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Perry Real Estate Final Exam Testbank 300
includes accurate and verified questions covering
key topics required for licensure, such as
property ownership, contracts, real estate law,
financing, agency relationships, fair housing,
and state-specific re
A real estate purchaser is said to have equitable title
when
a) escrow is opened
b) the transaction is closed
c) a contract for deed is paid off
d) the sales contract is signed by both buyer and seller -
....ANSWER ....✔✔ d) the sales contract is signed by
both buyer and seller
An option to purchase binds
a) both buyer and seller
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b) buyer only
c) seller only
d) neither buyer nor seller - ....ANSWER ....✔✔ c)
seller only
Which of the following best describes a land contract or
installment contract?
a) a means of conveying title immediately whereby the
purchaser pays for the property in installments
b) a mortgage on the land
c) a contract to buy land only
d) a method of selling real estate whereby the
purchaser pays in regular installments while the seller
retains title - ....ANSWER ....✔✔ d
The purchaser of real estate under an installment
contract
a) generally pays no interest charge
b) is not required to pay property taxes for the duration
c) receives legal title immediately
d) acquires equitable title - ....ANSWER ....✔✔ d
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A buyer offers in writing to purchase a house for
$220,000 including its draperies, with the offer to
expire on Saturday at noon. The sellers reply in writing
on Thursday, accepting the $220,000 offer but
excluding the draperies. On Friday, while the buyer
considers the counteroffer, the sellers decide to accept
the original offer, draperies included, and state that in
writing. At this point, the buyer
a) must buy the house but is not entitled to the draperies
b) must by the house and can deduct the value of the
draperies from the $220,000
c) must buy the house and have the right to insist on the
draperies
d) is not bound to buy - ....ANSWER ....✔✔ d
A buyer wants to make an offer to purchase a house
that she suspects has a wet basement. The buyer is
afraid that the house may be sold to someone else
before she has a chance to get information about the
structure. How should she proceed?
a) hire a contractor to give an estimate for repair
before making an offer
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b) make an offer to purchase that is contingent on a
structural inspection
c) ask the real estate salesperson to guarantee that the
basement is dry
d) ask the seller to repair the basement before she
makes an offer - ....ANSWER ....✔✔ b
In PA, at what time should an estimated statement of
closing costs be provided to the buyer and the seller?
a) prior to the settlement
b) after acceptance of an offer
c) prior to signature of the agreement of sale
d) within 24 hours of communication of acceptance of an
offer - ....ANSWER ....✔✔ c
Before buyers and sellers entire into a written contract
to purchase, real estate licensees are required to
provide
a) an estimated statement of closing costs
b) a confirmation that the buyers and sellers approve of
paying a commission to the brokers involvd
Perry Real Estate Final Exam Testbank 300
includes accurate and verified questions covering
key topics required for licensure, such as
property ownership, contracts, real estate law,
financing, agency relationships, fair housing,
and state-specific re
A real estate purchaser is said to have equitable title
when
a) escrow is opened
b) the transaction is closed
c) a contract for deed is paid off
d) the sales contract is signed by both buyer and seller -
....ANSWER ....✔✔ d) the sales contract is signed by
both buyer and seller
An option to purchase binds
a) both buyer and seller
,2|Page
b) buyer only
c) seller only
d) neither buyer nor seller - ....ANSWER ....✔✔ c)
seller only
Which of the following best describes a land contract or
installment contract?
a) a means of conveying title immediately whereby the
purchaser pays for the property in installments
b) a mortgage on the land
c) a contract to buy land only
d) a method of selling real estate whereby the
purchaser pays in regular installments while the seller
retains title - ....ANSWER ....✔✔ d
The purchaser of real estate under an installment
contract
a) generally pays no interest charge
b) is not required to pay property taxes for the duration
c) receives legal title immediately
d) acquires equitable title - ....ANSWER ....✔✔ d
,3|Page
A buyer offers in writing to purchase a house for
$220,000 including its draperies, with the offer to
expire on Saturday at noon. The sellers reply in writing
on Thursday, accepting the $220,000 offer but
excluding the draperies. On Friday, while the buyer
considers the counteroffer, the sellers decide to accept
the original offer, draperies included, and state that in
writing. At this point, the buyer
a) must buy the house but is not entitled to the draperies
b) must by the house and can deduct the value of the
draperies from the $220,000
c) must buy the house and have the right to insist on the
draperies
d) is not bound to buy - ....ANSWER ....✔✔ d
A buyer wants to make an offer to purchase a house
that she suspects has a wet basement. The buyer is
afraid that the house may be sold to someone else
before she has a chance to get information about the
structure. How should she proceed?
a) hire a contractor to give an estimate for repair
before making an offer
, 4|Page
b) make an offer to purchase that is contingent on a
structural inspection
c) ask the real estate salesperson to guarantee that the
basement is dry
d) ask the seller to repair the basement before she
makes an offer - ....ANSWER ....✔✔ b
In PA, at what time should an estimated statement of
closing costs be provided to the buyer and the seller?
a) prior to the settlement
b) after acceptance of an offer
c) prior to signature of the agreement of sale
d) within 24 hours of communication of acceptance of an
offer - ....ANSWER ....✔✔ c
Before buyers and sellers entire into a written contract
to purchase, real estate licensees are required to
provide
a) an estimated statement of closing costs
b) a confirmation that the buyers and sellers approve of
paying a commission to the brokers involvd
