Perry Real Estate Final Exam Exam
PERRY REAL ESTATE COLLEGE FINAL EXAM EXAM NEWEST 2025
ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT
ANSWERS(VERIFIED ANSWERS)|ALREADY GRADED A+
The type of real estate loan that allows the lender to increase the outstanding balance of a loan
up to the original sum in the note while advancing additional funds is the
-graduated payment mortgage
-growing equity mortgage
-open end mortgage
-wraparound loan - ANSWER-open-end mortgage
The Commission will not pursue a complaint unless it
-has already been investigated
-alleges a prima facie case of a license law violation
-is typewritten
-has already been litigated in court - ANSWER-alleges a prima facie of a license law violation
Assume that the listing and selling brokers split the commission evenly. What is the sales price
of a house if the listing broker received $2,593.50 and the total rate is 6%? - ANSWER-$86,450
The Commission can conduct an emergency hearing for
-Any allegation
-Allegations of gross negligence
-alleged escrow account violations
-alleged advertising violations - ANSWER-alleged escrow account violations
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, Perry Real Estate Final Exam Exam
A trust is a legal arrangement in which property is held for the benefit of a third party by a(n)
-attorney in fact
-trustee
-trustor
-beneficiary - ANSWER-trustee
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 -
ANSWER-the promise of one party is given in exchange for the promise of the other party
When the supply of a commodity decreases while demand remains the same,
-demand tends to rise
-demand tends to drop
-price tends to drop
-price tends to rise - ANSWER-price tends to rise
As provided in a valid purchase contract, the real estate transaction must be closed. Closing
requires all of the following EXCEPT
-that the seller deliver the deed to the purchaser
-that the broker be present to receive any commission
-the purchaser pay the balance of the purchase price to the seller
-that the seller clear the title so that the condition of the title complies with the terms of the
contract - ANSWER-that the broker be present to receive any commission
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, Perry Real Estate Final Exam Exam
A portion of Walter's building was inadvertently built on George's land. this caused an
-accretion
-avulsion
-encroachment
-easement - ANSWER-encroachment
if the Commission seeks injunctive relief, the case must be filed where?
-In the county where the Commission is located
-In the county where the unlawful activity took place
-either of the above
-none of the above - ANSWER-Either of the above: in the county where the Commission is
located or in the county where the unlawful activity took place
A small office building sold for $949,000 and the broker received a commission of $54,990.
What was the broker's commission rate?
-7%
-6.2%
-11.3%
-5.8% - ANSWER-5.8%
A lease should contain all of the following provisions EXCEPT
-possession of the premises
-use of the premises
-term of the lease
-sale and leaseback clause - ANSWER-sale and leaseback clause
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, Perry Real Estate Final Exam Exam
All of the following would affect demand EXCEPT
-population
-fiscal policy
-wage levels
-demographics - ANSWER-fiscal policy
All of the following are true regarding public records EXCEPT
-they provide constructive notice about interests in the property
-they guarantee marketable title
-they establish priority of liens
-they give notice of encumbrances - ANSWER-they guarantee marketable title
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - 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 - 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)
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PERRY REAL ESTATE COLLEGE FINAL EXAM EXAM NEWEST 2025
ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT
ANSWERS(VERIFIED ANSWERS)|ALREADY GRADED A+
The type of real estate loan that allows the lender to increase the outstanding balance of a loan
up to the original sum in the note while advancing additional funds is the
-graduated payment mortgage
-growing equity mortgage
-open end mortgage
-wraparound loan - ANSWER-open-end mortgage
The Commission will not pursue a complaint unless it
-has already been investigated
-alleges a prima facie case of a license law violation
-is typewritten
-has already been litigated in court - ANSWER-alleges a prima facie of a license law violation
Assume that the listing and selling brokers split the commission evenly. What is the sales price
of a house if the listing broker received $2,593.50 and the total rate is 6%? - ANSWER-$86,450
The Commission can conduct an emergency hearing for
-Any allegation
-Allegations of gross negligence
-alleged escrow account violations
-alleged advertising violations - ANSWER-alleged escrow account violations
1|Page
, Perry Real Estate Final Exam Exam
A trust is a legal arrangement in which property is held for the benefit of a third party by a(n)
-attorney in fact
-trustee
-trustor
-beneficiary - ANSWER-trustee
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 -
ANSWER-the promise of one party is given in exchange for the promise of the other party
When the supply of a commodity decreases while demand remains the same,
-demand tends to rise
-demand tends to drop
-price tends to drop
-price tends to rise - ANSWER-price tends to rise
As provided in a valid purchase contract, the real estate transaction must be closed. Closing
requires all of the following EXCEPT
-that the seller deliver the deed to the purchaser
-that the broker be present to receive any commission
-the purchaser pay the balance of the purchase price to the seller
-that the seller clear the title so that the condition of the title complies with the terms of the
contract - ANSWER-that the broker be present to receive any commission
2|Page
, Perry Real Estate Final Exam Exam
A portion of Walter's building was inadvertently built on George's land. this caused an
-accretion
-avulsion
-encroachment
-easement - ANSWER-encroachment
if the Commission seeks injunctive relief, the case must be filed where?
-In the county where the Commission is located
-In the county where the unlawful activity took place
-either of the above
-none of the above - ANSWER-Either of the above: in the county where the Commission is
located or in the county where the unlawful activity took place
A small office building sold for $949,000 and the broker received a commission of $54,990.
What was the broker's commission rate?
-7%
-6.2%
-11.3%
-5.8% - ANSWER-5.8%
A lease should contain all of the following provisions EXCEPT
-possession of the premises
-use of the premises
-term of the lease
-sale and leaseback clause - ANSWER-sale and leaseback clause
3|Page
, Perry Real Estate Final Exam Exam
All of the following would affect demand EXCEPT
-population
-fiscal policy
-wage levels
-demographics - ANSWER-fiscal policy
All of the following are true regarding public records EXCEPT
-they provide constructive notice about interests in the property
-they guarantee marketable title
-they establish priority of liens
-they give notice of encumbrances - ANSWER-they guarantee marketable title
A house with outmoded plumbing is suffering from
-curable physical deterioration
-external depreciation
-incurable physical deterioration
-functional obsolescence - 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 - 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)
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