P age | 1
| | | | |
BARNEY FLETCHER REAL ESTATE EXAM 2025-
2026 AND NEW ACTUAL EXAM WITH 100%
VERIFIED QUESTIONS AND CORRECT
SOLUTIONS -GUARANTEED VALUE PACK
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
| | | | | | | | | |
, P age | 2 | | | | |
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 - 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
| | |
, P age | 3
| | | | |
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?
| | | |
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 | | |
, P age | 4
| | | | |
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 | |
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 | | | |
| | | | |
BARNEY FLETCHER REAL ESTATE EXAM 2025-
2026 AND NEW ACTUAL EXAM WITH 100%
VERIFIED QUESTIONS AND CORRECT
SOLUTIONS -GUARANTEED VALUE PACK
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
| | | | | | | | | |
, P age | 2 | | | | |
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 - 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
| | |
, P age | 3
| | | | |
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?
| | | |
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 | | |
, P age | 4
| | | | |
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 | |
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 | | | |
