PERRY REAL ESTATE COLLEGE UPDATED QUESTION
BANK WITH VERIFIED ANSWERS FOR THE LATEST
EXAMINATION
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
BANK WITH VERIFIED ANSWERS FOR THE LATEST
EXAMINATION
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
