PERRY REAL ESTATE CORRECT FINALS QUESTIONS
AND ANSWERS SET A+
✔✔Voidable - ✔✔A lease prohibits the assignment or subletting without the lessor's
approval and they do it anyway. The sublease is
17 year old enters into a contract
✔✔Listing contract - ✔✔employment contract between a broker and a seller
✔✔Unenforcable - ✔✔George wants to purchase Henry's house and they verbally
agree on a price. The agreement is:
✔✔Sublease - ✔✔a transfer of the tenant's interest but not his or her obligations is
✔✔Installment contract - ✔✔Someone retains the title until a loan balance is paid in full
✔✔Net lease - ✔✔Lessee pays the fire insurance
✔✔Holdover Tenant - ✔✔A tenant who continues to occupy property after the lease has
expired and can be evicted by the landlord
✔✔Contingencies - ✔✔Provisions in a contract; Suitable financing, home inspection
and appraisal
✔✔Encumbrance - ✔✔mortgage lien
✔✔Public land use restrictions - ✔✔Planning, zoning and building codes
✔✔grandfathered - ✔✔A nonconforming but legal structure that existed prior to the
enactment of a land use ordinance is said to be ________
,✔✔Testamentary trust - ✔✔trust that is established after the death of the owner is
called
✔✔Easement in gross - ✔✔the right to use land for a specific, limited purpose unrelated
to any adjacent parcel
✔✔joint venture - ✔✔A partnership in which two or more individuals join to undertake a
major business project.
✔✔Tenancy with survivorship means - ✔✔the tenancy interest will pass to the surviving
tenant(s) upon the death of one party
✔✔PITT includes - ✔✔Unity of Possession, interest, time, and title
✔✔Plat - ✔✔recorded and detailed map that draws the boundaries of individual lots in a
subdivision
✔✔appurtenant easement - ✔✔Runs with the land
✔✔Survivorship - ✔✔allows a person to take title to a property without going through
probate
✔✔acre - ✔✔43560 square foot
✔✔License - ✔✔Someone hunting on someone's land and they are no longer given
access
Storing camper in a neighbors yard without rent
✔✔Enabling acts - ✔✔state confers zoning powers to a municipality through
✔✔Certificate of Occupancy - ✔✔Upon satisfactory completion of a building project, the
seller should apply for
✔✔Injunction - ✔✔An order which legally prevents something- how an owner can
enforce restrictions in their subdivision
✔✔Trustee - ✔✔legal arrangement in which title to property is held for the benefit of a
third party
✔✔Condo laws - ✔✔Horizontal property laws
✔✔Syndicate - ✔✔Partnership for a long term arrangement
, ✔✔Fee simple estate - ✔✔person who has complete control over a parcel of real estate
✔✔Condemnation - ✔✔The process by which the government exercises its right of
eminent domain and can acquire ownership of private land for public use
✔✔Conditional use permit - ✔✔(aka special use permit) Allows a land use that does not
conform within existing zoning
✔✔Interstate Land Sales Full Disclosure Act - ✔✔for 25 lots
✔✔Escheat - ✔✔if a property owner dies with no heirs and no will, the property reverts
to the ownership of the state
✔✔town house vs condo - ✔✔Condo owners can share floors and ceilings
✔✔Monument - ✔✔could tree stream or rock
✔✔Private property - ✔✔Owners property extends only to the high water mark and the
public may use the land beyond this point
✔✔Living trust - ✔✔Way for owners can avoid probate
✔✔Tenancy by the Entirety - ✔✔special ownership by married couple
✔✔Fee estate subject to condition subsequent - ✔✔A person who acquired ownership
that can be inherited, with the provision that the land must always be used for
recreational purposes
✔✔Metes and Bounds - ✔✔points of beginning, tangible and intangible monuments,
degrees, minutes and seconds
✔✔Tenants in common - ✔✔A form of ownership by two or more persons each having
an equal or unequal interest and passing the interest to heirs, not to surviving tenants.
✔✔fee simple estate - ✔✔The complete ownership of a property; may be either
absolute or conditional.- will be willed to children
✔✔Trustor - ✔✔beneficiary of a land trust
The mortgagor
✔✔Bulk zoning - ✔✔A special type of zoning used to control density by imposing
restrictions, such as setbacks
AND ANSWERS SET A+
✔✔Voidable - ✔✔A lease prohibits the assignment or subletting without the lessor's
approval and they do it anyway. The sublease is
17 year old enters into a contract
✔✔Listing contract - ✔✔employment contract between a broker and a seller
✔✔Unenforcable - ✔✔George wants to purchase Henry's house and they verbally
agree on a price. The agreement is:
✔✔Sublease - ✔✔a transfer of the tenant's interest but not his or her obligations is
✔✔Installment contract - ✔✔Someone retains the title until a loan balance is paid in full
✔✔Net lease - ✔✔Lessee pays the fire insurance
✔✔Holdover Tenant - ✔✔A tenant who continues to occupy property after the lease has
expired and can be evicted by the landlord
✔✔Contingencies - ✔✔Provisions in a contract; Suitable financing, home inspection
and appraisal
✔✔Encumbrance - ✔✔mortgage lien
✔✔Public land use restrictions - ✔✔Planning, zoning and building codes
✔✔grandfathered - ✔✔A nonconforming but legal structure that existed prior to the
enactment of a land use ordinance is said to be ________
,✔✔Testamentary trust - ✔✔trust that is established after the death of the owner is
called
✔✔Easement in gross - ✔✔the right to use land for a specific, limited purpose unrelated
to any adjacent parcel
✔✔joint venture - ✔✔A partnership in which two or more individuals join to undertake a
major business project.
✔✔Tenancy with survivorship means - ✔✔the tenancy interest will pass to the surviving
tenant(s) upon the death of one party
✔✔PITT includes - ✔✔Unity of Possession, interest, time, and title
✔✔Plat - ✔✔recorded and detailed map that draws the boundaries of individual lots in a
subdivision
✔✔appurtenant easement - ✔✔Runs with the land
✔✔Survivorship - ✔✔allows a person to take title to a property without going through
probate
✔✔acre - ✔✔43560 square foot
✔✔License - ✔✔Someone hunting on someone's land and they are no longer given
access
Storing camper in a neighbors yard without rent
✔✔Enabling acts - ✔✔state confers zoning powers to a municipality through
✔✔Certificate of Occupancy - ✔✔Upon satisfactory completion of a building project, the
seller should apply for
✔✔Injunction - ✔✔An order which legally prevents something- how an owner can
enforce restrictions in their subdivision
✔✔Trustee - ✔✔legal arrangement in which title to property is held for the benefit of a
third party
✔✔Condo laws - ✔✔Horizontal property laws
✔✔Syndicate - ✔✔Partnership for a long term arrangement
, ✔✔Fee simple estate - ✔✔person who has complete control over a parcel of real estate
✔✔Condemnation - ✔✔The process by which the government exercises its right of
eminent domain and can acquire ownership of private land for public use
✔✔Conditional use permit - ✔✔(aka special use permit) Allows a land use that does not
conform within existing zoning
✔✔Interstate Land Sales Full Disclosure Act - ✔✔for 25 lots
✔✔Escheat - ✔✔if a property owner dies with no heirs and no will, the property reverts
to the ownership of the state
✔✔town house vs condo - ✔✔Condo owners can share floors and ceilings
✔✔Monument - ✔✔could tree stream or rock
✔✔Private property - ✔✔Owners property extends only to the high water mark and the
public may use the land beyond this point
✔✔Living trust - ✔✔Way for owners can avoid probate
✔✔Tenancy by the Entirety - ✔✔special ownership by married couple
✔✔Fee estate subject to condition subsequent - ✔✔A person who acquired ownership
that can be inherited, with the provision that the land must always be used for
recreational purposes
✔✔Metes and Bounds - ✔✔points of beginning, tangible and intangible monuments,
degrees, minutes and seconds
✔✔Tenants in common - ✔✔A form of ownership by two or more persons each having
an equal or unequal interest and passing the interest to heirs, not to surviving tenants.
✔✔fee simple estate - ✔✔The complete ownership of a property; may be either
absolute or conditional.- will be willed to children
✔✔Trustor - ✔✔beneficiary of a land trust
The mortgagor
✔✔Bulk zoning - ✔✔A special type of zoning used to control density by imposing
restrictions, such as setbacks
