Perry Real Estate College Final Exam – Questions With
Correct Solutions
Which of the following is true regarding a special warranty deed?
The grantor is making additional warranties beyond those given in a warranty deed.
The grantor's warranties are limited to the time the grantor owned the property.
The grantor is warranting that no encumbrances exist against the property.
The grantor retains an interest in the ownership. - correct answersThe grantor's
warranties are limited to the time the grantor owned the property.
A joint tenancy with right of survivorship may be created
automatically if the property is distributed to the surviving children.
by deed or will
by presumption if another form of ownership is not described.
automatically if a deed is signed by both spouses - correct answersby deed or will
All the following would be considered specific data except:
the dimensions of the subject property
the gross rent multipliers for the area
the employment opportunities in the area
the sales data for comparable properties - correct answersthe employment opportunities
in the area
If the commission determined that an individual is engages in unlicensed brokerage, the
commission may
Seek injunctive relief in Circuit Court
File a Complaint at the Commission
,Sue in District Court
File a Complaint at the Attorney General's Office - correct answersSeek injunctive relief
in Circuit Court
All the following would be acceptable as evidence of marketable title EXCEPT
A property owner's warranty deed
An abstract and legal opinion
Torrens certificate
A title insurance policy - correct answersA property owner's warranty deed
If a licensee knows that a seller is under an exclusive listing with another brokerage, the
licensee
May call the seller on the telephone
May not contact that seller
May knock on the seller's door
May send the seller a letter - correct answersMay not contact that seller
The Governor appoints Commissioners
From a list provided by the Real Estate Commission
From a list provided by the Kentucky Association of REALTORS
From a list provided by his or her staff
None of the above - correct answersFrom a list provided by the Kentucky Association of
REALTORS
All of the following should be a consideration in selecting a tenant for the property
EXCEPT
Compatibility of the tenant's business with those of other tenants
Size of the available space relative to the tenants requirements
Tenant's ability to make the rental payments
, Ethnic background of the tenant and his or her employees - correct answersEthnic
background of the tenant and his or her employees
The defeasance clause in a mortgage requires the mortgages to execute a(n)
assignment of mortgage
satisfaction of mortgage
partial release agreement
subordination agreement - correct answerssatisfaction of mortgage
Which of the following would be considered legal?
Refusing to sell a house to a person who has a history of mental illness
A house for sale was advertised "Fine executive home in an exclusive neighborhood,
suitable for an older couple; near St. Mary's Church." Which of the following statements
is INCORRECT
it appears that families with children are not welcome
the neighborhood could appear to undesirable for people who do not follow the same
religion as St. Mary's Church
This descriptive of the property for sale and a good ad
an exclusive neighborhood could be interpreted to mean that minorities are not
welcome - correct answersThis descriptive of the property for sale and a good ad
A tenant's lease has expired, but the tenant has not vacated the premises or negotiated
a renewal lease. The landlord has declared that the tenant is not to remain in the
building. This situation is an example of
tenancy at sufferance
an estate from year to year
tenancy at will
an estate for years - correct answerstenancy at sufferance
A buyer took delivery of the deed to his new house but neither recorded the deed nor
took possession of the property. Under these circumstances
buyer's interest is not fully protected against third parties
Correct Solutions
Which of the following is true regarding a special warranty deed?
The grantor is making additional warranties beyond those given in a warranty deed.
The grantor's warranties are limited to the time the grantor owned the property.
The grantor is warranting that no encumbrances exist against the property.
The grantor retains an interest in the ownership. - correct answersThe grantor's
warranties are limited to the time the grantor owned the property.
A joint tenancy with right of survivorship may be created
automatically if the property is distributed to the surviving children.
by deed or will
by presumption if another form of ownership is not described.
automatically if a deed is signed by both spouses - correct answersby deed or will
All the following would be considered specific data except:
the dimensions of the subject property
the gross rent multipliers for the area
the employment opportunities in the area
the sales data for comparable properties - correct answersthe employment opportunities
in the area
If the commission determined that an individual is engages in unlicensed brokerage, the
commission may
Seek injunctive relief in Circuit Court
File a Complaint at the Commission
,Sue in District Court
File a Complaint at the Attorney General's Office - correct answersSeek injunctive relief
in Circuit Court
All the following would be acceptable as evidence of marketable title EXCEPT
A property owner's warranty deed
An abstract and legal opinion
Torrens certificate
A title insurance policy - correct answersA property owner's warranty deed
If a licensee knows that a seller is under an exclusive listing with another brokerage, the
licensee
May call the seller on the telephone
May not contact that seller
May knock on the seller's door
May send the seller a letter - correct answersMay not contact that seller
The Governor appoints Commissioners
From a list provided by the Real Estate Commission
From a list provided by the Kentucky Association of REALTORS
From a list provided by his or her staff
None of the above - correct answersFrom a list provided by the Kentucky Association of
REALTORS
All of the following should be a consideration in selecting a tenant for the property
EXCEPT
Compatibility of the tenant's business with those of other tenants
Size of the available space relative to the tenants requirements
Tenant's ability to make the rental payments
, Ethnic background of the tenant and his or her employees - correct answersEthnic
background of the tenant and his or her employees
The defeasance clause in a mortgage requires the mortgages to execute a(n)
assignment of mortgage
satisfaction of mortgage
partial release agreement
subordination agreement - correct answerssatisfaction of mortgage
Which of the following would be considered legal?
Refusing to sell a house to a person who has a history of mental illness
A house for sale was advertised "Fine executive home in an exclusive neighborhood,
suitable for an older couple; near St. Mary's Church." Which of the following statements
is INCORRECT
it appears that families with children are not welcome
the neighborhood could appear to undesirable for people who do not follow the same
religion as St. Mary's Church
This descriptive of the property for sale and a good ad
an exclusive neighborhood could be interpreted to mean that minorities are not
welcome - correct answersThis descriptive of the property for sale and a good ad
A tenant's lease has expired, but the tenant has not vacated the premises or negotiated
a renewal lease. The landlord has declared that the tenant is not to remain in the
building. This situation is an example of
tenancy at sufferance
an estate from year to year
tenancy at will
an estate for years - correct answerstenancy at sufferance
A buyer took delivery of the deed to his new house but neither recorded the deed nor
took possession of the property. Under these circumstances
buyer's interest is not fully protected against third parties
