Barney Fletcher Exam Questions with Complete Verified Solutions 2024/2025, Exams of Business Administration

Download Barney Fletcher Exam Questions with Complete Verified Solutions 2024/2025 and more Exams Business Administration in PDF only on Docsity! Barney Fletcher Exam Questions with Complete Verified Solutions 2024/2025 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 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 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 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 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 C. zoning ordinances because sometimes these contain what animals may be kept 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 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 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 B. $1,800 Which of the following statements is true regarding an option to purchase real estate? A. there is no definite sales price B. it has to be recorded to be effective C. it has all the elements of a sales contract D. the option is not transferable C. it has all the elements of a sales contract Broker Dole was showing a buyer different apartments for rent in a specific area of a city. The buyer asked Dole to find an apartment that did not allow children as the buyer desired peace and quiet and felt that children would destroy their privacy. Broker Dole should: A. tell the buyer to look for ads that read "adults only" apartments B. inform the buyer that this would be "steering" and therefore illegal C. inform the buyer that only bona fide retirement communities can legally restrict children D. inform the buyer that all properties are now open to children due to the 1988 amendments to the fair housing act C. inform the buyer that only bona fide retirement communities can legally restrict children A property described as follows sold for $1,500 per acre. "beginning at a boulder go 249' north; then 140' east; then 249' south; then 140' west to the point of beginning." What was the sales price? A. $349 B. $1,200 C. $1,500 D. $34,860 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 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 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 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 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 C. take the required continuing education and pay a renewal fee D. renew every four years and pay a renewal fee 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 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 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 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 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. How much was the transfer tax? A. $202.50 B. $225.00 C. $226.00 D. $675.00