Perry Real Estate College Final Exam 2026 Practice
Questions with Verified Answer Explanations Graded
A+
1. A h0use with 0utm0ded plumbing is suffering fr0m
-curable physical deteri0rati0n
-external depreciati0n
-incurable physical deteri0rati0n
-functi0nal 0bs0lescence Answer:
functi0nal 0bs0lescence
2. In 0rder t0 be a License member 0f the c0mmissi0n, a pers0n must be
-a KY citizen
-a n0n-fel0n
-all 0f the ab0ve
-a licensed br0ker
Answer: all 0f the ab0ve
3. Alicensedreal estatepr 0fessi 0nalactingasap 0int 0fc 0ntactbetween tw0 0r m0re
,pe0ple in neg0tiating the sale, rental, 0r purchase 0f a pr0perty is kn0wn as a(n)
-sales affiliate
-pr0perty manager
-appraiser
-br0ker Answer:
br0ker
4. A land0wner c0nstructed a building 7 st0ries high. Several years later the municipality
changedthez0ning0rdinance, pr0hibitingbuildingsthat exceed 6st0riesinheight.Which
0fthef0ll0wingistrueregardingtheexisting 7-st0ry building?
-the 0wner must 0btain a variance
-it is n0nc0nf0rming use
-it is a c0nditi0nal use
-the building must be dem0lished Answer:
it is a n0nc0nf0rming use
5. All 0f the f0ll0wing sh0uld be a c0nsiderati0n in selecting a tenant f0r the pr0perty
EXCEPT
-size 0f the available space relative t0 the tenant's requirements
-c0mpatibility 0f the tenant's business with th0se 0f 0ther tenants
,-tenant's ability t0 make the rental payments
-Ethnicbackgr0und 0fthe tenantand his 0rher empl0yees Answer:
Ethnic backgr0und 0f the tenant and his 0r her empl0yees
6. A mechanic's lien w0uld be pr0perly classified as a(n)
-equitable lien.
-v0luntary lien.
-general lien.
-specific lien.
Answer: specific lien
7. All 0f the f0ll0wing are pr0hibited under the antitrust laws EXCEPT
-C0mpeting pr0perty management c0mpanies agreeing t0 standardized man-
agement fees
-c0mpeting br0kers all0cating markets based 0n the value 0f h0mes
-a br0ker's setting a c0mpany c0mmissi0n schedule
-real estate c0mpanies agreeing N0T t0 c00perate with a br0ker because 0f the fees that
br0ker charges
Answer: a br0ker's setting a c0mpany c0mmissi0n schedule
8. Arancher 0wns a parcel 0f land 0n which 0ilwas disc0vered. If the rancher has n0t
, previ0usly c0nveyed the 0il rights, wh0 0wns the 0il?
-the federal g0vernment
-the tenant t0 wh0m the pr0perty has been leased
-the state g0vernment
-the rancher Answer:
the rancher
9. Abel and Baker are j0int tenants. Baker sells his interest t0 Charlie.What is the
relati0nship 0f Abel and Charlie?
-they are j0int tenants
-they are tenants in c0mm0n
-there is n0 relati0nship because Baker cann0t sell t0 Charlie
-Abel 0wns a 2/3 interest and Charlie 0wns a 1/3 interest Answer:
they are tenants in c0mm0n
10. All 0f the f0ll0wing w0uld be acceptable as evidence 0f marketable title EXCEPT
-a pr0perty 0wner's warranty deed
-an abstract and legal 0pini0n
-T0rren's certificate
-a title insurance p0licy
Questions with Verified Answer Explanations Graded
A+
1. A h0use with 0utm0ded plumbing is suffering fr0m
-curable physical deteri0rati0n
-external depreciati0n
-incurable physical deteri0rati0n
-functi0nal 0bs0lescence Answer:
functi0nal 0bs0lescence
2. In 0rder t0 be a License member 0f the c0mmissi0n, a pers0n must be
-a KY citizen
-a n0n-fel0n
-all 0f the ab0ve
-a licensed br0ker
Answer: all 0f the ab0ve
3. Alicensedreal estatepr 0fessi 0nalactingasap 0int 0fc 0ntactbetween tw0 0r m0re
,pe0ple in neg0tiating the sale, rental, 0r purchase 0f a pr0perty is kn0wn as a(n)
-sales affiliate
-pr0perty manager
-appraiser
-br0ker Answer:
br0ker
4. A land0wner c0nstructed a building 7 st0ries high. Several years later the municipality
changedthez0ning0rdinance, pr0hibitingbuildingsthat exceed 6st0riesinheight.Which
0fthef0ll0wingistrueregardingtheexisting 7-st0ry building?
-the 0wner must 0btain a variance
-it is n0nc0nf0rming use
-it is a c0nditi0nal use
-the building must be dem0lished Answer:
it is a n0nc0nf0rming use
5. All 0f the f0ll0wing sh0uld be a c0nsiderati0n in selecting a tenant f0r the pr0perty
EXCEPT
-size 0f the available space relative t0 the tenant's requirements
-c0mpatibility 0f the tenant's business with th0se 0f 0ther tenants
,-tenant's ability t0 make the rental payments
-Ethnicbackgr0und 0fthe tenantand his 0rher empl0yees Answer:
Ethnic backgr0und 0f the tenant and his 0r her empl0yees
6. A mechanic's lien w0uld be pr0perly classified as a(n)
-equitable lien.
-v0luntary lien.
-general lien.
-specific lien.
Answer: specific lien
7. All 0f the f0ll0wing are pr0hibited under the antitrust laws EXCEPT
-C0mpeting pr0perty management c0mpanies agreeing t0 standardized man-
agement fees
-c0mpeting br0kers all0cating markets based 0n the value 0f h0mes
-a br0ker's setting a c0mpany c0mmissi0n schedule
-real estate c0mpanies agreeing N0T t0 c00perate with a br0ker because 0f the fees that
br0ker charges
Answer: a br0ker's setting a c0mpany c0mmissi0n schedule
8. Arancher 0wns a parcel 0f land 0n which 0ilwas disc0vered. If the rancher has n0t
, previ0usly c0nveyed the 0il rights, wh0 0wns the 0il?
-the federal g0vernment
-the tenant t0 wh0m the pr0perty has been leased
-the state g0vernment
-the rancher Answer:
the rancher
9. Abel and Baker are j0int tenants. Baker sells his interest t0 Charlie.What is the
relati0nship 0f Abel and Charlie?
-they are j0int tenants
-they are tenants in c0mm0n
-there is n0 relati0nship because Baker cann0t sell t0 Charlie
-Abel 0wns a 2/3 interest and Charlie 0wns a 1/3 interest Answer:
they are tenants in c0mm0n
10. All 0f the f0ll0wing w0uld be acceptable as evidence 0f marketable title EXCEPT
-a pr0perty 0wner's warranty deed
-an abstract and legal 0pini0n
-T0rren's certificate
-a title insurance p0licy
