Barney Fletcher Exam 3 | Real Estate Law & Practice Test Preparation
FBPA is a GA Law - (ANSWER)True
Referrals are from broker to broker (licensee to licensee) - (ANSWER)True
The secondary mortgage market is used for what? - (ANSWER)loans are bought and sold... provides
liquidity for the primary market
Accrued interest is the sellers interest since his last payment - (ANSWER)True
In a cooperative type of ownership, the unit dweller does not get an individual tax bill - (ANSWER)True
Multiple tenants in same shopping center who are not forced to move in a foreclosure must have had
what type of clause? - (ANSWER)Non-disturbance clause in the deed/mortgage
Local rents are mostly affected by what? - (ANSWER)Local supply and demand in the area
A partial release clause is found in what kind of mortgage? - (ANSWER)A blanket mortgage for a
developer to sell off one lot at a time
If a seller sues a buyer who walks after buyer's remorse, the seller will likely only receive what as
liquidated damages? - (ANSWER)Earnest money
Three options for trust accounts when an agent sells their own home - (ANSWER)Own broker, a deferent
broker, or open their own account
Sara buys her own listing but never tells the seller that she is the actual buyer, this is? - (ANSWER)Unfair
trade practice and illegal
A buyer buys a property that is landlocked including an easement for access, the easement is never
recorded? - (ANSWER)it is necessary/appurtenant
, Barney Fletcher Exam 3 | Real Estate Law & Practice Test Preparation
When the buyer goes to resell years later, does he have a transferable easement? - (ANSWER)yes, its
appurtenant
The use of borrowed funds to make an investment is the definition of? - (ANSWER)Leverage
No one with a license or relative of a license can ever collect from? - (ANSWER)REERR
Joint tenants cannot will their interest - (ANSWER)True
What laws are covered under the Sherman Anti-Trust laws? - (ANSWER)Tie-ins
Appurtenances are to include rights of ownership and improvements - (ANSWER)True
Under BRRETA you must disclose what? - (ANSWER)The facts you personally have knowledge of as the
agent
How many sq ft are in an acre and a mile - (ANSWER)43,560 in an acre and 5280 in a mile
Steering is part of which regulation/Law? - (ANSWER)is the practice of influencing a buyer's choice of
communities based upon one of the protected characteristics under the Fair Housing Act
Couple rents for 1 year with no mention of to terminate in the lease. They move out and the landlord
sues for 1 months rent since they did not give notice. - (ANSWER)Not required since not in the lease,
couple wins
APR comes from Truth in lending act - (ANSWER)a federal law
A life estate with a remainderman - (ANSWER)goes to life tenant first, then moves forward to named
remainderman.... does not return to grantor
FBPA is a GA Law - (ANSWER)True
Referrals are from broker to broker (licensee to licensee) - (ANSWER)True
The secondary mortgage market is used for what? - (ANSWER)loans are bought and sold... provides
liquidity for the primary market
Accrued interest is the sellers interest since his last payment - (ANSWER)True
In a cooperative type of ownership, the unit dweller does not get an individual tax bill - (ANSWER)True
Multiple tenants in same shopping center who are not forced to move in a foreclosure must have had
what type of clause? - (ANSWER)Non-disturbance clause in the deed/mortgage
Local rents are mostly affected by what? - (ANSWER)Local supply and demand in the area
A partial release clause is found in what kind of mortgage? - (ANSWER)A blanket mortgage for a
developer to sell off one lot at a time
If a seller sues a buyer who walks after buyer's remorse, the seller will likely only receive what as
liquidated damages? - (ANSWER)Earnest money
Three options for trust accounts when an agent sells their own home - (ANSWER)Own broker, a deferent
broker, or open their own account
Sara buys her own listing but never tells the seller that she is the actual buyer, this is? - (ANSWER)Unfair
trade practice and illegal
A buyer buys a property that is landlocked including an easement for access, the easement is never
recorded? - (ANSWER)it is necessary/appurtenant
, Barney Fletcher Exam 3 | Real Estate Law & Practice Test Preparation
When the buyer goes to resell years later, does he have a transferable easement? - (ANSWER)yes, its
appurtenant
The use of borrowed funds to make an investment is the definition of? - (ANSWER)Leverage
No one with a license or relative of a license can ever collect from? - (ANSWER)REERR
Joint tenants cannot will their interest - (ANSWER)True
What laws are covered under the Sherman Anti-Trust laws? - (ANSWER)Tie-ins
Appurtenances are to include rights of ownership and improvements - (ANSWER)True
Under BRRETA you must disclose what? - (ANSWER)The facts you personally have knowledge of as the
agent
How many sq ft are in an acre and a mile - (ANSWER)43,560 in an acre and 5280 in a mile
Steering is part of which regulation/Law? - (ANSWER)is the practice of influencing a buyer's choice of
communities based upon one of the protected characteristics under the Fair Housing Act
Couple rents for 1 year with no mention of to terminate in the lease. They move out and the landlord
sues for 1 months rent since they did not give notice. - (ANSWER)Not required since not in the lease,
couple wins
APR comes from Truth in lending act - (ANSWER)a federal law
A life estate with a remainderman - (ANSWER)goes to life tenant first, then moves forward to named
remainderman.... does not return to grantor
