BARNEY FLETCHER EXAM 2026 PROPERTY
LAW AND CONTRACTS ASSESSMENT STUDY
GUIDE COMPLETE QUESTIONS AND ANSWERS
◉ C. Answer: Zorba leases a restaurant. He installs ovens, booths
and counters. Which of the following is true?
A. The ovens, booths and counters are fixtures that belong to the
owner of the property and cannot be removed
B. The ovens, booths and counters are trade fixtures and can be
removed by Zorba at any time prior to or after the expiration of the
lease.
C. The ovens, booths and counters are trade fixtures and can be
removed only prior to the expiration of Zorba's lease
D. Zorba is not responsible for any damage caused by the removal of
the fixtures
◉ True. Answer: Stocks, bonds, notes and mortgages are personal
property. T/F?
◉ C; E. Answer: Which of the following is NOT recognized as
personal property? (2)
A. a lease
B. a mortgage that secures personal property
,C. Replacement fixtures
D. Cattle and horses
E. an easement
◉ trade. Answer: a ______ fixture can be affixed to real property
without becoming legal part of the property
◉ False. Answer: Trade fixtures may not be removed from leased
premises once they are affixed. T/F?
◉ True. Answer: Trade fixtures do not include replacement fixtures.
T/F?
◉ emblements. Answer: Fructus industriales is another term for:
◉ Chattel. Answer: all property other than real property is known as
_____
◉ True. Answer: A bill of sale is to personal property as a deed is to
real property. T/F?
◉ Price. Answer: The actual amount of money paid for a particular
parcel of real estate is said to be that property's:
,◉ False. Answer: In an ideal market, the forces of supply and
demand are always chaotic. T/F?
◉ his or her broker-employer. Answer: A licensed real estate
salesperson may legally accept an extra commission for a difficult
sale from:
◉ A. Answer: Owner Kelly is leaving the area for a one year period.
She asks salesperson Boren to manage her rental house for $45/mo
while she is gone. Which of the following is true in this situation?
A. Boren must work through her broker
B. Boren must put the $45 in an interest bearing escrow account
C. This is OK because the compensation is less than $1,000
D. This is OK because the time element is not more than one year
◉ Broker. Answer: A salesperson represents the _____
◉ A. Answer: Which of the following is required to hold a real estate
license?
A. A person who, for compensation, helps sell his neighbor's home
B. A government employee selling land owned by the government
C. A property manager leasing property in the course of his
employment for the owner.
, D. All of these choices
◉ False. Answer: Our free enterprise system is free from
government economic controls. T/F?
◉ the general public. Answer: The purpose of a state real estate
regulatory board is to protect:
◉ False. Answer: A mushroom farm is industrial property. T/F?
◉ C. Answer: Special purpose properties include all of the following
EXCEPT:
A. Churches
B. Hospitals
C. Industrial park
D. Nursing homes
◉ A. Answer: Commercial property includes all but which of the
following?
A. horse ranch
B. office buildings
C. restaurants
D. vacant land suitable for commercial development
LAW AND CONTRACTS ASSESSMENT STUDY
GUIDE COMPLETE QUESTIONS AND ANSWERS
◉ C. Answer: Zorba leases a restaurant. He installs ovens, booths
and counters. Which of the following is true?
A. The ovens, booths and counters are fixtures that belong to the
owner of the property and cannot be removed
B. The ovens, booths and counters are trade fixtures and can be
removed by Zorba at any time prior to or after the expiration of the
lease.
C. The ovens, booths and counters are trade fixtures and can be
removed only prior to the expiration of Zorba's lease
D. Zorba is not responsible for any damage caused by the removal of
the fixtures
◉ True. Answer: Stocks, bonds, notes and mortgages are personal
property. T/F?
◉ C; E. Answer: Which of the following is NOT recognized as
personal property? (2)
A. a lease
B. a mortgage that secures personal property
,C. Replacement fixtures
D. Cattle and horses
E. an easement
◉ trade. Answer: a ______ fixture can be affixed to real property
without becoming legal part of the property
◉ False. Answer: Trade fixtures may not be removed from leased
premises once they are affixed. T/F?
◉ True. Answer: Trade fixtures do not include replacement fixtures.
T/F?
◉ emblements. Answer: Fructus industriales is another term for:
◉ Chattel. Answer: all property other than real property is known as
_____
◉ True. Answer: A bill of sale is to personal property as a deed is to
real property. T/F?
◉ Price. Answer: The actual amount of money paid for a particular
parcel of real estate is said to be that property's:
,◉ False. Answer: In an ideal market, the forces of supply and
demand are always chaotic. T/F?
◉ his or her broker-employer. Answer: A licensed real estate
salesperson may legally accept an extra commission for a difficult
sale from:
◉ A. Answer: Owner Kelly is leaving the area for a one year period.
She asks salesperson Boren to manage her rental house for $45/mo
while she is gone. Which of the following is true in this situation?
A. Boren must work through her broker
B. Boren must put the $45 in an interest bearing escrow account
C. This is OK because the compensation is less than $1,000
D. This is OK because the time element is not more than one year
◉ Broker. Answer: A salesperson represents the _____
◉ A. Answer: Which of the following is required to hold a real estate
license?
A. A person who, for compensation, helps sell his neighbor's home
B. A government employee selling land owned by the government
C. A property manager leasing property in the course of his
employment for the owner.
, D. All of these choices
◉ False. Answer: Our free enterprise system is free from
government economic controls. T/F?
◉ the general public. Answer: The purpose of a state real estate
regulatory board is to protect:
◉ False. Answer: A mushroom farm is industrial property. T/F?
◉ C. Answer: Special purpose properties include all of the following
EXCEPT:
A. Churches
B. Hospitals
C. Industrial park
D. Nursing homes
◉ A. Answer: Commercial property includes all but which of the
following?
A. horse ranch
B. office buildings
C. restaurants
D. vacant land suitable for commercial development
