Barney Fletcher Test Review Questions And
Answers
4. Market Data Approach to Value Value estimate based on comparable comps; Adj
factors: Market Conditions, Location, Physical Characteristics, Financing.
Making adjustments: Subtracts or Add to be more like SUBJECT Property "Steel from reach" ...
Making adjustments: Subtracts or Add to be more like SUBJECT Property "Steel from reach" - if
Future Comp more desirable than Subject, then SUBTRACT from value from sale price of
COMP "give to poor" If Future Comp less desirable than subject, then ADD value to comp.
Residential- 3.8 Comps. Not avg- Weight Adj Value X Confidence Factor=Value INCOME
Approach -CAP RATE- —- PGI-VAC-OPER Loss= NOI
NOI:% Rate=Value Property NOI:Value=% Rate.
5. Specific Lien Encumbers only ONE property. example: Mortgage, Property Tax &
Mechanics Lien.
6. True or False? Listings and offers will automatically end with the death of the seller or broker,
destruction of the property, but not death of the salesperson. True
7. Commissions SELLER PAYS FULL commission to the LISTING BROKER, then it is
divided among the companies.
, Barney Fletcher Test Review Questions And
Answers
8. What are the parts and requirements of Joint Tenancy? Joint Tenancy- Automatic right
of survivorship, cannot will.
Four Unities (TTIP):
*Time: All owners got title at the same time
*Title: All owners named in same deed
*Interest: Must have equal ownership shares
*POSSESSION: All owners may posses entire property.
9. Ministerial Acts Acts which do not require licensee's judgment or skill. Ministerial Acts
are for clients and customers.
10. True or False: In GA, once a home is under contract, you must only present all written offers.
True- You must present all offers until the close of the sale.
11. True or False: Employees of the real estate commission (GREC) may have a real estate
license but must remain inactive while working for the commission. True
, Barney Fletcher Test Review Questions And
Answers
12. Sara is a new licensee who paid for and enrolled in an approved post-license course 10
months after her license was issued, but has failed to complete the course within the allowed 1
year. Sara has one client who is looking at several properties and one client who has signed a
contract on a house.
A) Sara Can present the contract to the seller as long as she has the permission of her broker, and
she finishes her course within 6 months;
B) Sara's broker must present the contract, but Sara can continue to show houses as long as she
completes her course within 6 months;
C) Sara cannot present the contract, and cannot show houses, and must complete her course
within 18 months of her license issue date;
D)Sara must pay all penalties and fees to re-qualify as a licensee. C) Sara cannot present
the contract, and cannot show houses, and must complete her course within 18 months of her
license issue date;
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