condo being constructed
with exclusive right to sell the units
38. fee-for-service: ottering real estate services in a piecemeal fashion
39. Patent defect: one that can be seen with the naked eye
40. Exclusive buyer agency agreement: contract signed between purchaser and a broker
41. fraud: net listings are prohibited because they could lead to
42. dual agent: Principal broker appoints you to rep the buyer in designated agency
43. Latent defect: One that you can't see under ordinary inspection
44. CMA: Way to ensure a buyer doesn't overpay
45. Retainer fee: A small fee paid by the client upon creation of a buyer agency relationship as an advance
partial compensation for services
46. Exclusive right to sell: most protection for a broker
47. Ratification: can be expressed in writing or orally accepting the acts or by principal taking the benefits
48. Honesty and fair dealing: If a buyer is unrepresented, listing agent still owes the buyer the duty of
49. Open listing: Listing given to any number of brokers; only selling broker is paid
50. caveat emptor: buyer beware
, PERRY REAL ESTATE COLLEGE FINAL EXAM STUDY GUIDE
COMPREHENSIVE REAL ESTATE CONCEPTS AND PRACTICE QUESTIONS
51. Duty of Disclosure: Letting the buyer know a home has a serious foundation issue
52. Honesty: Not a fiduciary duty owed to a client
53. Buyers agency: Exists when an agent represents the buyer only
Example of single agency
54. contingent fee: A fee that is only received upon a successful closing
55. Designated agency: A process that accommodates an in-house sale in which two ditterent agents are
involved. The broker designates one agent to represent the seller and one agent to represent the buyer.
56. Implied agency: May create an undisclosed dual agency unintentionally, inadvertently or accidentally
57. Real estate fees: Always established by the brokers in the area
58. Principal: In a typical listing agreement, the seller is the
59. Common law: an agent is a fiduciary of the principal
60. Tenant at sufferance: A tenant who remains in the property after the lease expires without the landlord's
consent
61. Liquidated damages: Parties agree in advance that certain damages will be available if contract is
breached
62. Consideration: Love and attection in a contract
63. Environmental concerns: Asbestos, SBS, and lead paint are all examples that a property manager
may want to address
64. Profit and loss statement: A semiannual statement sent to an owner that doesn't reflect the entire
debt service as an expense
65. Tenancy for years: leasehold interest for a specific period of time
66. Periodic tenancy: has no specified time but rent is due at specified intervals
it automatically renews itself without a notice of termination
67. Constructive eviction: Premises are not liveable for a tenant
68. Assignment: A transfer of contract rights to a third party
69. Buyers agent gives: seller disclosure form, signed purchase contract, and agency disclosure form to
buyer
70. Statute of frauds: Law requires a contract for the purpose of real estate to be in writing
71. Seller disclosure laws: principle of caveat emptor has been largely superseded by
COMPREHENSIVE REAL ESTATE CONCEPTS AND PRACTICE QUESTIONS
1. Fixture: An item of personal property that has been converted to real property by being permanently aflxed
to the realty.
2. Special Purpose Real Estate: churches, schools, cemeteries, and government-held lands
3. Propriety lease: the lease given to shareholders in a cooperative
4. Disposition: Right to encumber
5. Control: Right to determine interest of property
6. Accession: Acquiring title to additions or improvements to real property as a result of a lease ending
7. PITI: Principal, Interest, Taxes, Insurance
8. Exclusion: ability to legally refuse others interest
9. Yes: Are Fixtures real property?
10. third: Mortgage interest on a home attects tax returns
11. Improvement: any artificial thing attached on or below ground, such as a building, fence, water line or
sewer pipe, as well as growing things that are made part of the landscaping.
12. Deed: A document that transfers ownership of property from one party to another.
13. federally related transaction: Appraisals are required for
14. Condo: An individually owned unit in an apartment-style complex with shared ownership of common ar-
eas.Owned in fee simple + undivided joint interests
15. monetary policy: factor in supply
16. Old english law: Bundle of legal rights comes from
17. Fructus Industriales: An Emblements, considered real property, plant or crop that require annual
cultivation
18. Enjoyment: possession without harassment or interference
19. Broker: Point of contact between 2 or more people in negotiating the sale, rental or purchase
20. FEMA: administers the national flood insurance program
21. Chattel: an item of personal, movable property
22. Subdivision: the dividing of a single property into smaller parcels
23. Agency: Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and implication
24. Net listings: prohibited in some states
25. Agent: Principal broker of firm
26. Puffing: "Best deal in town"
, PERRY REAL ESTATE COLLEGE FINAL EXAM STUDY GUIDE
COMPREHENSIVE REAL ESTATE CONCEPTS AND PRACTICE QUESTIONS
27. Exclusive agency: owner sold home herself and didn't owe a commission
28. Seller's decision: Listed price of a property is always
29. Breached duty of loyalty: Showing a buyer homes outside their price range
Agent is interested in a property they are showing a buyer and they make an otter on it
"self dealing"
30. Undisclosed dual agency: repping buyer and seller without full and complete disclosure
31. Broker: Commission that is paid to a salesperson is determined by mutual agreement with
32. Transaction broker: not representing either party but helping a buyer/seller fill out a sales contract
33. Customer: someone who refused buyer representation
a FSBO seller
34. Fee for services: unbundling of services
35. Exclusive right to sell listing: commission regardless if the broker aids
36. Care violation: Switching from residential to industrial prep w/ no experience
37. Agency coupled with an interest: Broker agrees to provide financing for condo being constructed
with exclusive right to sell the units
38. fee-for-service: ottering real estate services in a piecemeal fashion
39. Patent defect: one that can be seen with the naked eye
40. Exclusive buyer agency agreement: contract signed between purchaser and a broker
41. fraud: net listings are prohibited because they could lead to
42. dual agent: Principal broker appoints you to rep the buyer in designated agency
43. Latent defect: One that you can't see under ordinary inspection
44. CMA: Way to ensure a buyer doesn't overpay
45. Retainer fee: A small fee paid by the client upon creation of a buyer agency relationship as an advance
partial compensation for services
46. Exclusive right to sell: most protection for a broker
47. Ratification: can be expressed in writing or orally accepting the acts or by principal taking the benefits
48. Honesty and fair dealing: If a buyer is unrepresented, listing agent still owes the buyer the duty of
49. Open listing: Listing given to any number of brokers; only selling broker is paid
50. caveat emptor: buyer beware
, PERRY REAL ESTATE COLLEGE FINAL EXAM STUDY GUIDE
COMPREHENSIVE REAL ESTATE CONCEPTS AND PRACTICE QUESTIONS
51. Duty of Disclosure: Letting the buyer know a home has a serious foundation issue
52. Honesty: Not a fiduciary duty owed to a client
53. Buyers agency: Exists when an agent represents the buyer only
Example of single agency
54. contingent fee: A fee that is only received upon a successful closing
55. Designated agency: A process that accommodates an in-house sale in which two ditterent agents are
involved. The broker designates one agent to represent the seller and one agent to represent the buyer.
56. Implied agency: May create an undisclosed dual agency unintentionally, inadvertently or accidentally
57. Real estate fees: Always established by the brokers in the area
58. Principal: In a typical listing agreement, the seller is the
59. Common law: an agent is a fiduciary of the principal
60. Tenant at sufferance: A tenant who remains in the property after the lease expires without the landlord's
consent
61. Liquidated damages: Parties agree in advance that certain damages will be available if contract is
breached
62. Consideration: Love and attection in a contract
63. Environmental concerns: Asbestos, SBS, and lead paint are all examples that a property manager
may want to address
64. Profit and loss statement: A semiannual statement sent to an owner that doesn't reflect the entire
debt service as an expense
65. Tenancy for years: leasehold interest for a specific period of time
66. Periodic tenancy: has no specified time but rent is due at specified intervals
it automatically renews itself without a notice of termination
67. Constructive eviction: Premises are not liveable for a tenant
68. Assignment: A transfer of contract rights to a third party
69. Buyers agent gives: seller disclosure form, signed purchase contract, and agency disclosure form to
buyer
70. Statute of frauds: Law requires a contract for the purpose of real estate to be in writing
71. Seller disclosure laws: principle of caveat emptor has been largely superseded by
