Barney Fletcher Pre- Licensing Vocabulary Exam Questions and Answers

Barney Fletcher Pre- Licensing Vocabulary Exam Questions and Answers Open Listing - Ans ️️ a listing made available to more than one broker Novation - Ans ️️ substitution of a new contract for an old one Net Listing - Ans ️️ a listing where the net amount due to the seller us specified, rather than the selling price. The broker's commission would be any sale price above the target's price Net Lease - Ans ️️ a lease whereby the tenant pays most of the expenses of ownership Misrepresentation - Ans ️️ a false presentation of facts Installment sales method - Ans ️️ Method of reporting gains on sale of property to spread out payment of taxes. Implied Contract - Ans ️️ a contract that is not expressed, rather it can be inferred from the actions of the parties Gross Lease - Ans ️️ Most common type of lease whereby the landlord pays the expenses of ownership Fraud - Ans ️️ willful deception or misrepresentation of facts Fiduciary - Ans ️️ A position of trust and confidence