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BARNEY FLETCHER REAL ESTATE EXAM 2026\2027
QUESTIONS AND ANSWERS.
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 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
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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
6. A buyer makes an offer to purchase a piece of property. The
seller changes the date of occupancy by one day, and signs
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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
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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 2026\2027
QUESTIONS AND ANSWERS.
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 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
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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
6. A buyer makes an offer to purchase a piece of property. The
seller changes the date of occupancy by one day, and signs
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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
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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
