Barney Fletcher Exam Questions and Answers 2024, Exams of Marketing Business-to-business (B2B)

Download Barney Fletcher Exam Questions and Answers 2024 and more Exams Marketing Business-to-business (B2B) in PDF only on Docsity! 1 Barney Fletcher Exam Questions and Answers 2024 which BEST describes the principle that a home maintains its highest value in a neighborhood with similar homes and similar type housing? A. substitution B. conformity C. highest and best use D. competition - Correct Answer-B. conformity If you took projected future costs from projected future income, you would arrive at: A. capitalization rate B. projected net income C. projected debt service D. projected debt coverage - Correct Answer-B. projected net income A deed would be presumed to have been delivered upon the happening of which of the following events? A. it was subrogated B. it was notarized C. it was recorded D. it was signed - Correct Answer-C. it was recorded A farmer leased a property on an annual basis whereby the farmer or the owner could terminate the lease by giving the other party 90 days notice. One half of the crop value would be the annual rent. This type of lease would best be described as a: A. tenancy in common B. periodic estate C. tenancy for years D. tenancy at will - Correct Answer-B. periodic estate In times of a tight money market where the money supply is short, the secondary mortgage market helps first time home buyers by: A. lowering interest rates B. providing liquidity to primary lenders C. raising required ratios on qualifying D. insisting on larger mortgage insurance premiums - Correct Answer-B. providing liquidity to primary lenders Which of the following organizations is the largest purchaser of mortgages in the secondary mortgage market? 2 A. Federal National Mortgage Association (FNMA) B. Government National Mortgage Association (GNMA) C. Federal Home Loan Mortgage Corporation (FHLMC) D. Farmer's Home Administration (FMHA) - Correct Answer-A. Federal National Mortgage Association (FNMA) An out of town buyer wanted to buy a home as soon as possible and did not want to pay a loan origination fee. Which type loan would be best? A. conventional loan B. FHA loan C. assumed loan D. PMI loan - Correct Answer-C. assumed loan A loan for which of the following would NOT fall under Regulation Z? A. residential home B. a loan involving discount points C. shoe store in a commercial shopping strip D. a duplex - Correct Answer-B. a loan involving discount points An 18 year straight note had a total of $27,000 in interest over the term. The interest rate was 10% and loan was 75% of the sales price. What was the sales price? A. $15,000 B. $20,000 C. $23,850 D. $28,000 - Correct Answer-B. $20,000 $27,000 divided by 18 = $1,500 interest per year. $1,500 divided by 10% = $15,000 loan divided by 75% = $20,000 price A straight note for $15,400 was executed at 9% annual interest. If the borrower actually paid $5,544 in interest, how many months did he take to pay it off? A. 39 B. 42 C. 45 D. 48 - Correct Answer-D. 48 $15,400 x 9% = yearly interest of $1,386 divided by 12 months = monthly interest of $115.50. $5,544 divided by $115.50 = 48 months 5 A buyer made an offer on a property with earnest money being part of the contract. The buyer wanted to make sure the earnest money would be returned if the buyer could not qualify for a loan. The buyer would need to put which of the following clauses in the contract to make sure this would happen? A. escalation clause B. defeasance clause C. mortgage contingency clause D. alienation clause - Correct Answer-C. mortgage contingency clause Q agreed in writing to give a neighbor the piece of land between the rose bush and the neighbor's property line. The transfer was to take place within 6 months. After the 6 month period had passed, Q refused to transfer the property. Would the neighbor have any recourse? A. yes, if the agreement was in writing, it would be enforceable B. yes, since the statute of frauds had been violated, the agreement would be enforceable C. no, as there was no consideration given, the agreement was not enforceable D. no, as the 6 month period had elapsed, the agreement was not enforceable - Correct Answer-C. no, as there was no consideration given, the agreement was not enforceable A person may receive continuing education credit if: A. the classes were received from an out of state school that has been approved by the GREC B. the person attended a minimum of 80% of the scheduled class time C. they had carried over accumulated hours from a previous licensure period D. they were an instructor receiving credit for a course in which they had personally taught - Correct Answer-A. the classes were received from an out of state school that has been approved by the GREC A broker started a real estate company wanting to use the name ABC Realty. What is true regarding this situation? A. the broker must file a request with the GREC B. the broker must file a request with the secretary of state C. the broker cannot do this as only real names are allowed D. the broker can do this if no one in the area objects - Correct Answer-B. the broker must file a request with the secretary of state Which is true regarding the findings of the Georgia Real Estate Commission? A. all findings of the GREC are secret and confidential B. the GREC could publish the name of the licensee and the status of the license C. if a licensee is found guilty, the GREC could NOT impose a penalty 6 D. if a licensee is found innocent, the licensee would be free of all civil and criminal penalties - Correct Answer-B. the GREC could publish the name of the licensee and the status of the license Which of the following is a Georgia statute related to antitrust? A. FBPA (Fair Business Practices Act) B. RESPA C. Regulation Z D. Truth in Lending - Correct Answer-A. FBPA (Fair Business Practices Act) The Sherman Antitrust Act has as one of its purposes to: A. prohibit conspiracy in the restraint of trade B. guarantee businesses some protection from federal income taxation C. prohibit kickbacks in regard to providing settlement services D. guarantee non business consumers some protection against hidden credit costs - Correct Answer-A. prohibit conspiracy in the restraint of trade Which of the following items is NOT required to be part of an exclusive agency agreement? A. statement requiring owner to notify broker of the intention NOT to renew B. statement that the listing is exclusive C. proper identification of the property D. commission rate to be paid - Correct Answer-A. statement requiring owner to notify broker of the intention NOT to renew Which of the following is NOT true about a deed to secure debt? A. when the document is delivered and accepted, it passes legal title B. in order to be recorded, it is witnessed the same way a mortgage is C. with a security deed, the lender holds equitable title D. once recorded, the deed to secure debt creates a lien on the property - Correct Answer-C. with a security deed, the lender holds equitable title Sam sold a property to Emma for $225,000. Sam's loan balance was $44,500 with an interest rate of 7%. Emma's conventional loan was at 8% with a 90% loan to value ratio. The taxes for the year were $1,250 and the home owner's insurance was $495. Closing took place on October 30th. Based on this information, answer the following question. What was the amount of the property tax proration? A. $212.33 B. $208.90 C. $1,037.67 7 D. $1,041.10 - Correct Answer-A. $212.33 $1,250 divided by 365 = $3.4246 per day x 62 days = $212.3287 = $212.33 Sam sold a property to Emma for $225,000. Sam's loan balance was $44,500 with an interest rate of 7%. Emma's conventional loan was at 8% with a 90% loan to value ratio. The taxes for the year were $1,250 and the home owner's insurance was $495. Closing took place on October 30th. Based on this information, answer the following question. If Emma paid PMI all at closing, how much did she pay? A. $0 B. $5,062.50 C. $5,626.00 D. $4,050.00 - Correct Answer-D. $4,050.00 90% LTVR requires a 2% PMI to be paid on the loan amount $202,500 x 2% = $4,050.00