PERRY REAL ESTATE COLLEGE MODULE 1 TEST
LATEST UPDATED
A mixed-use development incorporates multiple purposes into a single building,
such as a conference centre, office space, hotel, residential complex, shopping
centre, or civic centre.
What are the responsibilities of property management? ANSWER Rent
collection, owner profit maximisation, and administration
Broker: ANSWER When negotiating the sale, rental, or purchase of a property,
a licensed real estate agent serves as a liaison between two or more parties.
License laws safeguard ____________'s rights. ANSWER All consumers,
including buyers, sellers, renters, and property owners
What is the purpose of commission? ANSWER Remodelling and remodelling,
as well as any closing or down payment expenses
When a person purchases a cooperative, they get.....? ANSWER: Exclusive
lease
The following would be covered by a basic form policy: ANSWER smoke
damage, lightning damage, and aircraft damage.
(apart from harm from falling objects.)
Annexation: what is it? ANSWER Making real property out of personal
property
(For instance, if a landowner builds a pavement using cement made from sand,
dirt and stones.)
The property is being sold for $96,000. What are the 1.5% loan origination
charge and the 10% down payment? 10 percent of $96,000 is 9,600. 96,000
minus 9,600 is 86,400.
86,400 times.015 equals 1,296.
, 9,600 + 1,296 = 10,896
Real estate license-related laws: ANSWER Agency, general property, and
contract
laws and regulations pertaining to real estate licenses, taxes, zoning and land
use, and the environment.
Personality: Response After being brought on a lot and connected to utilities, a
mobile home
mobility—ANSWER Real property and personal property can be differentiated
by such
Exclusion: ANSWER The power to lawfully reject the interests of others
Equity: A REPLY When someone uses a mortgage loan to purchase a home, the
difference between the property's market value and the amount owing
PITI: What is it? ANSWER: Insurance, taxes, interest, and principal
Is it taken into consideration if a business uses a shack for storage after
purchasing one? ANSWER Enhancement
A business purchases a 100-acre plot of land and constructs a number of storage
shacks. Old paint and other hazardous materials are stored in those shacks by
the corporation.
If a married couple sells their house after living there for the last two or five
years, how much tax will they owe? ANSWER If a married couple has resided
in their home for two of the five years prior to selling it, they are exempt from
paying capital gains. (If it's less than 500,00, none.)
fixture: ANSWER An item that has been permanently attached to real estate,
converting it from personal property.
PUD-ANSWER A neighbourhood that combines commercial, recreational, and
residential space into a single, standalone development
Personal belongings: ANSWER Not all property is considered real property.
Is it true or false?
The statement "All licensed agents must be realtors" is untrue.
Enjoyment: Possession of the answer without coercion or annoyance
LATEST UPDATED
A mixed-use development incorporates multiple purposes into a single building,
such as a conference centre, office space, hotel, residential complex, shopping
centre, or civic centre.
What are the responsibilities of property management? ANSWER Rent
collection, owner profit maximisation, and administration
Broker: ANSWER When negotiating the sale, rental, or purchase of a property,
a licensed real estate agent serves as a liaison between two or more parties.
License laws safeguard ____________'s rights. ANSWER All consumers,
including buyers, sellers, renters, and property owners
What is the purpose of commission? ANSWER Remodelling and remodelling,
as well as any closing or down payment expenses
When a person purchases a cooperative, they get.....? ANSWER: Exclusive
lease
The following would be covered by a basic form policy: ANSWER smoke
damage, lightning damage, and aircraft damage.
(apart from harm from falling objects.)
Annexation: what is it? ANSWER Making real property out of personal
property
(For instance, if a landowner builds a pavement using cement made from sand,
dirt and stones.)
The property is being sold for $96,000. What are the 1.5% loan origination
charge and the 10% down payment? 10 percent of $96,000 is 9,600. 96,000
minus 9,600 is 86,400.
86,400 times.015 equals 1,296.
, 9,600 + 1,296 = 10,896
Real estate license-related laws: ANSWER Agency, general property, and
contract
laws and regulations pertaining to real estate licenses, taxes, zoning and land
use, and the environment.
Personality: Response After being brought on a lot and connected to utilities, a
mobile home
mobility—ANSWER Real property and personal property can be differentiated
by such
Exclusion: ANSWER The power to lawfully reject the interests of others
Equity: A REPLY When someone uses a mortgage loan to purchase a home, the
difference between the property's market value and the amount owing
PITI: What is it? ANSWER: Insurance, taxes, interest, and principal
Is it taken into consideration if a business uses a shack for storage after
purchasing one? ANSWER Enhancement
A business purchases a 100-acre plot of land and constructs a number of storage
shacks. Old paint and other hazardous materials are stored in those shacks by
the corporation.
If a married couple sells their house after living there for the last two or five
years, how much tax will they owe? ANSWER If a married couple has resided
in their home for two of the five years prior to selling it, they are exempt from
paying capital gains. (If it's less than 500,00, none.)
fixture: ANSWER An item that has been permanently attached to real estate,
converting it from personal property.
PUD-ANSWER A neighbourhood that combines commercial, recreational, and
residential space into a single, standalone development
Personal belongings: ANSWER Not all property is considered real property.
Is it true or false?
The statement "All licensed agents must be realtors" is untrue.
Enjoyment: Possession of the answer without coercion or annoyance
