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Pass your licensing test on the first try with this comprehensive 2026 Perry Real Estate College final exam prep pack. This resource features 150 highly relevant exam questions accompanied by verified answers and detailed, step-by-step explanations for every concept. Perfect for future agents who need to master real estate math, contracts, and law quickly to guarantee a passing score.
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An item of personal property that has been converted to real property by being permanently affixed to the realty. - ✔✔ANSWER ✔✔-Fixture churches, schools, cemeteries, and government- held lands - ✔✔ANSWER ✔✔-Special Purpose Real Estate
the lease given to shareholders in a cooperative - ✔✔ANSWER ✔✔-Propriety lease Right to encumber - ✔✔ANSWER ✔✔-Disposition Right to determine interest of property - ✔✔ANSWER ✔✔-Control Acquiring title to additions or improvements to real property as a result of a lease ending - ✔✔ANSWER ✔✔-Accession Principal, Interest, Taxes, Insurance - ✔✔ANSWER ✔✔-PITI ability to legally refuse others interest - ✔✔ANSWER ✔✔-Exclusion
An individually owned unit in an apartment-style complex with shared ownership of common areas.Owned in fee simple + undivided joint interests - ✔✔ANSWER ✔✔-Condo factor in supply - ✔✔ANSWER ✔✔-monetary policy Bundle of legal rights comes from - ✔✔ANSWER ✔✔-Old english law An Emblements, considered real property, plant or crop that require annual cultivation - ✔✔ANSWER ✔✔-Fructus Industriales possession without harassment or interference - ✔✔ANSWER ✔✔-Enjoyment
Point of contact between 2 or more people in negotiating the sale, rental or purchase - ✔✔ANSWER ✔✔-Broker administers the national flood insurance program - ✔✔ANSWER ✔✔-FEMA an item of personal, movable property - ✔✔ANSWER ✔✔-Chattel the dividing of a single property into smaller parcels
"self dealing" - ✔✔ANSWER ✔✔-Breached duty of loyalty repping buyer and seller without full and complete disclosure - ✔✔ANSWER ✔✔-Undisclosed dual agency Commission that is paid to a salesperson is determined by mutual agreement with - ✔✔ANSWER ✔✔-Broker not representing either party but helping a buyer/seller fill out a sales contract - ✔✔ANSWER ✔✔-Transaction broker someone who refused buyer representation
a FSBO seller - ✔✔ANSWER ✔✔-Customer unbundling of services - ✔✔ANSWER ✔✔-Fee for services commission regardless if the broker aids - ✔✔ANSWER ✔✔-Exclusive right to sell listing Switching from residential to industrial prep w/ no experience - ✔✔ANSWER ✔✔-Care violation Broker agrees to provide financing for condo being constructed with exclusive right to sell the units - ✔✔ANSWER ✔✔-Agency coupled with an interest offering real estate services in a piecemeal fashion - ✔✔ANSWER ✔✔-fee-for-service
A small fee paid by the client upon creation of a buyer agency relationship as an advance partial compensation for services - ✔✔ANSWER ✔✔- Retainer fee most protection for a broker - ✔✔ANSWER ✔✔- Exclusive right to sell can be expressed in writing or orally accepting the acts or by principal taking the benefits - ✔✔ANSWER ✔✔-Ratification If a buyer is unrepresented, listing agent still owes the buyer the duty of - ✔✔ANSWER ✔✔-Honesty and fair dealing Listing given to any number of brokers; only selling broker is paid - ✔✔ANSWER ✔✔-Open listing
buyer beware - ✔✔ANSWER ✔✔-caveat emptor Letting the buyer know a home has a serious foundation issue - ✔✔ANSWER ✔✔-Duty of Disclosure Not a fiduciary duty owed to a client - ✔✔ANSWER ✔✔-Honesty Exists when an agent represents the buyer only Example of single agency - ✔✔ANSWER ✔✔-Buyers agency A fee that is only received upon a successful closing
A tenant who remains in the property after the lease expires without the landlord's consent - ✔✔ANSWER ✔✔-Tenant at sufferance Parties agree in advance that certain damages will be available if contract is breached - ✔✔ANSWER ✔✔-Liquidated damages Love and affection in a contract - ✔✔ANSWER ✔✔- Consideration Asbestos, SBS, and lead paint are all examples that a property manager may want to address - ✔✔ANSWER ✔✔-Environmental concerns A semiannual statement sent to an owner that doesn't reflect the entire debt service as an expense
leasehold interest for a specific period of time - ✔✔ANSWER ✔✔-Tenancy for years has no specified time but rent is due at specified intervals it automatically renews itself without a notice of termination - ✔✔ANSWER ✔✔-Periodic tenancy Premises are not liveable for a tenant - ✔✔ANSWER ✔✔-Constructive eviction A transfer of contract rights to a third party - ✔✔ANSWER ✔✔-Assignment seller disclosure form, signed purchase contract, and agency disclosure form to buyer - ✔✔ANSWER ✔✔-Buyers agent gives
a tenancy granted by landlords to tenants allowing them to remain in possession without lease agreement - ✔✔ANSWER ✔✔-Tenancy at will A lease prohibits the assignment or subletting without the lessor's approval and they do it anyway. The sublease is 17 year old enters into a contract - ✔✔ANSWER ✔✔-Voidable employment contract between a broker and a seller
a transfer of the tenant's interest but not his or her obligations is - ✔✔ANSWER ✔✔-Sublease Someone retains the title until a loan balance is paid in full - ✔✔ANSWER ✔✔-Installment contract Lessee pays the fire insurance - ✔✔ANSWER ✔✔- Net lease A tenant who continues to occupy property after the lease has expired and can be evicted by the landlord - ✔✔ANSWER ✔✔-Holdover Tenant Provisions in a contract; Suitable financing, home inspection and appraisal - ✔✔ANSWER ✔✔- Contingencies mortgage lien - ✔✔ANSWER ✔✔-Encumbrance
A partnership in which two or more individuals join to undertake a major business project. - ✔✔ANSWER ✔✔-joint venture the tenancy interest will pass to the surviving tenant(s) upon the death of one party - ✔✔ANSWER ✔✔-Tenancy with survivorship means Unity of Possession, interest, time, and title - ✔✔ANSWER ✔✔-PITT includes recorded and detailed map that draws the boundaries of individual lots in a subdivision - ✔✔ANSWER ✔✔-Plat Runs with the land - ✔✔ANSWER ✔✔-appurtenant easement
allows a person to take title to a property without going through probate - ✔✔ANSWER ✔✔- Survivorship 43560 square foot - ✔✔ANSWER ✔✔-acre Someone hunting on someone's land and they are no longer given access Storing camper in a neighbors yard without rent - ✔✔ANSWER ✔✔-License state confers zoning powers to a municipality through - ✔✔ANSWER ✔✔-Enabling acts Upon satisfactory completion of a building project, the seller should apply for - ✔✔ANSWER ✔✔- Certificate of Occupancy
