Barney Fletcher Final Exam |Questions And
Answers Verified 100% Correct
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 - 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 - 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 - 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 - 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 - 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
D. three days after closing - ANSWER -B. upon closing
Besides the seller, who may sign a real estate listing agreement?
A. the broker only
B. any salesperson or broker
C. the broker or any salesperson with the broker's written authorization
D. the broker or an associate broker only - ANSWER -C. the broker or any
salesperson with the broker's written authorization
A property listed with one broker was bought by a buyer who worked with another
broker. The two brokers decided to split the commission. If the federal authorities
found out about this they could:
A. revoke the broker's licenses
B. suspend the broker's licenses
C. fine the brokers $1,500
D. do nothing - ANSWER -D. do nothing
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. the owner of a manufacturing plant lists it with a broker
B. a buyer contracted with a broker to purchase all properties put up for sale in that
county
C. a couple going through a divorce lists their property with the broker
D. the XYZ Corporation, through its Board of Directors, authorizes the broker to
sell a piece of property owned by the corporation - ANSWER -B. a buyer
contracted with a broker to purchase all properties put up for sale in that county
, 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 - ANSWER
-B. yes, the broker works for the seller and must follow all legal instructions of the
seller
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 $75,000
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 -
ANSWER -B. tell the owner that another had sold for $75,000
Broker Bob listed two properties and arranged for an exchange of the properties.
Which is true?
A. this could only be done if they are both debt free
B. broker Bob would typically be due the full commission on both properties
C. the commissions would be added together and broker Bob would get one half
D. there is no commission on an exchange - ANSWER -B. broker Bob would
typically be due the full commission on both properties
One of the significant differences between an employee and an independent
contractor is that:
A. an independent contractor does not need an affiliation agreement with the
broker
B. an employer must pay an unemployment tax for each employee
C. only the independent contractor can have draws against future commissions
Answers Verified 100% Correct
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 - 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 - 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 - 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 - 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 - 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
D. three days after closing - ANSWER -B. upon closing
Besides the seller, who may sign a real estate listing agreement?
A. the broker only
B. any salesperson or broker
C. the broker or any salesperson with the broker's written authorization
D. the broker or an associate broker only - ANSWER -C. the broker or any
salesperson with the broker's written authorization
A property listed with one broker was bought by a buyer who worked with another
broker. The two brokers decided to split the commission. If the federal authorities
found out about this they could:
A. revoke the broker's licenses
B. suspend the broker's licenses
C. fine the brokers $1,500
D. do nothing - ANSWER -D. do nothing
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. the owner of a manufacturing plant lists it with a broker
B. a buyer contracted with a broker to purchase all properties put up for sale in that
county
C. a couple going through a divorce lists their property with the broker
D. the XYZ Corporation, through its Board of Directors, authorizes the broker to
sell a piece of property owned by the corporation - ANSWER -B. a buyer
contracted with a broker to purchase all properties put up for sale in that county
, 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 - ANSWER
-B. yes, the broker works for the seller and must follow all legal instructions of the
seller
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 $75,000
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 -
ANSWER -B. tell the owner that another had sold for $75,000
Broker Bob listed two properties and arranged for an exchange of the properties.
Which is true?
A. this could only be done if they are both debt free
B. broker Bob would typically be due the full commission on both properties
C. the commissions would be added together and broker Bob would get one half
D. there is no commission on an exchange - ANSWER -B. broker Bob would
typically be due the full commission on both properties
One of the significant differences between an employee and an independent
contractor is that:
A. an independent contractor does not need an affiliation agreement with the
broker
B. an employer must pay an unemployment tax for each employee
C. only the independent contractor can have draws against future commissions
