Barney Fletcher Real Estate Exam questions
with verified answers
a ______ fixture can be affixed to real property without becoming legal
part of the property Ans✓✓✓ trade
A bill of sale is to personal property as a deed is to real property. T/F?
Ans✓✓✓ True
A buyer and seller entered into a valid contract. The buyer, for personal
reasons, asked to be released from the contract. The buyer located
someone else to buy the property. The seller entered into a new
contract with the other person and released the first buyer from any
obligation. This would be an example of: Ans✓✓✓ Novation
A buyer enters into a contract for the purchase of property, agreeing to
make a specified down payment, and further agreeing to regular
monthly payments to the seller, who is holding legal title, for a
specified period of time. This describes what type of contract?
A. installment contract
B. purchase money mortgage
C. option contract
D. agreement contract Ans✓✓✓ A
,A buyer makes an offer to purchase a home for $95,000. The seller
makes a counteroffer of $100,000. which of the following statements is
true?
A. the seller is now the offeror
B. if the buyer rejects the counteroffer the seller has the choice to
accept the original offer
C. the original offer remains open until its expiration date
D. the seller must formally reject the original offer before making the
counteroffer Ans✓✓✓ A
A buyer makes an offer to purchase a piece of property. The seller
changes the date of occupancy by one day, and signs the contract. If
the purchaser does not agree with this change, which of the following is
true?
A. the buyer only has 72 hours to accept a change of this type
B. the purchaser has no further liability
C. the seller and purchaser could both sue for specific performance
D. the seller may keep the deposit as liquidated damages Ans✓✓✓ B
A buyer purchased a tract of land at a tax sale to satisfy the claim for
delinquent taxes. if no one redeems the property during the statutory
time period, the purchaser would most likely receive which of the
following as evidence of ownership?
A. tax deed
B. sheriff's deed
,C. certificate of title
D. statutory warrant deed Ans✓✓✓ A
A city zones an area for residential use. This is an example of the use of
its: Ans✓✓✓ police power
A cloud on title can be removed by Ans✓✓✓ either a quitclaim deed or
a quiet title action
A condensed summary of the documents affecting a property Ans✓✓✓
An abstract of title
A condominium advertises a pool and tennis court, but they have not
yet been completed. Which is correct?
A. this is illegal advertising
B. it is allowed so long as the advertising states "not yet completed"
C. this is allowed if they are labeled not yet completed and a
completion date is specified
D. this is allowed since the rule of caveat emptor reigns Ans✓✓✓ C
A contract may be all of the following except:
A. exclusive authorization or right to sell
B. lease
, C. contract of sale
D. prospectus Ans✓✓✓ D
a corporation buying real property would take title under:
A. joint tenancy
B. tenancy in common
C. tenancy in partnership
D. tenancy in severalty Ans✓✓✓ D
A couple is interested in buying a house that has an odd shaped living
room. The current owners had a custom-made, free-standing bookcase
built to specifically fit into one part of the room. The buyer believes this
is a fixture because it is uniquely adapted to this specific room. The
seller believes this is not a fixture because it is free-standing. To avoid
any misunderstandings, what should the listing licensee do?
A. Assure the seller there is nothing to worry about
B. Include a provision in the agreement of sale (and listing contract)
that states whether the bookcase is included with the sale or not.
C. Assure the buyer there is nothing to worry about
D. File an interpleader action in court Ans✓✓✓ B
a deed in which the grantor protects the grantee only against claims
that arise during the time that the grantor owned the property is
referred to as a Ans✓✓✓ special warranty deed
with verified answers
a ______ fixture can be affixed to real property without becoming legal
part of the property Ans✓✓✓ trade
A bill of sale is to personal property as a deed is to real property. T/F?
Ans✓✓✓ True
A buyer and seller entered into a valid contract. The buyer, for personal
reasons, asked to be released from the contract. The buyer located
someone else to buy the property. The seller entered into a new
contract with the other person and released the first buyer from any
obligation. This would be an example of: Ans✓✓✓ Novation
A buyer enters into a contract for the purchase of property, agreeing to
make a specified down payment, and further agreeing to regular
monthly payments to the seller, who is holding legal title, for a
specified period of time. This describes what type of contract?
A. installment contract
B. purchase money mortgage
C. option contract
D. agreement contract Ans✓✓✓ A
,A buyer makes an offer to purchase a home for $95,000. The seller
makes a counteroffer of $100,000. which of the following statements is
true?
A. the seller is now the offeror
B. if the buyer rejects the counteroffer the seller has the choice to
accept the original offer
C. the original offer remains open until its expiration date
D. the seller must formally reject the original offer before making the
counteroffer Ans✓✓✓ A
A buyer makes an offer to purchase a piece of property. The seller
changes the date of occupancy by one day, and signs the contract. If
the purchaser does not agree with this change, which of the following is
true?
A. the buyer only has 72 hours to accept a change of this type
B. the purchaser has no further liability
C. the seller and purchaser could both sue for specific performance
D. the seller may keep the deposit as liquidated damages Ans✓✓✓ B
A buyer purchased a tract of land at a tax sale to satisfy the claim for
delinquent taxes. if no one redeems the property during the statutory
time period, the purchaser would most likely receive which of the
following as evidence of ownership?
A. tax deed
B. sheriff's deed
,C. certificate of title
D. statutory warrant deed Ans✓✓✓ A
A city zones an area for residential use. This is an example of the use of
its: Ans✓✓✓ police power
A cloud on title can be removed by Ans✓✓✓ either a quitclaim deed or
a quiet title action
A condensed summary of the documents affecting a property Ans✓✓✓
An abstract of title
A condominium advertises a pool and tennis court, but they have not
yet been completed. Which is correct?
A. this is illegal advertising
B. it is allowed so long as the advertising states "not yet completed"
C. this is allowed if they are labeled not yet completed and a
completion date is specified
D. this is allowed since the rule of caveat emptor reigns Ans✓✓✓ C
A contract may be all of the following except:
A. exclusive authorization or right to sell
B. lease
, C. contract of sale
D. prospectus Ans✓✓✓ D
a corporation buying real property would take title under:
A. joint tenancy
B. tenancy in common
C. tenancy in partnership
D. tenancy in severalty Ans✓✓✓ D
A couple is interested in buying a house that has an odd shaped living
room. The current owners had a custom-made, free-standing bookcase
built to specifically fit into one part of the room. The buyer believes this
is a fixture because it is uniquely adapted to this specific room. The
seller believes this is not a fixture because it is free-standing. To avoid
any misunderstandings, what should the listing licensee do?
A. Assure the seller there is nothing to worry about
B. Include a provision in the agreement of sale (and listing contract)
that states whether the bookcase is included with the sale or not.
C. Assure the buyer there is nothing to worry about
D. File an interpleader action in court Ans✓✓✓ B
a deed in which the grantor protects the grantee only against claims
that arise during the time that the grantor owned the property is
referred to as a Ans✓✓✓ special warranty deed
