Perry Real Estate College Final Exam Newest 2025
Actual Exam Complete Questions And Correct
Answers(Verified Answers)|Already Graded A+
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - answerfunctional obsolescence
In order to be a License member of the commission, a person must be
-a KY citizen
-a non-felon
-all of the above
-a licensed broker - answerall of the above
A licensed real estate professional acting as a point of contact between two or more
people in negotiating the sale, rental, or purchase of a property is known as a(n)
-sales affiliate
-property manager
-appraiser
-broker - answerbroker
A landowner constructed a building 7 stories high. Several years later the municipality
changed the zoning ordinance, prohibiting buildings that exceed 6 stories in height.
Which of the following is true regarding the existing 7-story building?
-the owner must obtain a variance
-it is nonconforming use
-it is a conditional use
-the building must be demolished - answerit is a nonconforming use
All of the following should be a consideration in selecting a tenant for the property
EXCEPT
-size of the available space relative to the tenant's requirements
-compatibility of the tenant's business with those of other tenants
-tenant's ability to make the rental payments
-Ethnic background of the tenant and his or her employees - answerEthnic background
of the tenant and his or her employees
A mechanic's lien would be properly classified as a(n)
-equitable lien.
-voluntary lien.
, -general lien.
-specific lien. - answerspecific lien
Federal income tax regulations allow homeowners to reduce their taxable income by
amounts paid for
-repairs and maintenance
-hazard insurance premiums
-principal and interest
-real estate taxes - answerreal estate taxes
Referral fees can be legally paid
-from a licensed broker to a consumer who referred a client
-from one licensed agent to another licensed agent
-from one licensed broker to another licensed broker
-from one consumer to another consumer - answerfrom one licensed broker to another
licensed broker
A tenant has an estate for years. According to the written one-year lease, the tenancy
will expire on May 1st. To obtain possession as of the date, the landlord
-must give the tenant 30 days' notice
-must give the tenant 60 days notice
-is not required to give the tenant any notice
-must give the tenant noticed before April 15th - answeris not required to give the
tenant any notice
In Kentucky, errors and omissions insurance is
-voluntary
-recommended
-not necessary
-mandatory - answermandatory
The type of listing agreement that provides for payment of a commission to the broker
even though the owner makes the sale without the broker's aid is called an
-exclusive right to sell listing
-exclusive agency listing
-open listing
-option listing - answerexclusive right to sell listing
All of the following are prohibited under the antitrust laws EXCEPT
-Competing property management companies agreeing to standardized management
fees
-competing brokers allocating markets based on the value of homes
-a broker's setting a company commission schedule
-real estate companies agreeing NOT to cooperate with a broker because of the fees
that broker charges - answera broker's setting a company commission schedule
Actual Exam Complete Questions And Correct
Answers(Verified Answers)|Already Graded A+
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - answerfunctional obsolescence
In order to be a License member of the commission, a person must be
-a KY citizen
-a non-felon
-all of the above
-a licensed broker - answerall of the above
A licensed real estate professional acting as a point of contact between two or more
people in negotiating the sale, rental, or purchase of a property is known as a(n)
-sales affiliate
-property manager
-appraiser
-broker - answerbroker
A landowner constructed a building 7 stories high. Several years later the municipality
changed the zoning ordinance, prohibiting buildings that exceed 6 stories in height.
Which of the following is true regarding the existing 7-story building?
-the owner must obtain a variance
-it is nonconforming use
-it is a conditional use
-the building must be demolished - answerit is a nonconforming use
All of the following should be a consideration in selecting a tenant for the property
EXCEPT
-size of the available space relative to the tenant's requirements
-compatibility of the tenant's business with those of other tenants
-tenant's ability to make the rental payments
-Ethnic background of the tenant and his or her employees - answerEthnic background
of the tenant and his or her employees
A mechanic's lien would be properly classified as a(n)
-equitable lien.
-voluntary lien.
, -general lien.
-specific lien. - answerspecific lien
Federal income tax regulations allow homeowners to reduce their taxable income by
amounts paid for
-repairs and maintenance
-hazard insurance premiums
-principal and interest
-real estate taxes - answerreal estate taxes
Referral fees can be legally paid
-from a licensed broker to a consumer who referred a client
-from one licensed agent to another licensed agent
-from one licensed broker to another licensed broker
-from one consumer to another consumer - answerfrom one licensed broker to another
licensed broker
A tenant has an estate for years. According to the written one-year lease, the tenancy
will expire on May 1st. To obtain possession as of the date, the landlord
-must give the tenant 30 days' notice
-must give the tenant 60 days notice
-is not required to give the tenant any notice
-must give the tenant noticed before April 15th - answeris not required to give the
tenant any notice
In Kentucky, errors and omissions insurance is
-voluntary
-recommended
-not necessary
-mandatory - answermandatory
The type of listing agreement that provides for payment of a commission to the broker
even though the owner makes the sale without the broker's aid is called an
-exclusive right to sell listing
-exclusive agency listing
-open listing
-option listing - answerexclusive right to sell listing
All of the following are prohibited under the antitrust laws EXCEPT
-Competing property management companies agreeing to standardized management
fees
-competing brokers allocating markets based on the value of homes
-a broker's setting a company commission schedule
-real estate companies agreeing NOT to cooperate with a broker because of the fees
that broker charges - answera broker's setting a company commission schedule
