Barney Fletcher Real Estate Exam questions with
verified answers
5 things that make a lease valid: Ans✓✓✓ competent parties
meeting of the minds
consideration
legal description
intended use of property
abstract of title Ans✓✓✓ detailed report of the title search
accelerationclause Ans✓✓✓ if the borrower fails to keep the
covenant/trust deed, the entire loan balance is due / payable upon
demand
accrued interest Ans✓✓✓ SP-LA= AI
adverse possession Ans✓✓✓ squatter
affirmative marketing Ans✓✓✓ real estate brokers must display equal
opportunity posters in all places of business, model homes, other
related locations
,alcohol restriction on a deed from the seller makes the borrower have
what kind of estate Ans✓✓✓ defeasible estate
Alienation (Due on Sale) Clause Ans✓✓✓ upon alienation, mortgagee
may demand the balance of the debt be paid first
alienation of title Ans✓✓✓ any change of ownership - transferring
ownership rights or interests in real property from one person to
another
allodial system Ans✓✓✓ individuals are able to own land
amortization Ans✓✓✓ gradual repayment of debt in periodic amounts
appurtenances Ans✓✓✓ when new fixtures are attached ex. heat/air,
roof
ARM Ans✓✓✓ adjustable rate mortgage
negative amortization is not a part of this
as this kind of agent,: if seller reveals his bottom line, only disclose with
written contract Ans✓✓✓ dual agent
, Assemblage Ans✓✓✓ combining two or more contiguous parcels of
real estate into a single parcel under one ownership
assumption of mortgage Ans✓✓✓ when buyer assumes personal
liability for full repayment of debt
at minimum for a contingency Ans✓✓✓ you must do an amendment
to extent so it doesnt expire
at will Ans✓✓✓ when a tenant in lawful possession with no definite
time specified as to when he may vacate
attorney in fact is created through Ans✓✓✓ power of attorney
bare legal title Ans✓✓✓ lacks the usual rights and privileges associated
with ownership
bargain and sale deed Ans✓✓✓ grantor claims title, but does not
promise to defend title
blanket mortgage Ans✓✓✓ secured by more than one parcel of land
blockbusting Ans✓✓✓ overly creating the impression that the nbhd is
about to change for the worse
verified answers
5 things that make a lease valid: Ans✓✓✓ competent parties
meeting of the minds
consideration
legal description
intended use of property
abstract of title Ans✓✓✓ detailed report of the title search
accelerationclause Ans✓✓✓ if the borrower fails to keep the
covenant/trust deed, the entire loan balance is due / payable upon
demand
accrued interest Ans✓✓✓ SP-LA= AI
adverse possession Ans✓✓✓ squatter
affirmative marketing Ans✓✓✓ real estate brokers must display equal
opportunity posters in all places of business, model homes, other
related locations
,alcohol restriction on a deed from the seller makes the borrower have
what kind of estate Ans✓✓✓ defeasible estate
Alienation (Due on Sale) Clause Ans✓✓✓ upon alienation, mortgagee
may demand the balance of the debt be paid first
alienation of title Ans✓✓✓ any change of ownership - transferring
ownership rights or interests in real property from one person to
another
allodial system Ans✓✓✓ individuals are able to own land
amortization Ans✓✓✓ gradual repayment of debt in periodic amounts
appurtenances Ans✓✓✓ when new fixtures are attached ex. heat/air,
roof
ARM Ans✓✓✓ adjustable rate mortgage
negative amortization is not a part of this
as this kind of agent,: if seller reveals his bottom line, only disclose with
written contract Ans✓✓✓ dual agent
, Assemblage Ans✓✓✓ combining two or more contiguous parcels of
real estate into a single parcel under one ownership
assumption of mortgage Ans✓✓✓ when buyer assumes personal
liability for full repayment of debt
at minimum for a contingency Ans✓✓✓ you must do an amendment
to extent so it doesnt expire
at will Ans✓✓✓ when a tenant in lawful possession with no definite
time specified as to when he may vacate
attorney in fact is created through Ans✓✓✓ power of attorney
bare legal title Ans✓✓✓ lacks the usual rights and privileges associated
with ownership
bargain and sale deed Ans✓✓✓ grantor claims title, but does not
promise to defend title
blanket mortgage Ans✓✓✓ secured by more than one parcel of land
blockbusting Ans✓✓✓ overly creating the impression that the nbhd is
about to change for the worse
