Perry Real Estate College Final Exam with Questins and Answers – 100% Solved
a bilateral contract is one in which
-the promise of one party is given in exchange for the promise of the other party
-something is to be done by one party only
-only one of the parties is obligated to act
-a restriction is placed in the contract by one party to limit the performance by the other -
✔✔✔-the promise of one party is given in exchange for the promise of the other party
a bill of sale is used to transfer the ownership of
-fixtures
-appurtenances
-real estate
-personal property - ✔✔✔-personal property
a broker who is the agent of the buyer should do which of the following?
-present to the seller only offers that are acceptable
-disclose to the seller that the buyer is a minority person
-disclose to the seller the maximum price the buyer is willing to pay
-advise the buyer if the listing price of the seller's house is unrealistic - ✔✔✔-advise the buyer if
the listing price of the seller's house is unrealistic
A building is valued as $215,000 and contains 4 apartments that rent for $470 each per month.
The owner estimates that the net operating income is 65% of the gross rental receipts. What is
the capitalization rate?
-3.7%
-14.2%
-10.5%
-6.8% - ✔✔✔-6.8%
,Perry Real Estate College Final Exam with Questins and Answers – 100% Solved
a father conveyed the family home to his daughter by will as a pur autre vie estate for the life of
her mother. If the daughter should die before the mother, who gains possession of the
property?
-the remainderman
-the father's other children
-the mother
-the daughter's heirs - ✔✔✔-the daughters heirs
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - ✔✔✔-functional obsolescence
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 - ✔✔✔-it is a nonconforming use
A lease should contain all of the following provisions EXCEPT
-possession of the premises
-use of the premises
-term of the lease
, Perry Real Estate College Final Exam with Questins and Answers – 100% Solved
-sale and leaseback clause - ✔✔✔-sale and leaseback clause
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 - ✔✔✔-may be oral
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 - ✔✔✔-broker
A licensee has a duty to report a conviction to the Commission
-True, if it is a felony
-False, as there is no duty to report
-False, if it is a felony
-True, if it is a felony or a misdemeanor - ✔✔✔-True, if it is a felony
A lot with a depth of 80 ft and an area of 4,800 sg ft was sold for $350 per front foot. What was
the total sales price?
-$35,000
-$21,000
-$28,000
-$31,800 - ✔✔✔-$21,000
a bilateral contract is one in which
-the promise of one party is given in exchange for the promise of the other party
-something is to be done by one party only
-only one of the parties is obligated to act
-a restriction is placed in the contract by one party to limit the performance by the other -
✔✔✔-the promise of one party is given in exchange for the promise of the other party
a bill of sale is used to transfer the ownership of
-fixtures
-appurtenances
-real estate
-personal property - ✔✔✔-personal property
a broker who is the agent of the buyer should do which of the following?
-present to the seller only offers that are acceptable
-disclose to the seller that the buyer is a minority person
-disclose to the seller the maximum price the buyer is willing to pay
-advise the buyer if the listing price of the seller's house is unrealistic - ✔✔✔-advise the buyer if
the listing price of the seller's house is unrealistic
A building is valued as $215,000 and contains 4 apartments that rent for $470 each per month.
The owner estimates that the net operating income is 65% of the gross rental receipts. What is
the capitalization rate?
-3.7%
-14.2%
-10.5%
-6.8% - ✔✔✔-6.8%
,Perry Real Estate College Final Exam with Questins and Answers – 100% Solved
a father conveyed the family home to his daughter by will as a pur autre vie estate for the life of
her mother. If the daughter should die before the mother, who gains possession of the
property?
-the remainderman
-the father's other children
-the mother
-the daughter's heirs - ✔✔✔-the daughters heirs
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - ✔✔✔-functional obsolescence
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 - ✔✔✔-it is a nonconforming use
A lease should contain all of the following provisions EXCEPT
-possession of the premises
-use of the premises
-term of the lease
, Perry Real Estate College Final Exam with Questins and Answers – 100% Solved
-sale and leaseback clause - ✔✔✔-sale and leaseback clause
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 - ✔✔✔-may be oral
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 - ✔✔✔-broker
A licensee has a duty to report a conviction to the Commission
-True, if it is a felony
-False, as there is no duty to report
-False, if it is a felony
-True, if it is a felony or a misdemeanor - ✔✔✔-True, if it is a felony
A lot with a depth of 80 ft and an area of 4,800 sg ft was sold for $350 per front foot. What was
the total sales price?
-$35,000
-$21,000
-$28,000
-$31,800 - ✔✔✔-$21,000
