PERRY REAL ESTATE EXAM STUDY
GUIDE QUESTIONS & ANSWERS
ALREADY PASSED!!
What deed provides the greatest protection for the grantee (buyer)? Answer - general warranty deed The fiduciary relationship between a property manager and a property owner is
typically created with the: Answer - Property management agreement
ld electrical transformers and capacitors pose a hazard because they contain:
Answer - polychlorinated biphenyls (PCBs), which have a range of toxicity and vary in consistency.A broker lists a property on behalf of their seller-client. A cooperating broker comes to the transaction as a subagent and shows a buyer the property.Who is representing the buyer in this transaction? Answer - no one What law created the Loan Estimate and the Closing Disclosure to replace the previous settlement statements like the HUD-1 and the GFE? Answer - TRID When Julie and Steve hammer out all their differences and fully agree to the terms and conditions that will make up their agreement, what have they achieved? Answer
- meeting of the minds
Which office implements and enforces the Fair Housing Act? Answer - the FHEO Price fixing, group boycotts, customer allocation, and tie-in agreements are
examples of: Answer - antitrust violations
A seller paid $1,536 in HOA fees at the beginning of the year. The buyer closed on the property and took possession with exactly 5 months left in the year. Using the 360-day calendar, how much would the buyer owe the seller in prorated HOA fees?Answer - $640 Tina sells her home to Chantel. Which of the following is TRUE? Answer - Tina is the grantor, and Chantel is the grantee What might a GSE do with a loan after they buy it from a lender? Answer - Package it with other mortgages to create mortgage-backed securities 1 / 2
Conforming loans can: Answer - Be sold on the secondary market
A real estate agent publishes the following ad: "New three-bed, two-bath home can be yours for just $20,000 down!" Does this trigger a TILA disclosure? Why or why not? Answer - Yes, mentioning a down payment amount triggers a disclosure Which of the following statements regarding wills is TRUE? Answer - A formal or witness will is more recognized than a holographic will Perry signed a graduated lease with her landlord. Which of the following is TRUE?Answer - Perry's rental payments will increase over time in specific increments
The Fair Housing Act is enforced by: Answer - HUD
College Town, USA has a uniform percentage of 50%. A property in College Town has a market value of $150,000. What is the assessed value of the property?Answer - Full market value x uniform percentage = assessed value. So, with a uniform percentage of 50% and a full market value of $150,000, the assessed value of the property is $75,000.A fidelity bond is a form of insurance that protects the policyholder by covering any losses they might incur as a result of: Answer - theft or fraud by specified individuals Which of the following agreements does NOT contain a paragraph that describes the property involved in the transaction? Answer - exclusive right-to-represent buyer representation agreement What kinds of loans are eligible for a three-day right of rescission under Regulation Z? Answer - loans where already-owned homed are used as collateral Quinn, a husband and father, dies intestate. What will happen to his property?Answer - Quinn's property will be distributed among his heirs What is a landmark law that was passed in 1890 that prohibits the formation of monopolies in the marketplace? Answer - the Sherman Antitrust Act Guillermo is trying to sell his property, but a cloud on the title that he's been unable to resolve is making it really hard to sell. Which characteristic of real estate value is his property MOST clearly lacking? Answer - transferability Agent Laura completed a CMA on a property her client was interested in making an offer on. What kind of value was Laura attempting to determine? Answer - market value Karen and Blake have gone over every term and condition in the contract they have drawn up for the sale of Karen's racehorse to Blake. Neither party has any questions or desire to change anything about the agreement. Which essential element of a valid contract appears to have been realized?
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