BARNEY FLETCHER FINAL EXAM 2024 WITH 100% CORRECT ANSWERS, Exams of Nursing

Download BARNEY FLETCHER FINAL EXAM 2024 WITH 100% CORRECT ANSWERS and more Exams Nursing in PDF only on Docsity! BARNEY FLETCHER FINAL EXAM 2024 WITH 100% CORRECT ANSWERS A seller wants to list the property with a broker, but wants to avoid paying any commission should the seller be fortunate enough to sell the property. himself. Which of the following should the seller avoid signing? A. an exclusive agency listing B. an exclusive right to sell listing C. an open listing D. all listings - correct answer✔✔ B. an exclusive right to sell listing Mr. Smith listed his farm with broker Bob. Although Smith did not tell him, Bob knew he had to sell due to poor health. What should Bob tell potential buyers? A. tell them of the illness only if they ask, but not the need to sell B. tell them of the need to sell to insure a quick sale C. do not tell them even though it appears that Smith's death is imminent D. in order to sell quickly, tell them that the seller is ill because death would cancel the listing - correct answer✔✔ C. do not tell them even though it appears that Smith's death is imminent In a cooperative sale, where the listing broker and the selling broker represent the seller, the selling broker has which of the following relationships? A. agent of the listing broker B. sub agent of the listing broker C. agent of the seller D. sub agent of the buyer - correct answer✔✔ A. agent of the listing broker A broker had an exclusive right to sell agency listing. In order to collect the commission, he must: A. prove he was the procuring agent B. prove he was licensed at the time of the sale C. prove he had a ready, willing, and able buyer that met the seller's terms D. all of the above - correct answer✔✔ B. prove he was licensed at the time of the sale A broker estimated the property lines by stating it ran between two trees in the back yard. After closing, the buyer found it was over six feet off. Is the broker liable? A. no, he gave an estimate B. no, the buyer should have gotten a survey C. yes, he made a statement which he realized could be false D. yes, the broker should have surveyed the property himself - correct answer✔✔ C. yes, he made a statement which he realized could be false Smith has an exclusive listing with broker Jones for $220,000. Jones finds a buyer who wants representation and Jones represents both Smith and the buyer, verbally disclosing that he is now representing both as clients. Has Jones violated license law? A. yes, because this is sub agency B. yes, because this is undisclosed dual agency C. no, because he disclosed to all parties that neither had to consent to dual agency D. no, because he disclosed to all parties that his actions may be adverse to either party, however he would not divulge confidential information - correct answer✔✔ B. yes, because this is undisclosed dual agency A buyer and seller sign an agreement to change the contract to close on May 1 instead of May 2. This is a(n): A. addendum A. leases over a year old B. real estate sales contracts C. deeds D. all of the above - correct answer✔✔ D. all of the above Seller Jane negotiates a sales contract with buyer Bill, but before signing the contract, she contacts buyer Mike to see if he wants to buy it before Bill does. Mike probably had: A. an option B. a right of first refusal C. a listing agreement D. both B and C - correct answer✔✔ B. a right of first refusal Which of the following actions is the Georgia Real Estate Commission (GREC) authorized to carry out through the provisions of the Georgia Real Estate Law? A. fine an individual up to $5,000 operating in the capacity of a broker, without a license B. fine a broker up to $1,000 for multiple violations C. fine a licensee up to $5,000 for one conviction of moral turpitude D. refuse to issue a license to an applicant who falsified an application - correct answer✔✔ D. refuse to issue a license to an applicant who falsified an application In dual agency, the consent form must contain all of the following except? A. a lot and block legal description of the property B. a statement that the client does not have to consent to the dual agency C. a statement that the agent will disclose all adverse known material facts D. a statement that the agent will disclose any material relationships - correct answer✔✔ A. a lot and block legal description of the property A man had rented a place to live but had stayed beyond his lease without the owner's consent. This would be: A. an estate at sufferance B. an estate at will C. a periodic tenancy D. a tenancy for years - correct answer✔✔ A. an estate at sufferance Which would require compensation to be paid? A. police power B. condemnation C. escheat D. encumbrance - correct answer✔✔ B. condemnation Which is true about personal property? A. it is attached to the land B. it is considered appurtenant to the land C. it is immovable D. none of the above - correct answer✔✔ D. none of the above A method of describing land using points, angles, and distances is which of the following? A. rectangular survey B. measurement by leaps and bounds C. plat of survey or lot and block survey D. measurement by metes and bounds - correct answer✔✔ D. measurement by metes and bounds Sam and Emma both used a driveway located on the boundary line between their two properties. When Sam died, would his heirs have the right to use the driveway? A. no, this right is not transferable B. no, this is an easement in gross and would not be transferable C. yes, this is an appurtenant easement and is inheritable D. yes, but they would have to pay Emma for her loss - correct answer✔✔ C. yes, this is an appurtenant easement and is inheritable How may a husband and wife take title to real estate in Georgia? A. joint tenants B. tenants by the entireties C. tenants in common D. either A or C - correct answer✔✔ D. either A or C ABC Incorporated was organized with five stockholders. How would ABC Incorporated the title to property? A. tenants in common B. tenants by the entirety C. joint tenants D. severalty - correct answer✔✔ D. severalty When is commission normally payable? A. upon the broker bringing a ready, willing, and able buyer B. upon closing C. upon presentation of the offer When a salesperson is negotiating a listing contract, she learns that the seller has an assumable loan. Should she discuss with the seller ways to assist a buyer in financing the property? A. no, because if the seller's loan is assumed, the seller will always remain in a vulnerable position B. no, because financing part of the purchase price would place the seller in a vulnerable position C. yes, because every seller's equity in his/her property must be reduced to avoid capital gains taxes D. yes, because the seller's willingness to assist in the financing by allowing the loan to be assumed and possibly taking a second mortgage may make the property much more marketable, which would be to the seller's benefit - correct answer✔✔ D. yes, because the seller's willingness to assist in the financing by allowing the loan to be assumed and possibly taking a second mortgage may make the property much more marketable, which would be to the seller's benefit A real estate salesperson intends to offer for sale a tract of land he inherited without listing it with a real estate brokerage company. Which of the following is NOT true concerning the marketing of this property? A. the salesperson must notify the broker in writing of his intention to sell the property B. in order to advertise the property, the salesperson must have his broker's written consent to do so C. in advertising the property, the advertisement must state, "owner is a licensed real estate agent acting as a principal D. the salesperson must offer the property through his broker's company. He may not advertise the property except as a listing of his company - correct answer✔✔ D. the salesperson must offer the property through his broker's company. He may not advertise the property except as a listing of his company Most brokers will insert a protection clause in their listing contracts. This clause will usually allow: A. the listing of a house to automatically extend for an additional 30 days if the house is not sold during the agreed term or the listing B. a broker, who had procured a buyer before the expiration of the listing, to receive a commission even though negotiations were completed after the expiration date of the listing C. the listing agent has the first right of refusal in the event the house is not sold during the term of the listing D. none of the above are true - correct answer✔✔ B. a broker, who had procured a buyer before the expiration of the listing, to receive a commission even though negotiations were completed after the expiration date of the listing Salesperson Dole was licensed under broker Carr but sold a property that was listed by broker Faulk. From whom would salesperson Dole collect a commission? A. broker Carr only B. broker Faulk only C. bother broker Carr and Faulk D. the owner of the property - correct answer✔✔ A. broker Carr only Buyer Burke has authorized broker Rand to purchase a property on his behalf. What kind of agent is broker Rand? A. general agent B. special agent C. universal agent D. secret agent - correct answer✔✔ B. special agent Which is the best example of functional obsolescence? A. residential home built next to a meat processing plant B. a roof that is severely sun damaged C. a three bedroom home with one and a half baths and a single car carport D. residential home with central heating and air conditioning - correct answer✔✔ C. a three bedroom home with one and a half baths and a single car carport Adjustments for advantageous financing would be made in the: A. market comparison approach to appraisal B. cost approach to appraisal C. income approach to appraisal D. capitalization approach to appraisal - correct answer✔✔ A. market comparison approach to appraisal A market where there is an excess of supply over demand is known as a: A. buyer's market B. broad market C. seller's market D. thin market - correct answer✔✔ A. buyer's market Which of the following is not a principle of value? A. substitution B. assemblage C. conformity D. depreciation - correct answer✔✔ D. depreciation A loan in which the buyer pays off the total principal at the end of the loan is a: A. partially amortized B. straight term C. principal + interest D. amortized loan - correct answer✔✔ B. straight term A lender would require a blanket mortgage in which of the following circumstances? A. if the borrower was going to use several unencumbered properties as security A. the sale price would be determined when the option is exercised B. the buyer is guaranteed a fixed price when the option is signed C. the buyer can purchase the property by matching any other offer D. the optionor is obligated to pay the sale price when the option is exercised - correct answer✔✔ B. the buyer is guaranteed a fixed price when the option is signed Where may a salesperson get the legal description of a property for insertion into the sales contract? A. by copying it down from the seller's warranty deed B. by drafting a new description from the survey C. by copying it down from the seller's security deed D. either A or C - correct answer✔✔ D. either A or C If a seller agrees to take a purchase money mortgage from a buyer as a second mortgage, which of the following statements would be true about the intangibles tax? A. intangibles taxes are not applicable to second mortgages, only to first mortgages B. any intangibles tax must be paid by the seller because the seller holds the mortgage C. any intangibles tax must be paid by the buyer because it was for the buyer's benefit that the loan was made D. either party can pay the intangibles tax - correct answer✔✔ D. either party can pay the intangibles tax When a property is being sold on an assumption of the existing loan, complications with the transfer of some mortgage loans can be: A. the purchaser may have to qualify with the lender as if it were a new loan B. the purchaser may have to pay a higher rate of interest C. the loan may be non assumable and due in full if the seller transfers ownership D. all of the above - correct answer✔✔ D. all of the above The purpose of the earnest money is to: A. assure there is some valuable consideration B. help assure the purchaser's performance C. assure the seller's performance D. satisfy the Commissions requirements for sales contracts - correct answer✔✔ B. help assure the purchaser's performance When a salesperson prepares an offer to purchase on a property listed with another real estate firm, he/she should recommend to the customer that the earnest money check be made payable to: A. the selling salesperson B. the selling company C. the listing salesperson D. the listing company - correct answer✔✔ D. the listing company If a purchaser tells a salesperson to hold the purchaser's earnest money check for 5 days before depositing it, the salesperson must: A. deposit the check in the broker's trust account as soon as practicable B. hold the check until the 5th day and then deliver it to her broker C. deliver the earnest money check to the broker as soon as practicably possible, with the purchaser's written instructions for the broker to hold the check D. tell the purchaser the check won't clear in less than 5 days - correct answer✔✔ C. deliver the earnest money check to the broker as soon as practicably possible, with the purchaser's written instructions for the broker to hold the check If a purchaser tells the salesperson that the seller has clearly breached his responsibilities and the purchaser demands the immediate refund of his earnest money deposit, the salesperson should: A. calm the purchaser down and assure him that the broker will return the funds in no more than one week's time B. tell the purchaser to see his own attorney since the salesperson is not allowed to give legal advice C. tell the purchaser that the most he can take without the seller's agreement is half of the deposit D. tell the purchaser that she will forward his request to her broker and that the broker or she will get back to the purchaser quickly with a response - correct answer✔✔ D. tell the purchaser that she will forward his request to her broker and that the broker or she will get back to the purchaser quickly with a response Examples of activities subject to the Sherman Antitrust Act include all EXCEPT which of the following? A. arranging for a homeowner's insurance policy through a local office of a company whose headquarters are located in Jacksonville, FL B. Advertising a Georgia beach front property in publications distributed throughout the state C. obtaining financing for a property in Georgia through a mortgage broker who represents an out of state savings and loan association D. referring a Georgia resident, who is relocating to Colorado, to a Colorado real estate firm - correct answer✔✔ B. Advertising a Georgia beach front property in publications distributed throughout the state Any person violating the anti trust laws is guilty of: A. a misdemeanor B. a violation of the Federal Fair Housing Law C. a felony D. fraud - correct answer✔✔ C. a felony May a company enforce a policy of non negotiation of commission rates? A. yes, as long as its competitors agree to do the same B. no, this would be collusion Security deposits kept in a designated rental trust account are credited to: A. the broker B. the tenant C. the landlord D. the lessor - correct answer✔✔ B. the tenant In order to provide brokerage services for an unlicensed individual such as a developer, builder, or management company, a licensed salesperson or associate broker must: A. work through a listing agreement established by his or her broker with the unlicensed party B. give up his or her license entirely before beginning work C. neither of the above D. either A or B - correct answer✔✔ D. either A or B which of the following best describes a blind ad? A. one which is not directed at any consumer segment B. one which is directed at all consumer segments C. one which fails to disclose that the advertising party is licensed by the Commission (active or inactive) D. one which fails to disclose that the advertising party is the seller - correct answer✔✔ C. one which fails to disclose that the advertising party is licensed by the Commission (active or inactive) An associate broker may: A. advertise property owned personally without mentioning that he/she is licensed B. sign transfer and release forms of licensees coming to or leaving the company, if he/she has written permission of the broker C. accept earnest money from salespeople just as the broker may, because an associate broker is the same as a broker D. all of the above - correct answer✔✔ B. sign transfer and release forms of licensees coming to or leaving the company, if he/she has written permission of the broker A salesperson wants to purchase a building for personal reasons. Before presenting the offer, he must: A. state in the offer that he is a licensed real estate salesperson B. furnish the Real Estate Commission with a copy of any offer he signs and/or presents C. inform the broker of his intentions so that no commission will be paid D. none of the above - correct answer✔✔ A. state in the offer that he is a licensed real estate salesperson In order to be eligible to take the real estate broker's examination, an applicant must be in which of the following situations? A. have completed an approved broker's course of study and served at least 3 of the past 5 years as an active licensee B. have completed an approved broker's course of study and served at least 2 of the past 5 years as an active licensee C. have completed at least 50 in class hours of a broker's course of study and served at least 3 of the past 5 years as an active licensee D. be a resident of the state of Georgia and be registered in and attending a broker in class course of study - correct answer✔✔ A. have completed an approved broker's course of study and served at least 3 of the past 5 years as an active licensee A salesperson must do which of the following regarding rental property he just bought and plans to manage personally? A. advertise the rental property under the name of his broker's company B. require the first and last month's rent as a security deposit from each tenant C. make certain that all advertisements on the property include price, location, size, and the type of lease to be used D. obtain his broker's approval of the trust account used for any security deposits received - correct answer✔✔ D. obtain his broker's approval of the trust account used for any security deposits received Which of the following persons would require a real estate license in Georgia? A. a licensed auctioneer selling real property at a single auction for another party for compensation B. a licensed forester selling a single parcel of timberland for another for compensation C. a licensed attorney acting outside the normal scope of the practice of law by selling for another for compensation D. any of the above - correct answer✔✔ D. any of the above An unlicensed assistant cannot: A. assemble contracts and other documents B. place signs on the property C. show property D. check on loan commitments - correct answer✔✔ C. show property In order to recover monetary damages from the Real Estate Recovery Fund, the claimant shall be required to show the claimant: A. is not licensed B. is not the spouse of a licensee C. has obtained a judgement D. meets all of the above requirements - correct answer✔✔ D. meets all of the above requirements Broker Jones is providing assistance to both Smith and Cline (seller and buyer respectively) by performing only ministerial acts through a written agreement. This is best referred to as: A. dual agency because Jones is assisting both C. the special assessment lien. The government always comes first D. the mechanic's lien. It must be paid before the home can be sold - correct answer✔✔ C. the special assessment lien. The government always comes first Jane, a licensee, refuses to return the $1,000 security deposit back to her renter within 30 days of the termination of the lease. Which of the following is most likely to happen? A. Jane could lose her license B. Jane could be forced to pay a $5,000 fine to the GREC C. Jane could be forced to pay the renter and the commission a fine of $5,000 each D. Jane could be forced to pay the renter $3,000 and be disciplined by the GREC - correct answer✔✔ D. Jane could be forced to pay the renter $3,000 and be disciplined by the GREC Which of the following would be exempt from Federal Fair Housing Laws? A. a FSBO who discriminated in advertising but not on race B. a non profit religious organization based on national origin C. a senior citizens community where everyone was 62 years of age or older D. an owner of a duplex investment property in renting, but never based on race - correct answer✔✔ C. a senior citizens community where everyone was 62 years of age or older John, Judy, Emma, and Sam owned a property as joint tenants. Sam sold his interest to Sandy. Judy and Emma would have what type of relationship? A. tenancy in common B. joint tenancy C. severalty D. inheritable estate - correct answer✔✔ B. joint tenancy John, Judy, Emma, and Sam owned a property as joint tenants. Sam sold his interest to Sandy. Sandy and John would have what type of relationship? A. tenancy in common B. right of survival C. severalty D. joint tenancy - correct answer✔✔ A. tenancy in common An appurtenant easement can be terminated by all of the following EXCEPT: A. the servient tenement could release their rights through a quit claim deed B. the dominant estate abandoned their property C. the dominant estate purchased an adjacent property and now has access to public roads D. the servient estate bought out the dominant estate - correct answer✔✔ A. the servient tenement could release their rights through a quit claim deed A contractor had a lien on a property for the non payment of services that he provided to build a deck. He started the job on December 15th, 2001, recorded the lien on January 1st of the next year and sued the owner on February 2nd, 2003. What best describes the situation? A. as long as he recorded the lien within 90 days of the completion of the job, he should prevail in the law suit B. he loses due to law of laches C. he loses because he did not bring the suit before December 15th of 2002 D. if foreclosure takes place, the lien is prioritized on January 1st, 2003 - correct answer✔✔ B. he loses due to law of laches An out of state tenant was able to negotiate a three month lease to perform a job function in Georgia. When must the tenant serve notice? A. 30 days prior to the termination of the lease B. 60 days prior to the termination of the lease C. no notice is required D. before the death of the landlord - correct answer✔✔ C. no notice is required Emma purchased a home from Sam and they agreed to a 15% purchase money mortgage at 8.5% interest. The price was $155,500 and Emma agreed to pay the difference in cash. How much was the intangibles tax? A. $155.50 B. $70.50 C. $466.50 D. $70.00 - correct answer✔✔ B. $70.50 155,500 x 15% = 23,325 (rounded down) to 23,300 155,500 - 23,300 = 132,200 23,300 divided by 500 = 46.6 or 47 47 x 1.50 = 70.50 Emma purchased a home from Sam and they agreed to a 15% purchase money mortgage at 8.5% interest. The price was $155,500 and Emma agreed to pay the difference in cash. How much was the transfer tax? A. $155.50 B. $70.50 C. $466.50 D. $156.00 - correct answer✔✔ A. $155.50 155,500 divided by 100 = 1,555 x .10 = 155.50