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BARNEY FLETCHER REAL ESTATE EXAM 2025
QUESTIONS AND ANSWERS.
1. Which of the following does not have to exist for a valid
contract to be enforceable in the sale of real estate?
A. the contract must be in writing
B. an offer and acceptance
C. performance
D. consideration - correct answer - C
2. Bill has a contract in place to purchase Sam's house. Bill later
changes his mind and defaults on the contract. Sam would
have which of the following remedies?
A. rescind the contract
B. sue for damages
C. sue for specific performance
D. any of these choices - correct answer - D
3. Lloyd Christmas owns a house which he has decided to rent to
Harry Dunne. No written contract exists and there has been no
discussion as to lawn care. Harry takes it upon himself to mow
the lawn each week. Lloyd appreciates that and so reduces the
bill for the rent by $50. This goes on for several months. As to
the discount for the lawn care, what type of contract exists?
A. an express, unilateral contract
B. an express, bilateral contract
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C. an implied, unilateral contract
D. an implied, bilateral contract - correct answer - D
4. Under common law, acceptance of a unilateral contract takes
place:
A. when a written contract is signed by both parties
B. at the completion of the requested act
C. when the offeree communicates a promise to do the
requested act
D. when the offeror states a promise - correct answer - B
5. John, an adult, entered into a contract with Paul, who is 16
years old. When John learned that Paul was a minor he
decided to terminate the contract. Which of the following
statements is true?
A. Contracts with minors are automatically void.
B. Contracts with minors are voidable at the option of the adult
C. the contract is valid and binding on both parties
D. the contract is valid and binding only on John - correct
answer - D
6. A buyer makes an offer to purchase a piece of property. The
seller changes the date of occupancy by one day, and signs
the contract. If the purchaser does not agree with this change,
which of the following is true?
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A. the buyer only has 72 hours to accept a change of this type
B. the purchaser has no further liability
C. the seller and purchaser could both sue for specific
performance
D. the seller may keep the deposit as liquidated damages -
correct answer - B
7. Which of the following is true of a contract under novation?
A. A new contract replaces the old one
B. The old contract is void
C. The original parties to the contract remain jointly and
severally liable with the new parties
D. A new party is assigned the rights of an old party - correct
answer - A
8. A buyer and seller entered into a valid contract. The buyer, for
personal reasons, asked to be released from the contract. The
buyer located someone else to buy the property. The seller
entered into a new contract with the other person and released
the first buyer from any obligation. This would be an example
of: - correct answer - Novation
9. A statute law that sets a time frame within which someone must
bring a lawsuit is called statute of limitations. T/F? - correct
answer - True
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10. The loan contingency clause in a valid sales contract 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 - correct answer - B
11. To transfer the rights contained in a note, mortgage or lease
from one party to another, by a written instrument is referred to
as _______ - correct answer - an assignment
12. Mark is 16 years old and has inherited $50,000 from his
grandfather. Mark contracts with Harold, an adult, to purchase
his video game center. One year later, Mark decides he wants
to cancel the contract. Which of the following statements is
true?
A. The contract between Mark and Harold is illegal.
B. If Harold learns that Mark is a minor, he (Harold) may
declare the contract void.
C. Mark can sell the property
D. Mark may declare the contract with Harold void and get his
money back - correct answer - D
BARNEY FLETCHER REAL ESTATE EXAM 2025
QUESTIONS AND ANSWERS.
1. Which of the following does not have to exist for a valid
contract to be enforceable in the sale of real estate?
A. the contract must be in writing
B. an offer and acceptance
C. performance
D. consideration - correct answer - C
2. Bill has a contract in place to purchase Sam's house. Bill later
changes his mind and defaults on the contract. Sam would
have which of the following remedies?
A. rescind the contract
B. sue for damages
C. sue for specific performance
D. any of these choices - correct answer - D
3. Lloyd Christmas owns a house which he has decided to rent to
Harry Dunne. No written contract exists and there has been no
discussion as to lawn care. Harry takes it upon himself to mow
the lawn each week. Lloyd appreciates that and so reduces the
bill for the rent by $50. This goes on for several months. As to
the discount for the lawn care, what type of contract exists?
A. an express, unilateral contract
B. an express, bilateral contract
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C. an implied, unilateral contract
D. an implied, bilateral contract - correct answer - D
4. Under common law, acceptance of a unilateral contract takes
place:
A. when a written contract is signed by both parties
B. at the completion of the requested act
C. when the offeree communicates a promise to do the
requested act
D. when the offeror states a promise - correct answer - B
5. John, an adult, entered into a contract with Paul, who is 16
years old. When John learned that Paul was a minor he
decided to terminate the contract. Which of the following
statements is true?
A. Contracts with minors are automatically void.
B. Contracts with minors are voidable at the option of the adult
C. the contract is valid and binding on both parties
D. the contract is valid and binding only on John - correct
answer - D
6. A buyer makes an offer to purchase a piece of property. The
seller changes the date of occupancy by one day, and signs
the contract. If the purchaser does not agree with this change,
which of the following is true?
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A. the buyer only has 72 hours to accept a change of this type
B. the purchaser has no further liability
C. the seller and purchaser could both sue for specific
performance
D. the seller may keep the deposit as liquidated damages -
correct answer - B
7. Which of the following is true of a contract under novation?
A. A new contract replaces the old one
B. The old contract is void
C. The original parties to the contract remain jointly and
severally liable with the new parties
D. A new party is assigned the rights of an old party - correct
answer - A
8. A buyer and seller entered into a valid contract. The buyer, for
personal reasons, asked to be released from the contract. The
buyer located someone else to buy the property. The seller
entered into a new contract with the other person and released
the first buyer from any obligation. This would be an example
of: - correct answer - Novation
9. A statute law that sets a time frame within which someone must
bring a lawsuit is called statute of limitations. T/F? - correct
answer - True
, Page | 4
10. The loan contingency clause in a valid sales contract 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 - correct answer - B
11. To transfer the rights contained in a note, mortgage or lease
from one party to another, by a written instrument is referred to
as _______ - correct answer - an assignment
12. Mark is 16 years old and has inherited $50,000 from his
grandfather. Mark contracts with Harold, an adult, to purchase
his video game center. One year later, Mark decides he wants
to cancel the contract. Which of the following statements is
true?
A. The contract between Mark and Harold is illegal.
B. If Harold learns that Mark is a minor, he (Harold) may
declare the contract void.
C. Mark can sell the property
D. Mark may declare the contract with Harold void and get his
money back - correct answer - D
