Perry Real Estate Final Exam Latest Update
2025-2026 530 Questions and 100% Verified
Correct Answers Guaranteed A+
A borrower has just made the final payment on a mortgage loan. Regardless of the fact
the record still show a lien on the mortgage property until which of the following occur -
CORRECT ANSWER: A mortgage satisfaction document must be recorded to remove
the lien/show the debt has been paid in full
A builder has asked a licensee to list a newly built home. The sellers disclosure form is
required unless - CORRECT ANSWER: The sellers disclosure is not required if the
builder provides a warranty
A business in which real estate investors pull the resources to own a particular property
is called - CORRECT ANSWER: Syndicate
A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is
obligated to perform only if the buyer is first able to sell her condo. This is an example of
- CORRECT ANSWER: A property sale contingency protects a buyer who has to sell a
property in order to buy the sellers property
A convent refuses to allow members of other face to rent their room. This is -
CORRECT ANSWER: Legal
A descendent left a will giving his neighbor the right to use a well on the descendents
land as long as the neighbor lived. The neighbors interest in the property is properly
called - CORRECT ANSWER: An easement in gross is an individual interest in
someone else's land
A developer grants a local power company the right to install necessary transmission
lines. This right is an example of a - CORRECT ANSWER: Easement in gross
,A landlord is required To permit a tenant at the blank expense to make a reasonable
modification of the living space in order to have full use and enjoyment of the premises -
CORRECT ANSWER: Tenants
A lawsuit to terminate an easement is called an action to - CORRECT ANSWER: Action
to quiet title
A licensee owes the following fiduciary duties to a customer - CORRECT ANSWER:
Honesty and fair dealing
A manufactured home can be turned into real estate by what process - CORRECT
ANSWER: AFFIXATION
A Notary is required to acknowledge what? - CORRECT ANSWER: Deed
A partnership which is for a long-term arrangement is called - CORRECT ANSWER:
Syndicate
A person who complies information on properties that are available for rent in exchange
for a fee is exempt from licensure. True or false? - CORRECT ANSWER: This person is
exempt no matter who pays the fee
A personal assistant may give out all of the information about a listed property except -
CORRECT ANSWER: A personal assistant may not disclose the purchase price on a
contract
A private action alleging discrimination must be brought within - CORRECT ANSWER:
two years of the alleged discrimination.
,A real estate broker in ounces to the sales people in her office that she will pay $1000
bonus to the top selling sales person each quarter. This contract is an - CORRECT
ANSWER: The offer of a bonus to the top selling sales person each quarter is an
express contract because the broker clearly stated her intentions and words to the sales
people. It is unilateral contract because she's obligated to keep her promise but the
sales people are not obligated to perform
A special warranty deed includes which of the following warranties - CORRECT
ANSWER: Warranty of a title
A syndicate may be set up as - CORRECT ANSWER: A trust a partnership or a
corporation
A tenant signed a one-year lease with a landlord on April 10. On the following March 1,
the landlord asked the tenant whether the lease will be renewed. The tenant did not
respond but was still in the apartment on April 11. What can the landlord do - CORRECT
ANSWER: As an estate for years no notice was required to terminate. If the tenant does
not pay rent, it will become a tenancy at sufferance. If the tenant pays rent and the
landlord accepts it, it will be a holdover or periodic tenancy, which could be changed into
an estate for years if they enter into a year-long lease
A testamentary trust is created by - CORRECT ANSWER: A will
A trust is a legal arrangement in which title to property is held for the benefit of a third-
party by a - CORRECT ANSWER: trustee
A veteran wants to refinance a home by changing to a VA guaranteed loan. The lender
insist on 3.5 discount points which of the following options are available to the veteran -
CORRECT ANSWER: Lenders are permitted to charge borrowers discount points on VA
loans. He should proceed with refinancing the loan and pay the discount points
A voluntary lien is created by who - CORRECT ANSWER: The owner such as taking out
a mortgage loan
, A woman is buying a man's house and wants to take over the mortgage. The lender
releases the man from the obligation substituting the woman as the party liable for the
debt. This new agreement is called - CORRECT ANSWER: Novation
A woman rents an apartment from a man under a one-year written lease. The expiration
date of the lease is May 1. How much notice must a man give a woman to recover
possession when the lease expires - CORRECT ANSWER: none
According to the Supreme Court there are no exceptions regarding which protected
class - CORRECT ANSWER: Racial discrimination
Additional conditions that must be satisfied before a sales contract is fully enforceable
are called - CORRECT ANSWER: contingencies
Adjusted cost basis includes all the following except - CORRECT ANSWER: Taxes
After the construction of a building in the air right above a rail road right of way the trains
can - CORRECT ANSWER: Air rights do not interfere with the use of the land
All of the following are associated with a 1031 tax exchange except
1. Like kind
2. Boot
3. Qualified intermediary
4. The elimination capital gains taxes - CORRECT ANSWER: 4
All of the following are exempt from licensure except - CORRECT ANSWER: A personal
assistant is not exempt from licensure but must follow the laws pertaining to personal
assistance
2025-2026 530 Questions and 100% Verified
Correct Answers Guaranteed A+
A borrower has just made the final payment on a mortgage loan. Regardless of the fact
the record still show a lien on the mortgage property until which of the following occur -
CORRECT ANSWER: A mortgage satisfaction document must be recorded to remove
the lien/show the debt has been paid in full
A builder has asked a licensee to list a newly built home. The sellers disclosure form is
required unless - CORRECT ANSWER: The sellers disclosure is not required if the
builder provides a warranty
A business in which real estate investors pull the resources to own a particular property
is called - CORRECT ANSWER: Syndicate
A buyer makes an offer to buy a sellers house. Pursuant it to this offer, the buyer is
obligated to perform only if the buyer is first able to sell her condo. This is an example of
- CORRECT ANSWER: A property sale contingency protects a buyer who has to sell a
property in order to buy the sellers property
A convent refuses to allow members of other face to rent their room. This is -
CORRECT ANSWER: Legal
A descendent left a will giving his neighbor the right to use a well on the descendents
land as long as the neighbor lived. The neighbors interest in the property is properly
called - CORRECT ANSWER: An easement in gross is an individual interest in
someone else's land
A developer grants a local power company the right to install necessary transmission
lines. This right is an example of a - CORRECT ANSWER: Easement in gross
,A landlord is required To permit a tenant at the blank expense to make a reasonable
modification of the living space in order to have full use and enjoyment of the premises -
CORRECT ANSWER: Tenants
A lawsuit to terminate an easement is called an action to - CORRECT ANSWER: Action
to quiet title
A licensee owes the following fiduciary duties to a customer - CORRECT ANSWER:
Honesty and fair dealing
A manufactured home can be turned into real estate by what process - CORRECT
ANSWER: AFFIXATION
A Notary is required to acknowledge what? - CORRECT ANSWER: Deed
A partnership which is for a long-term arrangement is called - CORRECT ANSWER:
Syndicate
A person who complies information on properties that are available for rent in exchange
for a fee is exempt from licensure. True or false? - CORRECT ANSWER: This person is
exempt no matter who pays the fee
A personal assistant may give out all of the information about a listed property except -
CORRECT ANSWER: A personal assistant may not disclose the purchase price on a
contract
A private action alleging discrimination must be brought within - CORRECT ANSWER:
two years of the alleged discrimination.
,A real estate broker in ounces to the sales people in her office that she will pay $1000
bonus to the top selling sales person each quarter. This contract is an - CORRECT
ANSWER: The offer of a bonus to the top selling sales person each quarter is an
express contract because the broker clearly stated her intentions and words to the sales
people. It is unilateral contract because she's obligated to keep her promise but the
sales people are not obligated to perform
A special warranty deed includes which of the following warranties - CORRECT
ANSWER: Warranty of a title
A syndicate may be set up as - CORRECT ANSWER: A trust a partnership or a
corporation
A tenant signed a one-year lease with a landlord on April 10. On the following March 1,
the landlord asked the tenant whether the lease will be renewed. The tenant did not
respond but was still in the apartment on April 11. What can the landlord do - CORRECT
ANSWER: As an estate for years no notice was required to terminate. If the tenant does
not pay rent, it will become a tenancy at sufferance. If the tenant pays rent and the
landlord accepts it, it will be a holdover or periodic tenancy, which could be changed into
an estate for years if they enter into a year-long lease
A testamentary trust is created by - CORRECT ANSWER: A will
A trust is a legal arrangement in which title to property is held for the benefit of a third-
party by a - CORRECT ANSWER: trustee
A veteran wants to refinance a home by changing to a VA guaranteed loan. The lender
insist on 3.5 discount points which of the following options are available to the veteran -
CORRECT ANSWER: Lenders are permitted to charge borrowers discount points on VA
loans. He should proceed with refinancing the loan and pay the discount points
A voluntary lien is created by who - CORRECT ANSWER: The owner such as taking out
a mortgage loan
, A woman is buying a man's house and wants to take over the mortgage. The lender
releases the man from the obligation substituting the woman as the party liable for the
debt. This new agreement is called - CORRECT ANSWER: Novation
A woman rents an apartment from a man under a one-year written lease. The expiration
date of the lease is May 1. How much notice must a man give a woman to recover
possession when the lease expires - CORRECT ANSWER: none
According to the Supreme Court there are no exceptions regarding which protected
class - CORRECT ANSWER: Racial discrimination
Additional conditions that must be satisfied before a sales contract is fully enforceable
are called - CORRECT ANSWER: contingencies
Adjusted cost basis includes all the following except - CORRECT ANSWER: Taxes
After the construction of a building in the air right above a rail road right of way the trains
can - CORRECT ANSWER: Air rights do not interfere with the use of the land
All of the following are associated with a 1031 tax exchange except
1. Like kind
2. Boot
3. Qualified intermediary
4. The elimination capital gains taxes - CORRECT ANSWER: 4
All of the following are exempt from licensure except - CORRECT ANSWER: A personal
assistant is not exempt from licensure but must follow the laws pertaining to personal
assistance
