PERRY REAL ESTATE COLLEGE
FINAL|| 387 QUESTIONS AND ANSWERS
100% CORRECT
Fixture - ANSWER-An item of personal property that has been converted to real
property by being permanently affixed to the realty.
Special Purpose Real Estate - ANSWER-churches, schools, cemeteries, and
government-held lands
Propriety lease - ANSWER-the lease given to shareholders in a cooperative
Disposition - ANSWER-Right to encumber
Control - ANSWER-Right to determine interest of property
Accession - ANSWER-Acquiring title to additions or improvements to real property as a
result of a lease ending
PITI - ANSWER-Principal, Interest, Taxes, Insurance
Exclusion - ANSWER-ability to legally refuse others interest
Yes - ANSWER-Are Fixtures real property?
third - ANSWER-Mortgage interest on a ____ home affects tax returns
Improvement - ANSWER-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.
Deed - ANSWER-A document that transfers ownership of property from one party to
another.
federally related transaction - ANSWER-Appraisals are required for
Condo - ANSWER-An individually owned unit in an apartment-style complex with
shared ownership of common areas.Owned in fee simple + undivided joint interests
monetary policy - ANSWER-factor in supply
Old english law - ANSWER-Bundle of legal rights comes from
,Fructus Industriales - ANSWER-An Emblements, considered real property, plant or crop
that require annual cultivation
Enjoyment - ANSWER-possession without harassment or interference
Broker - ANSWER-Point of contact between 2 or more people in negotiating the sale,
rental or purchase
FEMA - ANSWER-administers the national flood insurance program
Chattel - ANSWER-an item of personal, movable property
Subdivision - ANSWER-the dividing of a single property into smaller parcels
Agency - ANSWER-Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and
implication
Net listings - ANSWER-prohibited in some states
Agent - ANSWER-Principal broker of firm
Puffing - ANSWER-"Best deal in town"
Exclusive agency - ANSWER-owner sold home herself and didn't owe a commission
Seller's decision - ANSWER-Listed price of a property is always
Breached duty of loyalty - ANSWER-Showing a buyer homes outside their price range
Agent is interested in a property they are showing a buyer and they make an offer on it
"self dealing"
Undisclosed dual agency - ANSWER-repping buyer and seller without full and complete
disclosure
Broker - ANSWER-Commission that is paid to a salesperson is determined by mutual
agreement with
Transaction broker - ANSWER-not representing either party but helping a buyer/seller
fill out a sales contract
Customer - ANSWER-someone who refused buyer representation
, a FSBO seller
Fee for services - ANSWER-unbundling of services
Exclusive right to sell listing - ANSWER-commission regardless if the broker aids
Care violation - ANSWER-Switching from residential to industrial prep w/ no experience
Agency coupled with an interest - ANSWER-Broker agrees to provide financing for
condo being constructed with exclusive right to sell the units
fee-for-service - ANSWER-offering real estate services in a piecemeal fashion
Patent defect - ANSWER-one that can be seen with the naked eye
Exclusive buyer agency agreement - ANSWER-contract signed between purchaser and
a broker
fraud - ANSWER-net listings are prohibited because they could lead to
dual agent - ANSWER-Principal broker appoints you to rep the buyer in designated
agency
Latent defect - ANSWER-One that you can't see under ordinary inspection
CMA - ANSWER-Way to ensure a buyer doesn't overpay
Retainer fee - ANSWER-A small fee paid by the client upon creation of a buyer agency
relationship as an advance partial compensation for services
Exclusive right to sell - ANSWER-most protection for a broker
Ratification - ANSWER-can be expressed in writing or orally accepting the acts or by
principal taking the benefits
Honesty and fair dealing - ANSWER-If a buyer is unrepresented, listing agent still owes
the buyer the duty of
Open listing - ANSWER-Listing given to any number of brokers; only selling broker is
paid
caveat emptor - ANSWER-buyer beware
Duty of Disclosure - ANSWER-Letting the buyer know a home has a serious foundation
issue
FINAL|| 387 QUESTIONS AND ANSWERS
100% CORRECT
Fixture - ANSWER-An item of personal property that has been converted to real
property by being permanently affixed to the realty.
Special Purpose Real Estate - ANSWER-churches, schools, cemeteries, and
government-held lands
Propriety lease - ANSWER-the lease given to shareholders in a cooperative
Disposition - ANSWER-Right to encumber
Control - ANSWER-Right to determine interest of property
Accession - ANSWER-Acquiring title to additions or improvements to real property as a
result of a lease ending
PITI - ANSWER-Principal, Interest, Taxes, Insurance
Exclusion - ANSWER-ability to legally refuse others interest
Yes - ANSWER-Are Fixtures real property?
third - ANSWER-Mortgage interest on a ____ home affects tax returns
Improvement - ANSWER-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.
Deed - ANSWER-A document that transfers ownership of property from one party to
another.
federally related transaction - ANSWER-Appraisals are required for
Condo - ANSWER-An individually owned unit in an apartment-style complex with
shared ownership of common areas.Owned in fee simple + undivided joint interests
monetary policy - ANSWER-factor in supply
Old english law - ANSWER-Bundle of legal rights comes from
,Fructus Industriales - ANSWER-An Emblements, considered real property, plant or crop
that require annual cultivation
Enjoyment - ANSWER-possession without harassment or interference
Broker - ANSWER-Point of contact between 2 or more people in negotiating the sale,
rental or purchase
FEMA - ANSWER-administers the national flood insurance program
Chattel - ANSWER-an item of personal, movable property
Subdivision - ANSWER-the dividing of a single property into smaller parcels
Agency - ANSWER-Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and
implication
Net listings - ANSWER-prohibited in some states
Agent - ANSWER-Principal broker of firm
Puffing - ANSWER-"Best deal in town"
Exclusive agency - ANSWER-owner sold home herself and didn't owe a commission
Seller's decision - ANSWER-Listed price of a property is always
Breached duty of loyalty - ANSWER-Showing a buyer homes outside their price range
Agent is interested in a property they are showing a buyer and they make an offer on it
"self dealing"
Undisclosed dual agency - ANSWER-repping buyer and seller without full and complete
disclosure
Broker - ANSWER-Commission that is paid to a salesperson is determined by mutual
agreement with
Transaction broker - ANSWER-not representing either party but helping a buyer/seller
fill out a sales contract
Customer - ANSWER-someone who refused buyer representation
, a FSBO seller
Fee for services - ANSWER-unbundling of services
Exclusive right to sell listing - ANSWER-commission regardless if the broker aids
Care violation - ANSWER-Switching from residential to industrial prep w/ no experience
Agency coupled with an interest - ANSWER-Broker agrees to provide financing for
condo being constructed with exclusive right to sell the units
fee-for-service - ANSWER-offering real estate services in a piecemeal fashion
Patent defect - ANSWER-one that can be seen with the naked eye
Exclusive buyer agency agreement - ANSWER-contract signed between purchaser and
a broker
fraud - ANSWER-net listings are prohibited because they could lead to
dual agent - ANSWER-Principal broker appoints you to rep the buyer in designated
agency
Latent defect - ANSWER-One that you can't see under ordinary inspection
CMA - ANSWER-Way to ensure a buyer doesn't overpay
Retainer fee - ANSWER-A small fee paid by the client upon creation of a buyer agency
relationship as an advance partial compensation for services
Exclusive right to sell - ANSWER-most protection for a broker
Ratification - ANSWER-can be expressed in writing or orally accepting the acts or by
principal taking the benefits
Honesty and fair dealing - ANSWER-If a buyer is unrepresented, listing agent still owes
the buyer the duty of
Open listing - ANSWER-Listing given to any number of brokers; only selling broker is
paid
caveat emptor - ANSWER-buyer beware
Duty of Disclosure - ANSWER-Letting the buyer know a home has a serious foundation
issue
