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Real Estate Law Exam Questions and Answers, Exams of Real Estate Management

Perry Technical Institute Real Estate Management

A series of questions and answers related to real estate law, focusing on topics such as contract law, property rights, and real estate transactions. It covers key concepts like bilateral contracts, contingencies, rescission, liquidated damages, and various types of property ownership. The material is structured as a series of questions followed by verified answers, making it a useful resource for students or professionals preparing for exams or seeking to reinforce their understanding of real estate law principles. It also touches on legal aspects such as the statute of limitations, uniform vendor and purchaser risk act, and fair housing regulations, providing a comprehensive overview of the legal landscape in real estate. Designed to test and enhance knowledge of real estate law, offering clear and concise explanations for each question.

Typology: Exams

2024/2025

Available from 06/09/2025

Lectjoshua 🇺🇸

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Perry real estate final exam questions with

correct answers

If |I |am |makes |an |offer |on |a |house |and |the |seller |excepts |in |writing. |What |is |the |current |status |of |this

|relationship? |- |VERIFIED |ANSWER✔✔-Because |the |seller |has |promised |to |sell |and |the |buyer |has |

promised |to |buy, |it |is |clearly |a |bilateral |contract. |It |is |express |because |they |announced |their |

intentions |in |writing. |This |contract |is |executory |because |the |sale |has |not |closed |yet

VERIFIED |ANSWER✔✔-contingencies

If |I'm |in |allows |a |woman |to |back |out |of |the |contract, |returned |the |earnest |money |to |her, |and |both |

are |back |to |the |positions |they |held |before |the |contract, |the |contract |has |been |- |VERIFIED |

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 |- |VERIFIED |

ANSWER✔✔-A |property |sale |contingency |protects |a |buyer |who |has |to |sell |a |property |in |order |to |buy

|the |sellers |property

On |March |7 |a |buyer |and |a |seller |execute |a |contract |for |the |purchase |of |the |sellers |property. |Closing |

is |set |for |June |10. |On |April |15 |the |property |is |struck |by |lightning |and |destroyed |by |the |resulting |fire. |

If |the |uniform |vendor |and |purchase |or |risk |act |has |been |adopted |by |the |state |in |which |the |property |

the |day |of |closing

The |term |statue |of |limitation |is |best |described |as |the |limitation |on |the |- |VERIFIED |ANSWER✔✔-Every |

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Perry real estate final exam questions with

correct answers

If |I |am |makes |an |offer |on |a |house |and |the |seller |excepts |in |writing. |What |is |the |current |status |of |this |relationship? |- |VERIFIED |ANSWER✔✔-Because |the |seller |has |promised |to |sell |and |the |buyer |has | promised |to |buy, |it |is |clearly |a |bilateral |contract. |It |is |express |because |they |announced |their | intentions |in |writing. |This |contract |is |executory |because |the |sale |has |not |closed |yet Additional |conditions |that |must |be |satisfied |before |a |sales |contract |is |fully |enforceable |are |called |- | VERIFIED |ANSWER✔✔-contingencies If |I'm |in |allows |a |woman |to |back |out |of |the |contract, |returned |the |earnest |money |to |her, |and |both | are |back |to |the |positions |they |held |before |the |contract, |the |contract |has |been |- |VERIFIED | ANSWER✔✔-Rescission |allows |both |parties |to |return |to |their |original |possessions |before |the | contract, |so |any |monies |exchange |must |be |returned 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 |- |VERIFIED | ANSWER✔✔-A |property |sale |contingency |protects |a |buyer |who |has |to |sell |a |property |in |order |to |buy |the |sellers |property On |March | 7 |a |buyer |and |a |seller |execute |a |contract |for |the |purchase |of |the |sellers |property. |Closing | is |set |for |June |10. |On |April | 15 |the |property |is |struck |by |lightning |and |destroyed |by |the |resulting |fire. | If |the |uniform |vendor |and |purchase |or |risk |act |has |been |adopted |by |the |state |in |which |the |property | is |located, |which |party |bears |liability |for |the |loss? |- |VERIFIED |ANSWER✔✔-In |states |that |have | adopted |the |uniform |vendor |and |purchaser |act, |the |seller |remains |responsible |for |the |property |until | the |day |of |closing The |term |statue |of |limitation |is |best |described |as |the |limitation |on |the |- |VERIFIED |ANSWER✔✔-Every | state |limits |the |right |during |which |parties |to |a |contract |may |bring |a |legal |action |to |enforce |their | rights. |Rights |not |enforced |within |the |Applicable |time |period |Are |lost

In |case |the |buyer |decides |not |to |buy |for |no |legal |reason, |the |contract |may |provide |at |the |earnest | money |is |there |as |- |VERIFIED |ANSWER✔✔-Liquidated |damages |limit |the |compensation |available |to | the |injured |party |should |a |breach |of |contract |occur What |is |minimum |consideration |in |a |valid |contract |- |VERIFIED |ANSWER✔✔-Anything |the |parties | agree |is |good |and |valuable What |is |an |example |of |a |unilateral |contract |- |VERIFIED |ANSWER✔✔-In |a |unilateral |contract |only |one | party |is |obligated |to |perform. |The |optionor-owner |of |the |property |must |sell |at |the |agreed-upon |price |only |if |the |optionee |he |decides |to |buy 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 |- |VERIFIED |ANSWER✔✔-Novation 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 |- |VERIFIED |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 |testamentary |trust |is |created |by |- |VERIFIED |ANSWER✔✔-A |will In |any |Township |what |is |the |number |of |the |section |designated |as |the |school |section |- |VERIFIED | ANSWER✔✔- Lonnie |conveys |the |ownership |of |his |house |to |his |mother |and |stipulates |that |upon |her |death |he |will | recapture |ownership. |The |interest |Lonnie |has |in |the |property |is |a |- |VERIFIED |ANSWER✔✔- reversionary |interest If |a |creator |of |a |life |estate |chooses |not |to |name |my |remainderman |the |creator |has |- |VERIFIED | ANSWER✔✔-The |property |will |revert |back |to |the |creator

ANSWER✔✔-If |an |owner |has |a |beneficial |use |for |scarce |water, |this |falls |under |the |doctrine |of |prior | appropriation Jamal |Morton |an |herb |are |joint |tenants |in |a |parcel |of |land. |Herb |conveys |his |interest |to |his |longtime | friend |Walid. |After |the |conveyance |Jamall |and |Morton |- |VERIFIED |ANSWER✔✔-Remain |joint |tenants | owning |a |two |thirds |interest One |of |the |drawbacks |of |a |corporation |is |- |VERIFIED |ANSWER✔✔-Double |taxation A |syndicate |may |be |set |up |as |- |VERIFIED |ANSWER✔✔-A |trust |a |partnership |or |a |corporation Rights |granted |to |owners |along |a |river |or |stream |are |known |as |- |VERIFIED |ANSWER✔✔-Riparian | rights A |trust |is |a |legal |arrangement |in |which |title |to |property |is |held |for |the |benefit |of |a |third-party |by |a |- | VERIFIED |ANSWER✔✔-trustee PITT |stands |for |- |VERIFIED |ANSWER✔✔-Possession Interest Time Title The |term |"metes" |refers |to |- |VERIFIED |ANSWER✔✔-Distance Mary |received |a |life |estate |in | 310 |Broadway. |Mary |died |in |2011. |This |means |that |the |life |estate |- | VERIFIED |ANSWER✔✔-A |life |estate |is |a |freehold |estate |limited |in |duration |to |the |life |of |the |owner |or |some |other |designated |person He |governments |payment |to |a |landowner |for |seizure |of |his |or |her |property |is |called |- |VERIFIED | ANSWER✔✔-Just |compensation

|Like |kind
|Boot |
|Qualified |intermediary |
|The |elimination |capital |gains |taxes |- |VERIFIED |ANSWER✔✔- The |equal |credit |opportunity |act |primarily |deals |with |what |- |VERIFIED |ANSWER✔✔-Discrimination |in | lending Once |HUD |approves |the |ruling |the |parties |have |blank |days |to |appeal |the |case |to |the |appropriate | federal |court |of |appeals |- |VERIFIED |ANSWER✔✔- Our |local |government |subject |to |the |restraints |of |the |fair |housing |act |- |VERIFIED |ANSWER✔✔-Yes, | land |use |regulations, |including |zoning |provisions |in |special |use |permit |cannot |effectively |prohibit | groups |of |disabled |individuals |from |living |in |the |residence |of |their |choice

An |occupancy |requirement |is |exempt |from |familial |status |protection |under |the |fair |housing |act |if |the | housing |is |intended |to |be |occupied |by |- |VERIFIED |ANSWER✔✔-persons | 62 |years |of |age |or |older. |Or | for |occupancy |and |80% |of |its |units |by |at |least |one |person | 55 |years |of |age |or |older At |closing |the |virus |is |credit |for |accrued |items. |What |expenses |could |these |have |been |- |VERIFIED | ANSWER✔✔-Accrued |items |are |bills |to |be |paid |by |the |buyer Disturbing |blank |during |remodeling |a |renovation |creates |dangerous |airborne |particles |that |pose |a | health |risk |- |VERIFIED |ANSWER✔✔-Asbestos What |was |banned |in | 1978 |ever |is |associated |health |risk |for |discovery |but |it |remains |an |ongoing |going |concern |- |VERIFIED |ANSWER✔✔-Asbestos At |closing |the |listing |broker |commission |is |typically |shown |as |a |- |VERIFIED |ANSWER✔✔-Debit |to |the | seller If |a |real |estate |agent |suspects |mold |in |a |property |what |should |he |or |she |recommend |- |VERIFIED | ANSWER✔✔-An |inspection |can |uncover |the |presence |of |mold I |lead-based |paint |disclosure |form |must |be |attached |to |all |sales |contract |involving |which |of |the | following |properties |built |before | 1978 |- |VERIFIED |ANSWER✔✔-Residential Residential |- |VERIFIED |ANSWER✔✔- Who |owns |the |building |that |is |erected |on |land |that |has |a |ground |lease |- |VERIFIED |ANSWER✔✔- lessee 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 |- |VERIFIED |ANSWER✔✔-none

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 |- |VERIFIED |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 If |a |landlord |agrees |to |put |part |of |the |tenants |rent |towards |the |purchase |price |the |landlord |and | tenants |have |agreed |to |- |VERIFIED |ANSWER✔✔-A |sale |leaseback If |a |licensee |receives |a |complaint |from |the |commission |he |or |she |must |- |VERIFIED |ANSWER✔✔-he | has | 20 |days |to |answer |a |complaint Eloise |is |representing |a |buyer |for |a |property. |The |buyer |looks |at |a |property |that |is |actually |owned |by | Eloise |and |her |husband |Lenny |and |listed |by |Eloise. |Eloise |does |not |mention |this |fact |to |the |buyer. | Eloise |is |in |violation |of |license |law |for |- |VERIFIED |ANSWER✔✔-Undisclosed |dual |agency Danyal |has |a |felony |conviction |that |does |not |show |up |on |his |background |check. |He |does |not |inform | the |commission |of |this |conviction. |The |commission |can |discipline |Danyal's |license |for |- |VERIFIED | ANSWER✔✔-If |Danyal |does |not |disclose |his |felony |he |has |obtained |a |license |through |false |means Janet |attended |nine |hours |of |continuing |education |in |the |last |calendar |year. |All |of |these |hours |were | in |law. |Which |of |the |following |is |true |- |VERIFIED |ANSWER✔✔-A |licensee |must |take |a |minimum |of | three |hours |of |law |but |may |take |more If |a |licensee |has |been |found |guilty |of |fraud |in |order |to |pay |restitution |the |consumer |can |receive |up | to |blank |dollars |from |the |recovery |fund |- |VERIFIED |ANSWER✔✔-$20K Donna's |license |has |been |canceled. |She |can |have |her |license |renewed |as |long |as |she |does |so |within |- |VERIFIED |ANSWER✔✔-One |year An |earnest |money |deposit |must |be |placed |into |escrow |within |blank |days |of |receipt |- |VERIFIED | ANSWER✔✔-3 |business |days

The |terms |land, |real |estate |and |real |property |are |synonymous |- |VERIFIED |ANSWER✔✔-False Blank |is |the |ability |to |legally |refuse |others |interest |- |VERIFIED |ANSWER✔✔-Exclusion After |the |construction |of |a |building |in |the |air |right |above |a |rail |road |right |of |way |the |trains |can |- | VERIFIED |ANSWER✔✔-Air |rights |do |not |interfere |with |the |use |of |the |land An |individual |who |buys |a |cooperative |receives |which |of |the |following |- |VERIFIED |ANSWER✔✔- Proprietary |lease Mark |has |directed |a |fence |to |keep |trespassers |from |hunting |on |his |property. |Since |Mark |owns |the | land |he |can |keep |others |off |under |the |right |of |- |VERIFIED |ANSWER✔✔-Exclusion Demographics |include |- |VERIFIED |ANSWER✔✔-Demographics |is |the |study |and |description |of |a | population. |Family |size, |ratio |of |adults |to |children, |ages, |family |income, |etc. |are |all |demographic | factors |that |contribute |to |the |amount |and |type |of |housing |needed Socrates |is |the |founder |of |what |- |VERIFIED |ANSWER✔✔-Science |of |ethics A |licensee |owes |the |following |fiduciary |duties |to |a |customer |- |VERIFIED |ANSWER✔✔-Honesty |and |fair |dealing Broker |Smith |is |helping |a |buyer |and |seller |fill |out |a |sales |contract, |but |it's |not |representing |either | party. |Broker |Smith |is |a |- |VERIFIED |ANSWER✔✔-Transaction |broker Kant |is |the |founder |of |what |- |VERIFIED |ANSWER✔✔-Modern |ethics True |or |false. |Another |term |for |breach |of |the |duty |of |loyalty |is |self |dealing |- |VERIFIED |ANSWER✔✔- True