PERRY REAL ESTATE COLLEGE PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS | ALREADY GRADED A+RECENT VERSION

PERRY REAL ESTATE COLLEGE PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS | ALREADY GRADED A+RECENT VERSION 1) Fixture - answer an item of personal property that has been converted to real property by being permanently affixed to the realty. 2) Special purpose real estate - answer churches, schools, cemeteries, and government-held lands 3) Propriety lease - answer the lease given to shareholders in a cooperative 4) Disposition - answer right to encumber 5) Control - answer right to determine interest of property 6) Accession - answer acquiring title to additions or improvements to real property as a result of a lease ending 7) Piti - answer principal, interest, taxes, insurance 8) Exclusion - answer ability to legally refuse others interest 9) Yes - answer are fixtures real property? 10) Third - answer mortgage interest on a ____ home affects tax returns 11) 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. 12) Deed - answer a document that transfers ownership of property from one party to another. 13) Federally related transaction - answer appraisals are required for 14) Condo - answer an individually owned unit in an apartment-style complex with shared ownership of common in fee simple + undivided joint interests 15) Monetary policy - answer factor in supply 16) Old english law - answer bundle of legal rights comes from 17) Fructus industriales - answer an emblements, considered real property, plant or crop that require annual cultivation 18) Enjoyment - answer possession without harassment or interference 19) Broker - answer point of contact between 2 or more people in negotiating the sale, rental or purchase 20) Fema - answer administers the national flood insurance program 21) Chattel - answer an item of personal, movable property 22) Escheat - answer if a property owner dies with no heirs and no will, the property reverts to the ownership of the state 23) Town house vs condo - answer condo owners can share floors and ceilings 24) Monument - answer could tree stream or rock 25) Private property - answer owners property extends only to the high water mark and the public may use the land beyond this point 26) Living trust - answer way for owners can avoid probate 27) Tenancy by the entirety - answer special ownership by married couple 28) Fee estate subject to condition subsequent - answer a person who acquired ownership that can be inherited, with the provision that the land must always be used for recreational purposes 29) Metes and bounds - answer points of beginning, tangible and intangible monuments, degrees, minutes and seconds 30) Tenants in common - answer a form of ownership by two or more persons each having an equal or unequal interest and passing the interest to heirs, not to surviving tenants. 31) Fee simple estate - answer the complete ownership of a property; may be either absolute or conditional.- will be willed to children 32) Trustor - answer beneficiary of a land trust 33) The mortgagor 34) Bulk zoning - answer a special type of zoning used to control density by imposing restrictions, such as setbacks 35) Escheat - answer the state takes property upon an owners death if there is no will & no heirs exist. 36) Time share use vs time share estate - answer time share use sells only right of occupancy not a fee simple estate 37) Legal life estate - answer dower, curtesy, or homestead 38) Township units - answer 36 square miles 39) Zoning ordinances - answer density, natural resources, and setbacks 40) Time share estate - answer a fee simple interest in a time-share property. 41) Homestead - answer statutory right that a family has in its residence 42) Syndicate - answer may be set up as a corporation, a trust, a partnership 43) Encumbrance examples - answer an encumbrance is any claim, liability, or charge attached to real property that may lessen 44) The owner's bundle of rights or the value of the property. "some common examples of encumbrances are liens, easements, encroachments, and convenants. 45) Community property state - answer property acquired during a marriage is owned equally by both parties, and can be used to satisfy the debts of either part to the marriage- you own one half of remaining property 46) Deed restriction example - answer private land use control 47) Variance - answer if a landowner wants to use his land in a prohibited manner, he must obtain 48) Point of beginning - answer the starting and end point in a metes and bounds description 49) Severalty - answer ownership of real property by one person only, also called sole ownership. 50) After a joint tenant dies and you own solo 51) Hud - answer department of housing and urban development; regulates the interstate land sales full disclosure act 52) Survivorship - answer benefit of owning property as tenants in the entirety 53) Prior of appropriation - answer water rights are determined by priority of beneficial use 54) Tenants in common - answer relationship between someone who receives joint tenant interest 55) Non-conforming use - answer a permissible use under former rules that is now prohibited - automatically granted when zoning regulations change 56) Encroachment - answer intrusion on a person's territory, rights, etc. 57) Reversionary interest - answer if a creator of a life estate chooses not to name a remainderman 58) Easement by necessity - answer an easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor's land. 59) Mile - answer a customary unit of length. 60) 1 mile = 5,280 feet 61) Corporation - answer drawback is double taxation 62) Zoning ordinance - answer a law that limits the permitted uses of land and maximum density of development in a community. 63) Fee simple - answer highest estate recognized by law 64) Right of first refusal - answer condo wants to be able to purchase a unit owner's interest before he or she sells on the open market 65) Lien holders - answer can take legal action against the owner to force the sale of the property to pay off the debt with proceeds from its sale 66) Deed validity - answer grantor, grantee, in writing, legal description 67) General liens - answer affects all real and personal property of the debtor 68) Suit to quiet table - answer legal action to remove a cloud on a title 69) Statutory right of redemption - answer owner whose property has been foreclosed on may still have some rights 70) Appropriation - answer the way a taxing authority authorizes the expenditure of funds and provides for the source of the funding 71) Priority - answer date and time that a document was recorded will help establish 72) Torrens system - answer certificate of title issued by the county clerk without any need for a further search is used in 73) Collateral - answer another word for security 74) Words of conveyance - answer the words convey, grant and remise are examples of 75) Ad valorem taxes - answer boat or car taxes are not real estate taxes, they are 76) Mechanics lien - answer liens that arise from construction and other improvements to real estate. 77) Lenders - answer mortgagee title insurance policies protect whom 78) Mill - answer means of calculation the tax rate = .001 79) Occupant is 62 years of age or older - answer occupancy requirement is exempt from familial status protection if 80) Sex and gender - answer 1974 congress added two classes 81) Protected class - answer people against whom discrimination in housing is prohibited 82) 1 year - answer time limit to file a complaint with hud 83) Megan's law - answer sex offenders 84) Conciliation - answer remedying a fair housing complaint within first 100 days 85) May be employers - answer re professionals legal obligation to comply with ada 86) Redlining - answer often a major contributer to deterioration of older neighborhoods 87) Steering - answer the act of directing buyers to or away from certain geographical areas for the purpose of discriminating. 88) Handicap - answer fha prohibited discrimination based on ____ in 1988 89) Financial or administrative burden - answer withold consent only where modification is unreasonable due to ___ it imposes 90) 120 days - answer law judge has ___ to commence a hearing on charges filed 91) 15 - answer companies with ___ or more employees must make reasonable accomondations 92) Title viii - answer amended by housing and community development act of 1974 and fair housing amendments act of 1988 93) 10 million - answer annual reporting by lenders with assets greater than 94) Administrative enforcement, attorney general litigation and private litigation - answer 3 avenues for redressing housing discrimination under the act 95) Steering pt 2 - answer increase diversity in all areas with a city ordinance to require agents to show properties in under-represented areas 96) 11,000 - answer fine for first violation of fha could be as much as 97) Ecoa - answer refusing to make a loan to a singer mother