PERRY REAL ESTATE COLLEGE FINAL EXAM 2025/2026 | 100
QUESTIONS & COMPLETE SOLUTIONS | REAL ESTATE
LICENSING
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - CORRECT ANSWERS-functional obsolescence
All of the following are required for a deed to be valid EXCEPT
-date
-name of the grantee
-legal description
-signature of the grantee - CORRECT ANSWERS-signature of the grantee
a lease that will terminate within one year of its inception
-may be oral
-must be in writing
-violates the provisions of the statue of frauds
-is invalid - CORRECT ANSWERS-may be oral
all of the following are true regarding public records EXCEPT
-the provide constructive notice about interests in the property
-they give notice of encumbrances
-they guarantee marketable title
-they establish priority of liens - CORRECT ANSWERS-they guarantee marketable title
,The Commission is charged with determining if a license applicant meets all of the following criteria
EXCEPT:
-trustworthy
-honest
-competent to protect the public
-never been adjudicated bankrupt - CORRECT ANSWERS-never been adjudicated bankrupt
The principal difference between an estate for years and an estate from year to year is that
-an estate from year to year has no expiration date
-an estate for years cannot be terminated
-an estate for years is a life estate
-an estate from year to year must be in writing - CORRECT ANSWERS-an estate from year to
year has no expiration date
a tenant's lease has expired, but the tenant has not vacated the premise or negotiated a renewal lease.
The landlord has declared that the tenant is not to remain in the building. This situation is an example of
-an estate for years
-tenancy at will
-an estate from year to year
-tenancy at sufferance - CORRECT ANSWERS-tenancy at suffereance
The Governor appoints Commissioners - CORRECT ANSWERS-from a list provided by the
Kentucky Association of REALTORS
A standard rectangular survey system section contains
-160 acres
-640 acres
-160 government lots
-36 townships - CORRECT ANSWERS-640 acres
, Which of the following is NOT required for the broker to remove money from his or her escrow account?
-court order
-a mutual release
-performance on the contract
-signed affidavit - CORRECT ANSWERS-signed affidavit
all of the following are essential to the formation of a contract EXCEPT
-performance
-consideration
-offer
-acceptance - CORRECT ANSWERS-performance
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 ANSWERS-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
-appraiser
-broker - CORRECT ANSWERS-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
QUESTIONS & COMPLETE SOLUTIONS | REAL ESTATE
LICENSING
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - CORRECT ANSWERS-functional obsolescence
All of the following are required for a deed to be valid EXCEPT
-date
-name of the grantee
-legal description
-signature of the grantee - CORRECT ANSWERS-signature of the grantee
a lease that will terminate within one year of its inception
-may be oral
-must be in writing
-violates the provisions of the statue of frauds
-is invalid - CORRECT ANSWERS-may be oral
all of the following are true regarding public records EXCEPT
-the provide constructive notice about interests in the property
-they give notice of encumbrances
-they guarantee marketable title
-they establish priority of liens - CORRECT ANSWERS-they guarantee marketable title
,The Commission is charged with determining if a license applicant meets all of the following criteria
EXCEPT:
-trustworthy
-honest
-competent to protect the public
-never been adjudicated bankrupt - CORRECT ANSWERS-never been adjudicated bankrupt
The principal difference between an estate for years and an estate from year to year is that
-an estate from year to year has no expiration date
-an estate for years cannot be terminated
-an estate for years is a life estate
-an estate from year to year must be in writing - CORRECT ANSWERS-an estate from year to
year has no expiration date
a tenant's lease has expired, but the tenant has not vacated the premise or negotiated a renewal lease.
The landlord has declared that the tenant is not to remain in the building. This situation is an example of
-an estate for years
-tenancy at will
-an estate from year to year
-tenancy at sufferance - CORRECT ANSWERS-tenancy at suffereance
The Governor appoints Commissioners - CORRECT ANSWERS-from a list provided by the
Kentucky Association of REALTORS
A standard rectangular survey system section contains
-160 acres
-640 acres
-160 government lots
-36 townships - CORRECT ANSWERS-640 acres
, Which of the following is NOT required for the broker to remove money from his or her escrow account?
-court order
-a mutual release
-performance on the contract
-signed affidavit - CORRECT ANSWERS-signed affidavit
all of the following are essential to the formation of a contract EXCEPT
-performance
-consideration
-offer
-acceptance - CORRECT ANSWERS-performance
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 ANSWERS-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
-appraiser
-broker - CORRECT ANSWERS-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
