Barney Fletcher Real Estate Final Exam
Questions with Absolutely Verified
Correct Solutions||Updated 2025/2026
Exam Tested Questions Already
Graded!!!<<BRAND NEW VERSION>>
Which of the following is required for a contract to be valid?
A. in writing
B. an earnest money deposit
C. consideration
D. signature and seal of a notary public - ANSWER ✓ C
Which of the following could be recognized as consideration in a valid contract?
A. a mortgage note with interest
B. a promise to install a cabinet
C. a note without interest
D. any of these choices - ANSWER ✓ D
Which of the following is an example of a unilateral contract?
A. a sales contract for a piece of property
B. an appraisal
C. a promise of a reward for the return of a lost dog
D. a marriage - ANSWER ✓ C
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 - ANSWER ✓ C
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 - ANSWER ✓ D
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
C. an implied, unilateral contract
D. an implied, bilateral contract - ANSWER ✓ D
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 - ANSWER ✓ B
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 - ANSWER ✓ D
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?
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 - ANSWER ✓ B
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 - ANSWER ✓ A
A zoning board could issue a permit for a hospital to be built in an area zoned
residential. T/F? - ANSWER ✓ True
Private restrictions cannot:
A. be based on aesthetic considerations
B. restrict the owner's lawful use of the land
C. take precedence over zoning ordinances
D. restrict the grantee's conveyance of the property - ANSWER ✓ D
Which of the following is the BEST example of a buffer zone?
A. an industrial park located between an area zoned residential and another zoned
commercial
B. an office park located between an apartment project and an area zoned for
industrial use
C. a recreation park located between an apartment complex and an area zoned for
single family homes
D. a highway that separates residential property from commercial property -
ANSWER ✓ C
limitations that a person places on the use of property that she or he owns are
_____ - ANSWER ✓ deed restrictions
private restrictions cannot
A. be based on aesthetic considerations
B. restrict the owner's lawful use of the land
C. take precedence over a zoning ordinance unless they are more restrictive than
the zoning ordinance
D. restrict the square footage of the improvements - ANSWER ✓ C
Bulk zoning controls industrial construction. T/F? - ANSWER ✓ True
The owner of a cooperative apartment unit:
A. owns stock in a non-profit corporation
B. Holds fee simple title that may be sold, mortgages or leased
C. owns the unit in fee simple with an undivided interest in the common elements
, D. holds title in partnership with unit owners - ANSWER ✓ A
Property taxes on cooperative units are assessed in the form of:
A. individual tax bills for each unit
B. a single tax bill prorated among individual units
C. annual tax bills based on the type of unit
D. biannual tax bills based on the type of unit - ANSWER ✓ B
Which of the following best describes a condominium?
A. personal property
B. air lot
C. stock ownership
D. interval ownership - ANSWER ✓ B
Which of the following does NOT describe a cooperative form of ownership?
A. a corporation owns the land and improvements
B. taxes are general liens against a corporation
C. unit owners are stockholders
D. unit owners hold a real property interest in the land and improvements -
ANSWER ✓ D
In terms of ownership, PUDs most clearly resemble
A. leasing
B. cooperative ownership
C. condominium ownership
D. time-share ownership - ANSWER ✓ C
the costs associated with routine maintenance of the common area in a
condominium complex, such as mowing the lawn or snow removal, are financed
through:
A. payment of homeowners association dues
B. payment of special assessments
C. pro-rata billing among the unit owners
D. none of these choices - ANSWER ✓ A
Common areas are owned as tenants-in-common with other condominium owners.
T/F? - ANSWER ✓ True
Questions with Absolutely Verified
Correct Solutions||Updated 2025/2026
Exam Tested Questions Already
Graded!!!<<BRAND NEW VERSION>>
Which of the following is required for a contract to be valid?
A. in writing
B. an earnest money deposit
C. consideration
D. signature and seal of a notary public - ANSWER ✓ C
Which of the following could be recognized as consideration in a valid contract?
A. a mortgage note with interest
B. a promise to install a cabinet
C. a note without interest
D. any of these choices - ANSWER ✓ D
Which of the following is an example of a unilateral contract?
A. a sales contract for a piece of property
B. an appraisal
C. a promise of a reward for the return of a lost dog
D. a marriage - ANSWER ✓ C
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 - ANSWER ✓ C
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 - ANSWER ✓ D
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
C. an implied, unilateral contract
D. an implied, bilateral contract - ANSWER ✓ D
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 - ANSWER ✓ B
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 - ANSWER ✓ D
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?
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 - ANSWER ✓ B
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 - ANSWER ✓ A
A zoning board could issue a permit for a hospital to be built in an area zoned
residential. T/F? - ANSWER ✓ True
Private restrictions cannot:
A. be based on aesthetic considerations
B. restrict the owner's lawful use of the land
C. take precedence over zoning ordinances
D. restrict the grantee's conveyance of the property - ANSWER ✓ D
Which of the following is the BEST example of a buffer zone?
A. an industrial park located between an area zoned residential and another zoned
commercial
B. an office park located between an apartment project and an area zoned for
industrial use
C. a recreation park located between an apartment complex and an area zoned for
single family homes
D. a highway that separates residential property from commercial property -
ANSWER ✓ C
limitations that a person places on the use of property that she or he owns are
_____ - ANSWER ✓ deed restrictions
private restrictions cannot
A. be based on aesthetic considerations
B. restrict the owner's lawful use of the land
C. take precedence over a zoning ordinance unless they are more restrictive than
the zoning ordinance
D. restrict the square footage of the improvements - ANSWER ✓ C
Bulk zoning controls industrial construction. T/F? - ANSWER ✓ True
The owner of a cooperative apartment unit:
A. owns stock in a non-profit corporation
B. Holds fee simple title that may be sold, mortgages or leased
C. owns the unit in fee simple with an undivided interest in the common elements
, D. holds title in partnership with unit owners - ANSWER ✓ A
Property taxes on cooperative units are assessed in the form of:
A. individual tax bills for each unit
B. a single tax bill prorated among individual units
C. annual tax bills based on the type of unit
D. biannual tax bills based on the type of unit - ANSWER ✓ B
Which of the following best describes a condominium?
A. personal property
B. air lot
C. stock ownership
D. interval ownership - ANSWER ✓ B
Which of the following does NOT describe a cooperative form of ownership?
A. a corporation owns the land and improvements
B. taxes are general liens against a corporation
C. unit owners are stockholders
D. unit owners hold a real property interest in the land and improvements -
ANSWER ✓ D
In terms of ownership, PUDs most clearly resemble
A. leasing
B. cooperative ownership
C. condominium ownership
D. time-share ownership - ANSWER ✓ C
the costs associated with routine maintenance of the common area in a
condominium complex, such as mowing the lawn or snow removal, are financed
through:
A. payment of homeowners association dues
B. payment of special assessments
C. pro-rata billing among the unit owners
D. none of these choices - ANSWER ✓ A
Common areas are owned as tenants-in-common with other condominium owners.
T/F? - ANSWER ✓ True
