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BARNEY FLETCHER FINAL EXAM
NEWEST 2025-2026 ACTUAL EXAM
COMPLETE 150 QUESTIONS &
CORRECT DETAILED ANSWERS.
GRADED A
A broker advertises that if you will list with him and he cannot sell the property, he will buy it from you. Is this legal? A. never, this is an inducement and is illegal B. never, this is an unfair practice and a misdemeanor C. ok, if the two parties agree to a sales price and terms when the property sells D. ok, if the two parties agree to a sales price and terms prior to the listing being signed - ANSD. ok, if the two parties agree to a sales price and terms prior to the listing being signed 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 - ANSC. yes, he made a statement which he realized could be false 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 - ANSB. prove he was licensed at the time of the sale 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 B. special stipulation C. amendment D. clause - ANSC. amendment 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
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 B. if there was a mortgage clause stating that upon default, it would become a general lien C. if the lender made the loan to encompass all of the borrower's debts D. none of the above - ANSA. if the borrower was going to use several unencumbered properties as security A lien was placed on a property for electrical equipment for $4,500. There already existed a special assessment lien for $1,000, a mortgage lien for $40,000, and an IRS lien for $20,000. The home was foreclosed on and sold. Which lien would take priority? A. the IRS lien. The government always comes first B. the mortgage lien. It is for the most amount of money 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 - ANSC. the special assessment lien. The government always comes first 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 - ANSB. straight term 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 - ANSA. an estate at sufferance 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 - ANSA. buyer's market 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 - ANSD. measurement by metes and bounds
A salesperson listed a property for $68,000. Soon thereafter, another property that had also listed for $68,000 sold for $75,000. The salesperson should: A. tell the owner, as he had obviously made a mistake in the estimate of market price B. tell the owner that another had sold for $75, C. NOT tell the owner because he should not admit that he made an error, as he would get in trouble with his broker D. tell the owner because if it sells for $75,000, the commission would go up - ANSB. tell the owner that another had sold for $75, 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 - ANSD. obtain his broker's approval of the trust account used for any security deposits received 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 - ANSA. state in the offer that he is a licensed real estate salesperson 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 - ANSB. an exclusive right to sell listing A tenant had a one year lease which expired. The tenant stayed in the home past the expiration and continued to pay the rent in which the landlord accepted. This type of lease would be called: A. an estate for years B. a periodic tenancy C. a tenancy at sufferance D. an easement by prescription - ANSB. a periodic tenancy ABC Incorporated was organized with five stockholders. How would ABC Incorporated the title to property?
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 - ANSB. sign transfer and release forms of licensees coming to or leaving the company, if he/she has written permission of the broker An option was given on a home for consideration of $1,000. When would the broker's fee be earned? A. it was earned when he brought the optionor and the optionee together B. the broker's commission would come out of the $1,000 fee C. half of the commission is earned now and half when the option is exercised D. none of the above - ANSD. none of the above 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 - ANSC. no notice is required
An owner of a large estate told a broker he did not want an open house held on this property and wanted advertising in a national magazine only. Is this allowable? A. yes, the seller is responsible for planning all marketing of the property B. yes, the broker works for the seller and must follow all legal instructions of the seller C. no, the broker has the right to hold the house open at his own discretion D. no, the owner cannot limit the broker's ability to earn a commission - ANSB. yes, the broker works for the seller and must follow all legal instructions of the seller An unlicensed assistant cannot: A. assemble contracts and other documents B. place signs on the property C. show property D. check on loan commitments - ANSC. show property 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 - ANSC. a felony
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 B. designated agency because Jones is representing both parties through a written agreement C. transaction brokerage with both parties D. single agency with Smith only - ANSC. transaction brokerage with both parties 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 - ANSB. special agent 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 pre paid interest would Emma pay if the closing took place on April 15th? A. $82.
B. $81.
C. $88.
D. $86.91 - ANSC. $88.
23,300 x 8.5% = 1,980. 1,980.50 divided by 360 = 5.50138889 x 16 days = 88. 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. B. $70. C. $466. D. $70.00 - ANSB. $70. 155,500 x 15% = 23,325 (rounded down) to 23, 155,500 - 23,300 = 132, 23,300 divided by 500 = 46.6 or 47 47 x 1.50 = 70. 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.
D. it is not required, but is suggested - ANSC. no later than the time of the written offer 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 - ANSD. either A or C 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 - ANSC. 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 - ANSD. 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 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 - ANSD. either party can pay the intangibles tax If all the principals live in the same city, in which of the following cases would the broker most likely need a power of attorney?
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 - ANSA. a lot and block legal description of the property 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 - ANSA. have completed an approved broker's course of study and served at least 3 of the past 5 years as an active licensee In order to have funds in an interest bearing trust account, the broker must do all of the following EXCEPT: A. notify the commission of the name of the account (which must contain the word trust or escrow) B. notify the commission within 30 days of opening the account that said account is in a federally insured bank
C. notify the commission of the account number of said account D. notify all parties to the transaction of the name of the bank where said trust funds will be kept - ANSD. notify all parties to the transaction of the name of the bank where said trust funds will be kept 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 - ANSD. either A or B 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 - ANSD. meets all of the above requirements 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?
