Barney Fletcher Exam Questions with 100% Correct Answers 2024, Exams of Marketing Business-to-business (B2B)

Download Barney Fletcher Exam Questions with 100% Correct Answers 2024 and more Exams Marketing Business-to-business (B2B) in PDF only on Docsity! 1 Barney Fletcher Exam Questions with 100% Correct Answers 2024 An appraiser recommended tearing down a $28,000 house. There was a shopping center across the street. Which of the following appraisal principles BEST describes this situation? A. deterioration B. highest and best use C. capitalization D. substitution - Correct Answer-B. highest and best use What could guarantee no encroachments and good title? A. assumption package B. title insurance policy C. survey D. termite inspection - Correct Answer-B. title insurance policy Which of the following statements is true of a private deed restriction? A. it is imposed by an individual on other people through a contract or deed B. it is put on a property by an owner to reduce tax liability C. it applies only to crops on agricultural property D. it is imposed by the city restricting the use on the property - Correct Answer-A. it is imposed by an individual on other people through a contract or deed A city council zoned a two block area so that only Spanish style homes could be built because of the Spanish heritage in the area. This is usually referred to as which type of zoning? A. directive zoning B. aesthetic zoning because of architecture C. cultural zoning D. bulk zoning - Correct Answer-B. aesthetic zoning because of architecture A person bought a house and wanted to bring along a pet cougar to keep in the backyard. Which of the following governmental rights would MOST likely prohibit this? A. police power because the police have authority over types of animals for pets B. urban development regulations as they list allowable animals for the properties C. zoning ordinances because sometimes these contain what animals may be kept D. building codes as they would contain the most restrictions for city dwellings - Correct Answer-C. zoning ordinances because sometimes these contain what animals may be kept 2 Howe's property was assessed at $30,000. Rand's property was assessed at $35,000. Which is true? A. the ad valorem tax on Rand's property is higher than Howe's B. the improvement tax on Rand's property is higher than Howe's C. the special assessments on Rand's property are higher than Howe's D. the special assessments on Howe's property are higher than Rand's property - Correct Answer-A. the ad valorem tax on Rand's property is higher than Howe's A 3 year straight note was obtained at 10% per year. Interest paid the first two years was $4,200. The loan on the house was 75% of the value. What was the total value of the property? A. $21,000 B. $28,000 C. $31,040 D. $38,750 - Correct Answer-B. $28,000 $4,200 divided by 2 years = yearly interest of $2,100. $2,100 divided by 10% = $21,000 loan divided by 75% = $28,000 price A property sold for $75,000 with a down payment of 20%. The lender charged 3 discount points. How much in dollars were the points? A. $1,500 B. $1,800 C. $2,100 D. $2,250 - Correct Answer-B. $1,800 $75,000 x 20% = a down payment of $15,000. $75,000 - the down payment of $15,000 = a $60,000 loan. $60,000 x 3% = discount points of $1,800 What document proves that a home loan has been paid off? A. paid stamp on mortgage B. mortgage release C. defeasance clause D. mortgage waiver - Correct Answer-B. mortgage release Which of the following organizations is the largest purchaser of mortgages in the secondary mortgage market? A. federal national mortgage association (FNMA) B. government national mortgage association (GNMA) C. federal home loan mortgage corporation (FHLMC) 5 A. $349 B. $1,200 C. $1,500 D. $34,860 - Correct Answer-B. $1,200 249 feet x 140 feet = 34,860 square feet. 34,860 divided by 43,560 = .80 acres. .80 acres x $1,500 per acre = a price of $1,200 If your license is inactive you must: A. renew every four years to avoid cancellation of the license B. wait 2 years before reactivating C. take the required continuing education courses after reactivating D. take the exam again in order to reactivate - Correct Answer-A. renew every four years to avoid cancellation of the license A person who had been convicted of a felony 10 years ago was turned down for a license. If he still desired a license, what is his next course of action? A. file a new license application with the GA Real Estate Commission B. request a hearing before the Attorney General C. make a personal appeal to the Governor D. request a hearing before the Real Estate Commission - Correct Answer-D. request a hearing before the Real Estate Commission Which of the following statements about antitrust activity is true? A. antitrust violations require an overt act or agreement B. antitrust activities are only controlled through federal laws C. antitrust violations must be prosecuted under the GA Antitrust Act D. antitrust activities endanger business competition - Correct Answer-D. antitrust activities endanger business competition A person finished a pre license class on February 1. That person took the state exam on June 1 but failed the exam. By what date must that person pass the exam and apply for license? A. July 1 B. there is no date to apply by C. September 1 D. one year from February 1st - Correct Answer-B. there is no date to apply by In order to keep a license on inactive status, one must: A. take the exam again and pay a renewal fee B. wait two years before reactivating 6 C. take the required continuing education and pay a renewal fee D. renew every four years and pay a renewal fee - Correct Answer-D. renew every four years and pay a renewal fee A broker was retiring and placing her license inactive. What BEST describes what happens to her only salesperson? A. the salesperson can send her license to the GREC and be assigned to a different broker B. the broker can send the salesperson's license in and the salesperson can associate with another broker within one month C. the salesperson can continue to work there although the broker will not be active D. the salesperson may be appointed a temporary broker by the GREC and continue to run the office - Correct Answer-B. the broker can send the salesperson's license in and the salesperson can associate with another broker within one month 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 A buyer and seller, neither of which is under contract with the broker, ask a broker to write a contract for them. What should the broker do? A. refuse to do anything because he is not their broker B. refuse to do anything unless he gets a commission C. perform his normal services and charge his usual fee D. perform his normal services and not charge a fee - Correct Answer-A. refuse to do anything because he is not their broker When necessary, who forecloses in a trust deed state? A. the beneficiary B. the lender C. the trustee D. the trustor - Correct Answer-C. the trustee 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. 7 How much was the transfer tax? A. $202.50 B. $225.00 C. $226.00 D. $675.00 - Correct Answer-B. $225.00 The transfer tax is paid on the taxable amount. Since there is no loan being assumed, the taxable amount is the sale price of $225,000 divided by 100 = $2,250 x .10 = $225.00 The purchase price of the property was $200,000. The purchaser obtained an 80% loan. What is the amount of the intangibles tax due? A. $600 B. $200 C. $480 D. $160 - Correct Answer-C. $480 $480.00 the intangibles tax is paid on the new loan amount at the rate of $1.50 per increment of 500. The loan amount of $160,000 divided by 500 = 320 x $1.50 = $480.00 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. How much was the prepaid interest and by whom was it paid? A. Sam $1,350 B. Emma $45 C. Emma $90 D. Sam $45 - Correct Answer-C. Emma $90 Emma will pay 2 days of unpaid interest, the day of closing through the last day of the closing month. List price: $142,500 Commission: 7% of sales price Sales Price: $140,000 Closing will be on: May 14 Seller's loan balance (May 1): $86,300 Seller's interest rate: 9% Seller's P&I payment: $839.20 Property taxes: $1,700/year Seller's escrow balance: $1,575