BBK99E1 PRACTICAL FINAL EXAM 2026/2027
WITH ACTUAL CORRECT QUESTIONS AND
VERIFIED DETAILED ANSWERS
|CURRENTLY TESTING QUESTIONS AND
SOLUTIONS|ALREADY GRADED A+|NEWEST
|BRAND NEW VERSION|JUST RELEASED!!
Lois is selling her needlework shop to Simon. Simon is also purchasing the name of the business
from Lois, all of the fixtures, and the inventory. Lois is essentially handing over the entire
business, from top to bottom, to Simon, who is planning continuing what she had started. What
are the essential elements of this business opportunity sale?
A)A Bill of Sale
B)Financial Statements
C)Goodwill
D)Both A and B
D
When an appraiser assumes that no one is being forced to sell at a reduced price because of an
impending divorce or similar situation; and that both buyer and seller are well-informed
customers, he is more than likely hired to determine:
A)Market Value
B)Insurance Value
1|Page
,C)Salvage Value
D)All of the Above
A
A Point of Beginning refers to:
A)A description starting at a designated place on a parcel using the Metes and Bounds System.
B)A fixed object used to establish real estate boundaries using the Metes and Bounds System.
C)Lines on either side of a principal meridian using the Rectangular Survey System.
D)Lines running east and west parallel to a major base line using the Government Survey
System.
A
Drew is leasing his apartment from Reggie. The lease is for one year and they have agreed on all
areas of the contract. The lease is in written form, and Reggie is the only party that has signed.
Without Drew's signature, is the lease now invalid?
A) Yes, a lease in written form, must have both parties' signatures to be validated.
B)No, the lessee is not required to sign, only the lessor. The lessee's occupation of the property
is proof the lease agreement was accepted.
C)No, neither party needs to sign the written lease for validity. As long as a consensus exists
between the two parties, the lease is valid.
2|Page
, D)None of the Above.
B
In early common law, transfers of land were only made when:
A)The transfer of land from husband to wife, upon the husband's death.
B)The transfer of land from father to child, upon the father's death.
C)The transfer of land from father to son, upon the father's death.
D)Both A and B
C
Karen and Jay need a larger home. They have two large dogs and a baby on the way. One day in
the real estate section, they see their dream home. The couple view the home that very day,
make an offer and it's accepted. There's only one problem: They haven't even put their home on
the market. Which type of loan gives Karen and Jay their best option of paying two mortgages
until their current home sells?
A)A Participation Mortgage
B)A Bridge Loan
C)A Sale-Leaseback
D)A Contract for Deed
B
3|Page
WITH ACTUAL CORRECT QUESTIONS AND
VERIFIED DETAILED ANSWERS
|CURRENTLY TESTING QUESTIONS AND
SOLUTIONS|ALREADY GRADED A+|NEWEST
|BRAND NEW VERSION|JUST RELEASED!!
Lois is selling her needlework shop to Simon. Simon is also purchasing the name of the business
from Lois, all of the fixtures, and the inventory. Lois is essentially handing over the entire
business, from top to bottom, to Simon, who is planning continuing what she had started. What
are the essential elements of this business opportunity sale?
A)A Bill of Sale
B)Financial Statements
C)Goodwill
D)Both A and B
D
When an appraiser assumes that no one is being forced to sell at a reduced price because of an
impending divorce or similar situation; and that both buyer and seller are well-informed
customers, he is more than likely hired to determine:
A)Market Value
B)Insurance Value
1|Page
,C)Salvage Value
D)All of the Above
A
A Point of Beginning refers to:
A)A description starting at a designated place on a parcel using the Metes and Bounds System.
B)A fixed object used to establish real estate boundaries using the Metes and Bounds System.
C)Lines on either side of a principal meridian using the Rectangular Survey System.
D)Lines running east and west parallel to a major base line using the Government Survey
System.
A
Drew is leasing his apartment from Reggie. The lease is for one year and they have agreed on all
areas of the contract. The lease is in written form, and Reggie is the only party that has signed.
Without Drew's signature, is the lease now invalid?
A) Yes, a lease in written form, must have both parties' signatures to be validated.
B)No, the lessee is not required to sign, only the lessor. The lessee's occupation of the property
is proof the lease agreement was accepted.
C)No, neither party needs to sign the written lease for validity. As long as a consensus exists
between the two parties, the lease is valid.
2|Page
, D)None of the Above.
B
In early common law, transfers of land were only made when:
A)The transfer of land from husband to wife, upon the husband's death.
B)The transfer of land from father to child, upon the father's death.
C)The transfer of land from father to son, upon the father's death.
D)Both A and B
C
Karen and Jay need a larger home. They have two large dogs and a baby on the way. One day in
the real estate section, they see their dream home. The couple view the home that very day,
make an offer and it's accepted. There's only one problem: They haven't even put their home on
the market. Which type of loan gives Karen and Jay their best option of paying two mortgages
until their current home sells?
A)A Participation Mortgage
B)A Bridge Loan
C)A Sale-Leaseback
D)A Contract for Deed
B
3|Page
