Barney Fletcher Practice Exam Study
Questions with 100% Verified Answers
| Guarantee Pass!
1. 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 - ANSWER B. an exclusive right to sell listing
2. 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 - ANSWER C. do not tell them even though
it appears that Smith's death is imminent
3. What type of transaction exists when there is a written contract for a broker
to receive pay from both or either party and performs only ministerial acts
for one or both parties?
A. double agency
, B. transaction brokerage
C. sub agency
D. single agency - ANSWER B. transaction brokerage
4. When is the correct time for the salesperson to get the proper legal
description of the seller's property?
A. when filling out the offer
B. when filling out the sales contract
C. when filling out the listing
D. any time before closing - ANSWER C. when filling out the listing
5. Sue acquires an option to buy a tract of land from Pete. which of the
following is NOT true?
A. Sue is the optionee and Pete is the optionor
B. the property may be purchased at the discretion of the optionee
C. Pete may not diminish the value of the property (waste) during the
period the option is in effect
D. Pete may not sell the property to anyone else during the period the
option is in effect - ANSWER D. Pete may not sell the property to
anyone else during the period the option is in effect
6. The contract signed between a buyer and a broker is called?
A. listing contract
B. buyer's brokerage agreement
C. listing agreement
D. buyer's relationship - ANSWER B. buyer's brokerage agreement
7. Typically in Georgia, the agent representing the seller is called?
, A. the selling agent
B. the listing agent
C. the sub agent
D. the listing broker - ANSWER D. the listing broker
8. 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 - ANSWER A. agent of the listing broker
9. 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 - ANSWER B. prove he was licensed at the time of
the sale
10.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 -
ANSWER C. yes, he made a statement which he realized could be
false
11.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
- ANSWER B. yes, because this is undisclosed dual agency
12.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 - ANSWER C. amendment
When a person, upon payment of a consideration, has an obligation to buy land at
a fixed price within a specified period of time, his right could be described as:
A. a right of first refusal
B. an option
Questions with 100% Verified Answers
| Guarantee Pass!
1. 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 - ANSWER B. an exclusive right to sell listing
2. 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 - ANSWER C. do not tell them even though
it appears that Smith's death is imminent
3. What type of transaction exists when there is a written contract for a broker
to receive pay from both or either party and performs only ministerial acts
for one or both parties?
A. double agency
, B. transaction brokerage
C. sub agency
D. single agency - ANSWER B. transaction brokerage
4. When is the correct time for the salesperson to get the proper legal
description of the seller's property?
A. when filling out the offer
B. when filling out the sales contract
C. when filling out the listing
D. any time before closing - ANSWER C. when filling out the listing
5. Sue acquires an option to buy a tract of land from Pete. which of the
following is NOT true?
A. Sue is the optionee and Pete is the optionor
B. the property may be purchased at the discretion of the optionee
C. Pete may not diminish the value of the property (waste) during the
period the option is in effect
D. Pete may not sell the property to anyone else during the period the
option is in effect - ANSWER D. Pete may not sell the property to
anyone else during the period the option is in effect
6. The contract signed between a buyer and a broker is called?
A. listing contract
B. buyer's brokerage agreement
C. listing agreement
D. buyer's relationship - ANSWER B. buyer's brokerage agreement
7. Typically in Georgia, the agent representing the seller is called?
, A. the selling agent
B. the listing agent
C. the sub agent
D. the listing broker - ANSWER D. the listing broker
8. 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 - ANSWER A. agent of the listing broker
9. 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 - ANSWER B. prove he was licensed at the time of
the sale
10.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 -
ANSWER C. yes, he made a statement which he realized could be
false
11.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
- ANSWER B. yes, because this is undisclosed dual agency
12.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 - ANSWER C. amendment
When a person, upon payment of a consideration, has an obligation to buy land at
a fixed price within a specified period of time, his right could be described as:
A. a right of first refusal
B. an option
