Barney Fletcher Section 3 Exam Questions
And Answers
The loan contingency clause in a valid sales contact will contain all of the following except
a) the amount of the loan
b) the name of the lender
c) the date of the commitment
d) the interest rate of the loan b
Which of the following is subject to the Statute of Frauds?
a) Six-month lease for an apartment
b) Tenancy at will
c) Two-year lease for real property
d) Month to month rental c
A client is obligated to her agent for
a) indemnification against loss not caused by the agent
b) reimbursement
c) performance
, Barney Fletcher Section 3 Exam Questions
And Answers
d) all of the above a
A general agency empowers the agent to
a) transact matters of all types for the client
b) transact the client's affairs in a certain business
c) perform only specific acts for the client
d) perform any legal act for the client b
Option An agreement whereby an owner agrees to give a prospective buyer the right to
buy a particular piece of property for a fixed price during an agreed upon period
Lease Contract An agreement transferring the right of exclusive use and possession of real
estate for a specified period of time
If an option to purchase real estate expires July 15th without the optionee exercising his option,
what must the owner do to release the property from option
a) title to the property
b) Obtain a release from the optionee
, Barney Fletcher Section 3 Exam Questions
And Answers
c) File a lis pendens
d) File a lien a
When a buyer buys a property under an installment sale contract, the seller retains
a) title to the property
b) a remainder estate
c) possession of the property
d) a life estate a
Which of the following would not be legally sufficient to support consideration in a sales
contract
a) money
b) property
c) service
d) love and affection d
When a contract is breached the injured party
a) may not sue for money damages
And Answers
The loan contingency clause in a valid sales contact will contain all of the following except
a) the amount of the loan
b) the name of the lender
c) the date of the commitment
d) the interest rate of the loan b
Which of the following is subject to the Statute of Frauds?
a) Six-month lease for an apartment
b) Tenancy at will
c) Two-year lease for real property
d) Month to month rental c
A client is obligated to her agent for
a) indemnification against loss not caused by the agent
b) reimbursement
c) performance
, Barney Fletcher Section 3 Exam Questions
And Answers
d) all of the above a
A general agency empowers the agent to
a) transact matters of all types for the client
b) transact the client's affairs in a certain business
c) perform only specific acts for the client
d) perform any legal act for the client b
Option An agreement whereby an owner agrees to give a prospective buyer the right to
buy a particular piece of property for a fixed price during an agreed upon period
Lease Contract An agreement transferring the right of exclusive use and possession of real
estate for a specified period of time
If an option to purchase real estate expires July 15th without the optionee exercising his option,
what must the owner do to release the property from option
a) title to the property
b) Obtain a release from the optionee
, Barney Fletcher Section 3 Exam Questions
And Answers
c) File a lis pendens
d) File a lien a
When a buyer buys a property under an installment sale contract, the seller retains
a) title to the property
b) a remainder estate
c) possession of the property
d) a life estate a
Which of the following would not be legally sufficient to support consideration in a sales
contract
a) money
b) property
c) service
d) love and affection d
When a contract is breached the injured party
a) may not sue for money damages
