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Perry Real Estate College Final Exam 202 6 /202 7 |
100 Questions & Complete Solutions | Real Estate
Licensing | Grade A
This resource includes well-organized explanations, practice-style questions, and complete solution breakdowns to strengthen your understanding of real estate principles, laws, finance, contracts, property ownership, and exam-tested topics. Perfect for students preparing for Real Estate Licensing exams, this guide is designed to support effective studying, reinforce core ideas, and boost your exam readiness for the 2026/ curriculum. ✓ Clear and structured content ✓ 100 study questions with full explanations ✓ Great for revision and last-minute review ✓ Ideal for real estate licensing preparation 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. The 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 by 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 the employment opportunities in the area
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 May 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 From 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 Ethnic 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 satisfaction 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 Charging a family with children a higher security deposit than is charged there are no children
none of the above disclosed in writing charging more interest than is legally allowed is known as escheat usury a deficiency an estoppel usury A lease that will terminate within one year of its inception violates the provisions of the statute of frauds may be oral is invalid must be in writing may be oral
an inducement could be: a television a gift certificate money all of the above all of the above all of the following are alternative risk management techniques EXCEPT retaining it ignoring it avoiding it transferring it ignoring it All of the following would affect supply EXCEPT
purchase money mortgage growing equity mortgage package mortgage purchase money mortgage A standard rectangular survey system section contains 160 acres 36 townships 160 government lots 640 acres 640 acres an aggrieved party may recover how much from the recovery fund $30, $50, $20,
Jim Smith is a new sales associate who has worked with Broker Thomas for 16 months. They decide to go into business together and want to re-name the firm Smith-Thomas Realty. This plan is: legal ethical illegal unethical illegal A buyer has signed an agreement with a broker to compensate the broker even if the buyer purchases the property from a relative. This is called an invalid agreement exclusive buyer agency agreement exclusive-agency buyer agency agreement
an estate for years tenancy 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 the deed is invalid after 90 days the transfer of the property from the seller is ineffective the deed is invalid after 6 months buyer's interest is not fully protected against third parties The body of law that governs personal property transactions (but does not apply to real estate) and involves use of security agreements, financing statements, and bulk transfers is the Statute of Limitations Parol Evidence Rule Uniform Commercial Code American Land Title Association Uniform Commercial Code
If the commission seeks injunctive relief, the case must be filed where? In the county where the Commission is located In the county where the unlawful activity took place either of the above neither of the above either of the above A portion of Walter's building was inadvertently built on George's land. This caused an encroachment easement avulsion accretion encroachment All of the following would acquire title to real property EXCEPT
like kind equity collateral boot In order to legally sell real estate at auction, two licensee must be present, an auctioneer and a attorney broker assistant sales associate broker Abel and Baker are joint tenants. Baker sells his interest to Charlie. What is the relationship of Abel and Charlie? Abel owns a 2/3 interest and Charlies owns a 1/3 interest there is no relationship because Baker cannot sell to Charlie
they are joint tenants they are tenants in common they are tenants in common Nancy has referred a buyer to another agent, and the transaction has closed. Nancy receives a referral fee from the other agent and cashed it. Which of the following is true? The referral fee can be paid directly to Nancy The referral fee is illegal The referral fee should be paid to Nancy's principal broker None of the above The referral fee should be paid to Nancy's principal broker If a licensee is found in violation of license law and discipline is ordered, the licensee can appeal to the Attorney General Can appeal to the Commission Has no recourse
a competitive market analysis contains a compilation of facts about similar properties that have recently sold a competitive market analysis contains a compilation of facts about similar properties that have recently sold referral fees can be legally paid from a licensed broker to a consumer who referred a client from one licensed agent to another licensed agent from one consumer to another consumer from one licensed broker to another licensed broker from licensed broker to another licensed broker A salespersons who represents the seller is showing a house to a prospective buyer-customer. The salesperson knows that eh house has water problems in its basements. Which of the following is true? Disclosing the information could create a fiduciary relationship with the buyer Disclosing the information violates the salesperson's fiduciary duty to the seller Withholding the information properly protects the confidence of the seller
Withholding the information the buyer from making an informed decision withholding the information the buyer from making an informed decision if an owner takes his property off the market for a definite period of time in exchange for some consideration, but he grants an individual the right to purchase the property within that period for a stated price, this is called a(n) right of first refusal option contract of sale installment agreement option Ken lists 100 Main Street for sale. Ken's client advises Ken that he wants to advertise his property for sale, in addition to the ads being done by Ken. These ads must include Ken's name Seller's name Listing company's name All of the above
