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 - ans -functional 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 - ans -all 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 - ans -broker
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 - ans -it 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 - ans -Ethnic
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. - ans -specific lien
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 - ans -a broker's setting a company commission schedule
A rancher owns a parcel of land on which oil was discovered. If the rancher has
not previously conveyed the oil rights, who owns the oil?
-the federal government
-the tenant to whom the property has been leased
-the state government
-the rancher - ans -the rancher
Abel and Baker are joint tenants. Baker sells his interest to Charlie. What is the
relationship of Abel and Charlie?
-they are joint tenants
-they are tenants in common
-there is no relationship because Baker cannot sell to Charlie
-Abel owns a 2/3 interest and Charlie owns a 1/3 interest - ans -they are tenants
in common
All of the following would be acceptable as evidence of marketable title EXCEPT
-a property owner's warranty deed
-an abstract and legal opinion
, -Torren's certificate
-a title insurance policy - ans -a property owner's warranty deed
The method of describing land that uses degrees, feet, and monuments is known
as the
-angular system.
-metes and bounds system.
-rectangular survey system.
-lot and block system. - ans -metes and bounds system
which of the following is true regarding a special warranty deed?
-The grantors warranties are limited to the time the grantor owned the property
-the grantor retains an interest in the ownership
-the grantor is making additional warranties beyond those given in a warranty
deed
-the grantor is warranting that non encumbrances exist against the property - ans
-The grantor's warranties are limited to the time the grantor owned the property
If an owner takes his property off the market for a definite period in exchange for
some consideration but grants an individual the right to purchase the property
within that period for a stated price, this is called a(n)
-contract of sale
-installment agreement
-right of first refusal
-option - ans -option
A licensee has a duty to report a conviction to the Commission
-True, if it is a felony
-False, as there is no duty to report
-False, if it is a felony
-True, if it is a felony or a misdemeanor - ans -True, if it is a felony
If a license is revoked, which of the following is TRUE?
-The license revocation is permanent
-The license revocation is for 10 years
-the license revocation is for 5 years
-none of the above - ans -the license revocation is for 5 years
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 - ans -functional 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 - ans -all 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 - ans -broker
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 - ans -it 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 - ans -Ethnic
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. - ans -specific lien
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 - ans -a broker's setting a company commission schedule
A rancher owns a parcel of land on which oil was discovered. If the rancher has
not previously conveyed the oil rights, who owns the oil?
-the federal government
-the tenant to whom the property has been leased
-the state government
-the rancher - ans -the rancher
Abel and Baker are joint tenants. Baker sells his interest to Charlie. What is the
relationship of Abel and Charlie?
-they are joint tenants
-they are tenants in common
-there is no relationship because Baker cannot sell to Charlie
-Abel owns a 2/3 interest and Charlie owns a 1/3 interest - ans -they are tenants
in common
All of the following would be acceptable as evidence of marketable title EXCEPT
-a property owner's warranty deed
-an abstract and legal opinion
, -Torren's certificate
-a title insurance policy - ans -a property owner's warranty deed
The method of describing land that uses degrees, feet, and monuments is known
as the
-angular system.
-metes and bounds system.
-rectangular survey system.
-lot and block system. - ans -metes and bounds system
which of the following is true regarding a special warranty deed?
-The grantors warranties are limited to the time the grantor owned the property
-the grantor retains an interest in the ownership
-the grantor is making additional warranties beyond those given in a warranty
deed
-the grantor is warranting that non encumbrances exist against the property - ans
-The grantor's warranties are limited to the time the grantor owned the property
If an owner takes his property off the market for a definite period in exchange for
some consideration but grants an individual the right to purchase the property
within that period for a stated price, this is called a(n)
-contract of sale
-installment agreement
-right of first refusal
-option - ans -option
A licensee has a duty to report a conviction to the Commission
-True, if it is a felony
-False, as there is no duty to report
-False, if it is a felony
-True, if it is a felony or a misdemeanor - ans -True, if it is a felony
If a license is revoked, which of the following is TRUE?
-The license revocation is permanent
-The license revocation is for 10 years
-the license revocation is for 5 years
-none of the above - ans -the license revocation is for 5 years
