PERRY REAL ESTATE COLLEGE FINAL EXAM

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PERRY REAL ESTATE COLLEGE FINAL EXAM

CORRECT SOLUTIONS.

A house with outmoded plumbing is suffering from -curable physical deterioration -external depreciation -incurable physical deterioration -functional obsolescence - correct answer- 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 - correct answer- 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 1 / 4

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-appraiser -broker - correct answer- 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 - correct answer- 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 - correct answer- Ethnic background of the tenant and his or her employees

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A mechanic's lien would be properly classified as a(n) -equitable lien.-voluntary lien.-general lien.-specific lien. - correct answer- 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 - correct answer- 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 - correct answer- the rancher

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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 - correct answer- 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 - correct answer- 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. - correct answer- metes and bounds system

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