Barney Fletcher
Liberty University
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Barney Fletcher Exam questions 2 QUESTIONS WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 19 pages • 2023
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An appraiser recommended tearing down a $28,000 house. There was a shopping center across the street. Which of the following appraisal principles BEST describes this situation? 
 
A. deterioration 
B. highest and best use 
C. capitalization 
D. substitution correct answer: B. highest and best use 
 
What could guarantee no encroachments and good title? 
 
A. assumption package 
B. title insurance policy 
C. survey 
D. termite inspection correct answer: B. title insurance policy 
 
Which of the...
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Barney Fletcher Principles of Real Estate: Section 1 Study Guide QUESTIONS WITH COMPLETE SOLUTIONS
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Consists of: 
the land itself, airspace above the land, mineral rights, improvements of and to the land, fixtures, fructose naturals, water rights, appurtenances, easements, and interests, benefits and ownership rights correct answer: What is the nature of real property? 
 
All property that is not real property correct answer: What is the nature of personal property? 
 
 correct answer: What are the basic elements and principles that govern the real estate market? 
 
 correct answer: What a...
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Barney Fletcher Section 1| 70 QUESTIONS| WITH COMPLETE SOLUTIONS
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"Real Estate" correct answer: Physica land and improvements (permanent manmade improvements (such as sidewalks , building, and ponds)) 
 
"Real Property" correct answer: Includes Land, improvements, as well as The Bundle of rights from the sky to ground 
 
"Bundle of Rights" correct answer: term for the legal rights that accompany real property ownership 
 
What do the "Bundle of Rights" include? correct answer: *right to possess the property, control the property. 
*right to enjoy a...
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Barney Fletcher Cram Notes Booklet| 230 QUESTIONS| WITH COMPLETE SOLUTIONS
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deed correct answer: the instrument used to transfer real property 
 
Title correct answer: Ownership and the owner's rights 
 
Real Estate correct answer: Land + improvements (appertenances) 
 
Physical Characteristics of Land correct answer: 1. Immovable 
2. Indestructable 
3. Non-Homogenous (unique) 
 
Economic Characteristics of Land correct answer: 1) Situs 2) Improvements 
3) Fixed Investment 4) Scarcity 
 
Personal Property correct answer: anything that is not real property; Chatt...
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Barney Fletcher GA Real Estate Salesperson QUESTIONS WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 9 pages • 2023
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Ad Valorem correct answer: latin for "according to value" 
 
Ad Valorem Tax correct answer: state or local tax based on the value of the property being taxed; finances general operation of the govt 
 
Special Assessment Tax correct answer: affect local properties benefiting from an improvement; value of benefit must exceed cost of improvement 
 
appropriation process correct answer: local government budgeting process 
 
assessed value correct answer: the amount that your local government ...
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Barney Fletcher GA Real Estate| 102 QUESTIONS| WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 20 pages • 2023
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hypothecate correct answer: to use property as security for debt without giving up possession of it 
 
promissory note correct answer: a contract for a maker to repay a loan to the bearer, that is evidence of the debt. Bearer holds note, & it states the loan amount, interest rate, time & method of repayment, & obligation to repay. 
 
mortgage contract correct answer: a lien that establishes real property as security for debt; usually non-assignable. Lender holds no interest 
 
mortgager corre...
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Barney Fletcher Test Review| 50 QUESTIONS| WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 30 pages • 2023
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1. Open Listing (Non-Exclusive) correct answer: May be given to many brokers. Only the broker who is the "procuring cause" gets paid. 
 
2. Truth in Lending Act (Regulation Z) correct answer: Requires meaningful disclosure of cost of credit including APR (Annual Percentage Rate). 
 
3. Trust Accounts correct answer: Holding valuables for others; 
Commingling-illegal mixing trust funds and own private funds; Can't be used for broker purposes; Can't be seized to use for Firm needs; Broker m...
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Barney Fletcher Section I Study Guide QUESTIONS WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 14 pages • 2023
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Bundle of Rights correct answer: The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. 
 
Right to possess property correct answer: Right that states the title holder is the legal owner of the property 
 
RIght of Control correct answer: The title holder can use the property in any way that is not illegal. A HOA can place additional restrictions on anything from garden ornaments to pet ownership, though these rules are not laws. 
 
Right to Enj...
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Barney Fletcher Math Questions With Complete Solutions
- Exam (elaborations) • 3 pages • 2023
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What is the formula for Tax Prorations? correct answer: (Annual Tax / 365)x number of days of prorations 
 
If a closing is before July 1 who pays the prorated tax? correct answer: Seller 
 
If closing is on or after July 1 who pays the prorated tax? correct answer: Buyer 
 
What is the formula for calculating Insurance proration? correct answer: (Annual Premium / 365) x # days in prorated period 
 
What is the formula for calculating Accrued Interest Proration? correct answer: ((Loan Balan...
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barney fletcher math loans questions with complete solutions
- Exam (elaborations) • 10 pages • 2023
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Bob and Carol are buying a home for $180,000 and putting up a down payment of 20%. They have to pay 2 discount points. What will be the amount paid for the discount points? 
Select one: 
a. $3,600. 
b. $3,250. 
c. $3,000. 
d. $2,880. correct answer: $180,000 price X 20% = $36,000 down payment. $180,000 less $36,000 down payment = $144,000 loan amount. $144,000 X .02 = $2,880 in discount points. 
The correct answer is: $2,880. 
 
What is the current balance of a 7.5% loan if this month's intere...
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