Barney Fletcher Final Exam Latest Update 2024-

Barney Fletcher Final Exam Latest Update 2024- 2025 Actual Exam from Credible Sources with 100 Questions and 100% Verified Correct Answers Guaranteed A+ Verified by Professor

A broker advertises that if you will list with him and he cannot sell the property, he will buy it from you. Is this legal?

• never, this is an inducement and is illegal
• never, this is an unfair practice and a misdemeanor
• ok, if the two parties agree to a sales price and terms when the property sells
• ok, if the two parties agree to a sales price and terms prior to the listing being signed
• CORRECT ANSWER: D. ok, if the two parties agree to a sales price and terms prior to

the listing being signed

A broker estimated the property lines by stating it ran between two trees in the back yard. After closing, the buyer found it was over six feet off. Is the broker liable?

• no, he gave an estimate
• no, the buyer should have gotten a survey
• yes, he made a statement which he realized could be false
• yes, the broker should have surveyed the property himself - CORRECT ANSWER: C.

yes, he made a statement which he realized could be false

A broker had an exclusive right to sell agency listing. In order to collect the commission,

he must:

• prove he was the procuring agent
• prove he was licensed at the time of the sale
• prove he had a ready, willing, and able buyer that met the seller's terms 1 / 3

• all of the above - CORRECT ANSWER: B. prove he was licensed at the time of the

sale

A buyer and seller sign an agreement to change the contract to close on May 1 instead

of May 2. This is a(n):

• addendum
• special stipulation
• amendment

D. clause - CORRECT ANSWER: C. amendment

A contractor had a lien on a property for the non payment of services that he provided to build a deck. He started the job on December 15th, 2001, recorded the lien on January 1st of the next year and sued the owner on February 2nd, 2003. What best describes the situation?

• as long as he recorded the lien within 90 days of the completion of the job, he should

prevail in the law suit

• he loses due to law of laches
• he loses because he did not bring the suit before December 15th of 2002
• if foreclosure takes place, the lien is prioritized on January 1st, 2003 - CORRECT

ANSWER: B. he loses due to law of laches

A home is listed at an inflated price and requires all minority prospects to pay that price.However, if a lower price is accepted from a non minority prospect, this practice:

• does not violate Fair Housing Laws because the home is still being made available to

minority prospects

• subjects the seller and the seller's agent to liability for money damages under a Fair

Housing suit

• is a violation by the seller only 2 / 3

• is illegal only if the purchase of the house is being financed through FHA or VA -

CORRECT ANSWER: B. subjects the seller and the seller's agent to liability for money damages under a Fair Housing suit

A homeowner with a mortgage replaced it with a new mortgage 3% lower in interest and

obtained extra funds to make investments. This is called:

• subordination
• refinancing
• subrogation

D. wraparound - CORRECT ANSWER: B. refinancing

A lender would require a blanket mortgage in which of the following circumstances?

• if the borrower was going to use several unencumbered properties as security
• if there was a mortgage clause stating that upon default, it would become a general

lien

• if the lender made the loan to encompass all of the borrower's debts

D. none of the above - CORRECT ANSWER: A. if the borrower was going to use

several unencumbered properties as security

A lien was placed on a property for electrical equipment for $4,500. There already existed a special assessment lien for $1,000, a mortgage lien for $40,000, and an IRS lien for $20,000. The home was foreclosed on and sold. Which lien would take priority?

• the IRS lien. The government always comes first
• the mortgage lien. It is for the most amount of money
• the special assessment lien. The government always comes first
• the mechanic's lien. It must be paid before the home can be sold - CORRECT

ANSWER: C. the special assessment lien. The government always comes first

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