Barney Fletcher Pre- Licensing Vocabulary Questions
with CORRECT Answers (Grade A+)
Question 1:
Open Listing
Answer:
a listing made available to more than one broker
Question 2:
Novation
Answer:
substitution of a new contract for an old one
Question 3:
Net Listing
Answer:
a listing where the net amount due to the seller us specified, rather than the selling price. The broker's
commission would be any sale price above the target's price
Question 4:
Net Lease
Answer:
a lease whereby the tenant pays most of the expenses of ownership
Question 5:
Misrepresentation
Answer:
a false presentation of facts
Question 6:
Installment sales method
Answer:
Method of reporting gains on sale of property to spread out payment of taxes.
,Question 7:
Implied Contract a contract that is not expressed, rather it can be inferred from the actions of the
Answer:
parties
Question 8:
Gross Lease
Answer:
Most common type of lease whereby the landlord pays the expenses of ownership
Question 9:
Fraud
Answer:
willful deception or misrepresentation of facts
Question 10:
Fiduciary
Answer:
A position of trust and confidence
Question 11:
Express Contract One where all terms and conditions are openly and explicitly stated and agreed
Answer:
upon
Question 12:
executory contract
Answer:
A contract that has not yet been fully performed.
Question 13:
exclusive listing
Answer:
A written contract that gives a licensed real estate agent the exclusive right to sell a property for a
specified time.
,Question 14:
Eviction
Answer:
The legal process of removing a tenant from rental property
Question 15:
estoppel
Answer:
A legal theory under which a person is barred from asserting or denying a fact because of the person's
previous acts or words.
Question 16:
escrow
Answer:
Funds, property, or other things of value left in trust to a neutral third party and released upon
fulfillment of certain conditions, or by agreement of the parties.
Question 17:
escalation clause clause in a lease providing for the adjustment of rent based on specified indexes
Answer:
or circumstances
Question 18:
Earnest Money
Answer:
A deposit made to a seller showing the buyer's good faith in a transaction.
Question 19:
Duress
Answer:
the use of threats or physical harm to force a person to do something against his will
, Question 20:
Dual Agency
Answer:
representation of two or more parties in a transaction by the same agent
Question 21:
covenant
Answer:
a promise to legal validity
Question 22:
Commingle
Answer:
to combine escrow funds in the same account with personal or business funds
Question 23:
Caveat Emptor
Answer:
let the buyer beware
Question 24:
Assignment
Answer:
The act of transferring to another all or part of one's rights arising under a contract.
Question 25:
Attorney-In-Fact
Answer:
the person receiving the power of attorney
Question 26:
Bilateral Contract a contract where both parties are obligated to perform
Answer:
not provided in source.
with CORRECT Answers (Grade A+)
Question 1:
Open Listing
Answer:
a listing made available to more than one broker
Question 2:
Novation
Answer:
substitution of a new contract for an old one
Question 3:
Net Listing
Answer:
a listing where the net amount due to the seller us specified, rather than the selling price. The broker's
commission would be any sale price above the target's price
Question 4:
Net Lease
Answer:
a lease whereby the tenant pays most of the expenses of ownership
Question 5:
Misrepresentation
Answer:
a false presentation of facts
Question 6:
Installment sales method
Answer:
Method of reporting gains on sale of property to spread out payment of taxes.
,Question 7:
Implied Contract a contract that is not expressed, rather it can be inferred from the actions of the
Answer:
parties
Question 8:
Gross Lease
Answer:
Most common type of lease whereby the landlord pays the expenses of ownership
Question 9:
Fraud
Answer:
willful deception or misrepresentation of facts
Question 10:
Fiduciary
Answer:
A position of trust and confidence
Question 11:
Express Contract One where all terms and conditions are openly and explicitly stated and agreed
Answer:
upon
Question 12:
executory contract
Answer:
A contract that has not yet been fully performed.
Question 13:
exclusive listing
Answer:
A written contract that gives a licensed real estate agent the exclusive right to sell a property for a
specified time.
,Question 14:
Eviction
Answer:
The legal process of removing a tenant from rental property
Question 15:
estoppel
Answer:
A legal theory under which a person is barred from asserting or denying a fact because of the person's
previous acts or words.
Question 16:
escrow
Answer:
Funds, property, or other things of value left in trust to a neutral third party and released upon
fulfillment of certain conditions, or by agreement of the parties.
Question 17:
escalation clause clause in a lease providing for the adjustment of rent based on specified indexes
Answer:
or circumstances
Question 18:
Earnest Money
Answer:
A deposit made to a seller showing the buyer's good faith in a transaction.
Question 19:
Duress
Answer:
the use of threats or physical harm to force a person to do something against his will
, Question 20:
Dual Agency
Answer:
representation of two or more parties in a transaction by the same agent
Question 21:
covenant
Answer:
a promise to legal validity
Question 22:
Commingle
Answer:
to combine escrow funds in the same account with personal or business funds
Question 23:
Caveat Emptor
Answer:
let the buyer beware
Question 24:
Assignment
Answer:
The act of transferring to another all or part of one's rights arising under a contract.
Question 25:
Attorney-In-Fact
Answer:
the person receiving the power of attorney
Question 26:
Bilateral Contract a contract where both parties are obligated to perform
Answer:
not provided in source.
