Perry Real Estate
Perry Real Estate College Final Exam Questions
and Answers UPDATED 2025
Fixture -Correct Answer ✔An item of personal property that has been converted to real
property by being permanently affixed to the realty.
Special Purpose Real Estate -Correct Answer ✔churches, schools, cemeteries, and
government-held lands
Propriety lease -Correct Answer ✔the lease given to shareholders in a cooperative
Disposition -Correct Answer ✔Right to encumber
Control -Correct Answer ✔Right to determine interest of property
Accession -Correct Answer ✔Acquiring title to additions or improvements to real
property as a result of a lease ending
PITI -Correct Answer ✔Principal, Interest, Taxes, Insurance
Exclusion -Correct Answer ✔ability to legally refuse others interest
Yes -Correct Answer ✔Are Fixtures real property?
third -Correct Answer ✔Mortgage interest on a ____ home affects tax returns
Improvement -Correct 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 -Correct Answer ✔A document that transfers ownership of property from one
party to another.
federally related transaction -Correct Answer ✔Appraisals are required for
Condo -Correct 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 -Correct Answer ✔factor in supply
Old english law -Correct Answer ✔Bundle of legal rights comes from
Perry Real Estate
,Perry Real Estate
Fructus Industriales -Correct Answer ✔An Emblements, considered real property, plant
or crop that require annual cultivation
Enjoyment -Correct Answer ✔possession without harassment or interference
Broker -Correct Answer ✔Point of contact between 2 or more people in negotiating the
sale, rental or purchase
FEMA -Correct Answer ✔administers the national flood insurance program
Chattel -Correct Answer ✔an item of personal, movable property
Subdivision -Correct Answer ✔the dividing of a single property into smaller parcels
Agency -Correct Answer ✔Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and
implication
Net listings -Correct Answer ✔prohibited in some states
Agent -Correct Answer ✔Principal broker of firm
Puffing -Correct Answer ✔"Best deal in town"
Exclusive agency -Correct Answer ✔owner sold home herself and didn't owe a
commission
Seller's decision -Correct Answer ✔Listed price of a property is always
Breached duty of loyalty -Correct 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 -Correct Answer ✔repping buyer and seller without full and
complete disclosure
Broker -Correct Answer ✔Commission that is paid to a salesperson is determined by
mutual agreement with
Perry Real Estate
, Perry Real Estate
Transaction broker -Correct Answer ✔not representing either party but helping a
buyer/seller fill out a sales contract
Customer -Correct Answer ✔someone who refused buyer representation
a FSBO seller
Fee for services -Correct Answer ✔unbundling of services
Exclusive right to sell listing -Correct Answer ✔commission regardless if the broker aids
Care violation -Correct Answer ✔Switching from residential to industrial prep w/ no
experience
Agency coupled with an interest -Correct Answer ✔Broker agrees to provide financing
for condo being constructed with exclusive right to sell the units
fee-for-service -Correct Answer ✔offering real estate services in a piecemeal fashion
Patent defect -Correct Answer ✔one that can be seen with the naked eye
Exclusive buyer agency agreement -Correct Answer ✔contract signed between
purchaser and a broker
fraud -Correct Answer ✔net listings are prohibited because they could lead to
dual agent -Correct Answer ✔Principal broker appoints you to rep the buyer in
designated agency
Latent defect -Correct Answer ✔One that you can't see under ordinary inspection
CMA -Correct Answer ✔Way to ensure a buyer doesn't overpay
Retainer fee -Correct 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 -Correct Answer ✔most protection for a broker
Ratification -Correct Answer ✔can be expressed in writing or orally accepting the acts or
by principal taking the benefits
Honesty and fair dealing -Correct Answer ✔If a buyer is unrepresented, listing agent still
owes the buyer the duty of
Perry Real Estate
Perry Real Estate College Final Exam Questions
and Answers UPDATED 2025
Fixture -Correct Answer ✔An item of personal property that has been converted to real
property by being permanently affixed to the realty.
Special Purpose Real Estate -Correct Answer ✔churches, schools, cemeteries, and
government-held lands
Propriety lease -Correct Answer ✔the lease given to shareholders in a cooperative
Disposition -Correct Answer ✔Right to encumber
Control -Correct Answer ✔Right to determine interest of property
Accession -Correct Answer ✔Acquiring title to additions or improvements to real
property as a result of a lease ending
PITI -Correct Answer ✔Principal, Interest, Taxes, Insurance
Exclusion -Correct Answer ✔ability to legally refuse others interest
Yes -Correct Answer ✔Are Fixtures real property?
third -Correct Answer ✔Mortgage interest on a ____ home affects tax returns
Improvement -Correct 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 -Correct Answer ✔A document that transfers ownership of property from one
party to another.
federally related transaction -Correct Answer ✔Appraisals are required for
Condo -Correct 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 -Correct Answer ✔factor in supply
Old english law -Correct Answer ✔Bundle of legal rights comes from
Perry Real Estate
,Perry Real Estate
Fructus Industriales -Correct Answer ✔An Emblements, considered real property, plant
or crop that require annual cultivation
Enjoyment -Correct Answer ✔possession without harassment or interference
Broker -Correct Answer ✔Point of contact between 2 or more people in negotiating the
sale, rental or purchase
FEMA -Correct Answer ✔administers the national flood insurance program
Chattel -Correct Answer ✔an item of personal, movable property
Subdivision -Correct Answer ✔the dividing of a single property into smaller parcels
Agency -Correct Answer ✔Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and
implication
Net listings -Correct Answer ✔prohibited in some states
Agent -Correct Answer ✔Principal broker of firm
Puffing -Correct Answer ✔"Best deal in town"
Exclusive agency -Correct Answer ✔owner sold home herself and didn't owe a
commission
Seller's decision -Correct Answer ✔Listed price of a property is always
Breached duty of loyalty -Correct 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 -Correct Answer ✔repping buyer and seller without full and
complete disclosure
Broker -Correct Answer ✔Commission that is paid to a salesperson is determined by
mutual agreement with
Perry Real Estate
, Perry Real Estate
Transaction broker -Correct Answer ✔not representing either party but helping a
buyer/seller fill out a sales contract
Customer -Correct Answer ✔someone who refused buyer representation
a FSBO seller
Fee for services -Correct Answer ✔unbundling of services
Exclusive right to sell listing -Correct Answer ✔commission regardless if the broker aids
Care violation -Correct Answer ✔Switching from residential to industrial prep w/ no
experience
Agency coupled with an interest -Correct Answer ✔Broker agrees to provide financing
for condo being constructed with exclusive right to sell the units
fee-for-service -Correct Answer ✔offering real estate services in a piecemeal fashion
Patent defect -Correct Answer ✔one that can be seen with the naked eye
Exclusive buyer agency agreement -Correct Answer ✔contract signed between
purchaser and a broker
fraud -Correct Answer ✔net listings are prohibited because they could lead to
dual agent -Correct Answer ✔Principal broker appoints you to rep the buyer in
designated agency
Latent defect -Correct Answer ✔One that you can't see under ordinary inspection
CMA -Correct Answer ✔Way to ensure a buyer doesn't overpay
Retainer fee -Correct 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 -Correct Answer ✔most protection for a broker
Ratification -Correct Answer ✔can be expressed in writing or orally accepting the acts or
by principal taking the benefits
Honesty and fair dealing -Correct Answer ✔If a buyer is unrepresented, listing agent still
owes the buyer the duty of
Perry Real Estate
