PERRY REAL ESTATE COLLEGE
FINAL EXAM 2026 | 100
QUESTIONS & VERIFIED
ANSWERS GRADED A+ | REAL
ESTATE LICENSING
Fixture - answer-An item of personal property that has been converted to real property
by being permanently affixed to the realty.
Special Purpose Real Estate - answer-churches, schools, cemeteries, and government-
held lands
Propriety lease - answer-the lease given to shareholders in a cooperative
Disposition - answer-Right to encumber
Control - answer-Right to determine interest of property
Accession - answer-Acquiring title to additions or improvements to real property as a
result of a lease ending
PITI - answer-Principal, Interest, Taxes, Insurance
Exclusion - answer-ability to legally refuse others interest
Yes - answer-Are Fixtures real property?
third - answer-Mortgage interest on a ____ home affects tax returns
,Improvement - answer-any artificial thing attached on or below ground, such as a
building, fence, water line or sewer pipe, as well as growing things that are made part of
the landscaping.
Deed - answer-A document that transfers ownership of property from one party to
another.
federally related transaction - answer-Appraisals are required for
Condo - answer-An individually owned unit in an apartment-style complex with shared
ownership of common areas.Owned in fee simple + undivided joint interests
monetary policy - answer-factor in supply
Old english law - answer-Bundle of legal rights comes from
Fructus Industriales - answer-An Emblements, considered real property, plant or crop
that require annual cultivation
Enjoyment - answer-possession without harassment or interference
Broker - answer-Point of contact between 2 or more people in negotiating the sale,
rental or purchase
FEMA - answer-administers the national flood insurance program
Chattel - answer-an item of personal, movable property
Subdivision - answer-the dividing of a single property into smaller parcels
,Agency - answer-Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and
implication
Net listings - answer-prohibited in some states
Agent - answer-Principal broker of firm
Puffing - answer-"Best deal in town"
Exclusive agency - answer-owner sold home herself and didn't owe a commission
Seller's decision - answer-Listed price of a property is always
Breached duty of loyalty - answer-Showing a buyer homes outside their price range
Agent is interested in a property they are showing a buyer and they make an offer on it
"self dealing"
Undisclosed dual agency - answer-repping buyer and seller without full and complete
disclosure
Broker - answer-Commission that is paid to a salesperson is determined by mutual
agreement with
, Transaction broker - answer-not representing either party but helping a buyer/seller fill
out a sales contract
Customer - answer-someone who refused buyer representation
a FSBO seller
Fee for services - answer-unbundling of services
Exclusive right to sell listing - answer-commission regardless if the broker aids
Care violation - answer-Switching from residential to industrial prep w/ no experience
Agency coupled with an interest - answer-Broker agrees to provide financing for condo
being constructed with exclusive right to sell the units
fee-for-service - answer-offering real estate services in a piecemeal fashion
Patent defect - answer-one that can be seen with the naked eye
Exclusive buyer agency agreement - answer-contract signed between purchaser and a
broker
fraud - answer-net listings are prohibited because they could lead to
dual agent - answer-Principal broker appoints you to rep the buyer in designated agency
Latent defect - answer-One that you can't see under ordinary inspection
FINAL EXAM 2026 | 100
QUESTIONS & VERIFIED
ANSWERS GRADED A+ | REAL
ESTATE LICENSING
Fixture - answer-An item of personal property that has been converted to real property
by being permanently affixed to the realty.
Special Purpose Real Estate - answer-churches, schools, cemeteries, and government-
held lands
Propriety lease - answer-the lease given to shareholders in a cooperative
Disposition - answer-Right to encumber
Control - answer-Right to determine interest of property
Accession - answer-Acquiring title to additions or improvements to real property as a
result of a lease ending
PITI - answer-Principal, Interest, Taxes, Insurance
Exclusion - answer-ability to legally refuse others interest
Yes - answer-Are Fixtures real property?
third - answer-Mortgage interest on a ____ home affects tax returns
,Improvement - answer-any artificial thing attached on or below ground, such as a
building, fence, water line or sewer pipe, as well as growing things that are made part of
the landscaping.
Deed - answer-A document that transfers ownership of property from one party to
another.
federally related transaction - answer-Appraisals are required for
Condo - answer-An individually owned unit in an apartment-style complex with shared
ownership of common areas.Owned in fee simple + undivided joint interests
monetary policy - answer-factor in supply
Old english law - answer-Bundle of legal rights comes from
Fructus Industriales - answer-An Emblements, considered real property, plant or crop
that require annual cultivation
Enjoyment - answer-possession without harassment or interference
Broker - answer-Point of contact between 2 or more people in negotiating the sale,
rental or purchase
FEMA - answer-administers the national flood insurance program
Chattel - answer-an item of personal, movable property
Subdivision - answer-the dividing of a single property into smaller parcels
,Agency - answer-Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and
implication
Net listings - answer-prohibited in some states
Agent - answer-Principal broker of firm
Puffing - answer-"Best deal in town"
Exclusive agency - answer-owner sold home herself and didn't owe a commission
Seller's decision - answer-Listed price of a property is always
Breached duty of loyalty - answer-Showing a buyer homes outside their price range
Agent is interested in a property they are showing a buyer and they make an offer on it
"self dealing"
Undisclosed dual agency - answer-repping buyer and seller without full and complete
disclosure
Broker - answer-Commission that is paid to a salesperson is determined by mutual
agreement with
, Transaction broker - answer-not representing either party but helping a buyer/seller fill
out a sales contract
Customer - answer-someone who refused buyer representation
a FSBO seller
Fee for services - answer-unbundling of services
Exclusive right to sell listing - answer-commission regardless if the broker aids
Care violation - answer-Switching from residential to industrial prep w/ no experience
Agency coupled with an interest - answer-Broker agrees to provide financing for condo
being constructed with exclusive right to sell the units
fee-for-service - answer-offering real estate services in a piecemeal fashion
Patent defect - answer-one that can be seen with the naked eye
Exclusive buyer agency agreement - answer-contract signed between purchaser and a
broker
fraud - answer-net listings are prohibited because they could lead to
dual agent - answer-Principal broker appoints you to rep the buyer in designated agency
Latent defect - answer-One that you can't see under ordinary inspection
