1|Page | © copyright 2024/2025 | Grade A+
Barney Fletcher Test Review
Questions and Answers (100% Pass)
1. Open Listing (Non-Exclusive)
✓ May be given to many brokers. Only the broker who is the "procuring
cause" gets paid.
2. Truth in Lending Act (Regulation Z)
✓ Requires meaningful disclosure of cost of credit including APR (Annual
Percentage Rate).
3. Trust Accounts
✓ Holding valuables for others;
✓ Commingling-illegal mixing trust funds and own private funds; Can't be
used for broker purposes; Can't be seized to use for Firm needs; Broker
must complete monthly reconciliation and hold statements for 3 years.
Broker can have more than 1 account.
4. Market Data Approach to Value
Master01 | October, 2024/2025 | Latest update
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✓ Value estimate based on comparable comps; Adj factors: Market
Conditions, Location, Physical Characteristics, Financing.
✓
✓ Making adjustments: Subtracts or Add to be more like SUBJECT Property
"Steel from reach" - if Future Comp more desirable than Subject, then
SUBTRACT from value from sale price of COMP "give to poor" If Future
Comp less desirable than subject, then ADD value to comp.
Residential- 3.8 Comps. Not avg- Weight Adj Value X Confidence
Factor=Value INCOME Approach -CAP RATE- —- PGI-VAC-OPER Loss=
NOI
✓ NOI:% Rate=Value Property NOI:Value=% Rate.
5. Specific Lien
✓ Encumbers only ONE property. example: Mortgage, Property Tax &
Mechanics Lien.
6. True or False? Listings and offers will automatically end with the death of the
seller or broker, destruction of the property, but not death of the salesperson.
✓ True
7. Commissions
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ SELLER PAYS FULL commission to the LISTING BROKER, then it is divided
among the companies.
8. What are the parts and requirements of Joint Tenancy?
✓ Joint Tenancy- Automatic right of survivorship, cannot will.
✓
✓ Four Unities (TTIP):
✓ *Time: All owners got title at the same time
✓ *Title: All owners named in same deed
✓ *Interest: Must have equal ownership shares
✓ *POSSESSION: All owners may posses entire property.
9. Ministerial Acts
✓ Acts which do not require licensee's judgment or skill. Ministerial Acts
are for clients and customers.
10. True or False: In GA, once a home is under contract, you must only
present all written offers.
✓ True- You must present all offers until the close of the sale.
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
11. True or False: Employees of the real estate commission (GREC) may have
a real estate license but must remain inactive while working for the
commission.
✓ True
12. Sara is a new licensee who paid for and enrolled in an approved post-
license course 10 months after her license was issued, but has failed to
complete the course within the allowed 1 year. Sara has one client who is
looking at several properties and one client who has signed a contract on a
house.
A) Sara Can present the contract to the seller as long as she has the
permission of her broker, and she finishes her course within 6 months;
B) Sara's broker must present the contract, but Sara can continue to show
houses as long as she completes her course within 6 months;
C) Sara cannot present the contract, and cannot show houses, and must
complete her course within 18 months of her license issue date;
D)Sara must pay all penalties and fees to re-qualify as a licensee.
Master01 | October, 2024/2025 | Latest update
Barney Fletcher Test Review
Questions and Answers (100% Pass)
1. Open Listing (Non-Exclusive)
✓ May be given to many brokers. Only the broker who is the "procuring
cause" gets paid.
2. Truth in Lending Act (Regulation Z)
✓ Requires meaningful disclosure of cost of credit including APR (Annual
Percentage Rate).
3. Trust Accounts
✓ Holding valuables for others;
✓ Commingling-illegal mixing trust funds and own private funds; Can't be
used for broker purposes; Can't be seized to use for Firm needs; Broker
must complete monthly reconciliation and hold statements for 3 years.
Broker can have more than 1 account.
4. Market Data Approach to Value
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ Value estimate based on comparable comps; Adj factors: Market
Conditions, Location, Physical Characteristics, Financing.
✓
✓ Making adjustments: Subtracts or Add to be more like SUBJECT Property
"Steel from reach" - if Future Comp more desirable than Subject, then
SUBTRACT from value from sale price of COMP "give to poor" If Future
Comp less desirable than subject, then ADD value to comp.
Residential- 3.8 Comps. Not avg- Weight Adj Value X Confidence
Factor=Value INCOME Approach -CAP RATE- —- PGI-VAC-OPER Loss=
NOI
✓ NOI:% Rate=Value Property NOI:Value=% Rate.
5. Specific Lien
✓ Encumbers only ONE property. example: Mortgage, Property Tax &
Mechanics Lien.
6. True or False? Listings and offers will automatically end with the death of the
seller or broker, destruction of the property, but not death of the salesperson.
✓ True
7. Commissions
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ SELLER PAYS FULL commission to the LISTING BROKER, then it is divided
among the companies.
8. What are the parts and requirements of Joint Tenancy?
✓ Joint Tenancy- Automatic right of survivorship, cannot will.
✓
✓ Four Unities (TTIP):
✓ *Time: All owners got title at the same time
✓ *Title: All owners named in same deed
✓ *Interest: Must have equal ownership shares
✓ *POSSESSION: All owners may posses entire property.
9. Ministerial Acts
✓ Acts which do not require licensee's judgment or skill. Ministerial Acts
are for clients and customers.
10. True or False: In GA, once a home is under contract, you must only
present all written offers.
✓ True- You must present all offers until the close of the sale.
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
11. True or False: Employees of the real estate commission (GREC) may have
a real estate license but must remain inactive while working for the
commission.
✓ True
12. Sara is a new licensee who paid for and enrolled in an approved post-
license course 10 months after her license was issued, but has failed to
complete the course within the allowed 1 year. Sara has one client who is
looking at several properties and one client who has signed a contract on a
house.
A) Sara Can present the contract to the seller as long as she has the
permission of her broker, and she finishes her course within 6 months;
B) Sara's broker must present the contract, but Sara can continue to show
houses as long as she completes her course within 6 months;
C) Sara cannot present the contract, and cannot show houses, and must
complete her course within 18 months of her license issue date;
D)Sara must pay all penalties and fees to re-qualify as a licensee.
Master01 | October, 2024/2025 | Latest update
