BARNEY FLETCHER EXAM 2026 QUESTION
COLLECTION REAL ESTATE FINANCE MODULE
SOLVED ITEMS AND RESPONSE KEY
◉ Joan has a listing with broker Bob. A week into the listing, Joan
gets a call from broker Jill stating that the listing is now with her. Can
this happen?
A. it's ok as long as it was assignable in the original contract
B. it's ok as long as the brokers have a written contract between
them to transfer
C. never due to the statute of frauds
D. it cannot be assigned because a listing contract is a personal
services contract. Answer: D. it cannot be assigned because a listing
contract is a personal services contract
◉ What type of transaction exists when there is a written contract
for a broker to receive pay from both or either party and performs
only ministerial acts for one or both parties?
A. double agency
B. transaction brokerage
C. sub agency
,D. single agency. Answer: B. transaction brokerage
◉ When is the correct time for the salesperson to get the proper
legal description of the seller's property?
A. when filling out the offer
B. when filling out the sales contract
C. when filling out the listing
D. any time before closing. Answer: C. when filling out the listing
◉ Sue acquires an option to buy a tract of land from Pete. which of
the following is NOT true?
A. Sue is the optionee and Pete is the optionor
B. the property may be purchased at the discretion of the optionee
C. Pete may not diminish the value of the property (waste) during
the period the option is in effect
D. Pete may not sell the property to anyone else during the period
the option is in effect. Answer: D. Pete may not sell the property to
anyone else during the period the option is in effect
◉ The contract signed between a buyer and a broker is called?
,A. listing contract
B. buyer's brokerage agreement
C. listing agreement
D. buyer's relationship. Answer: B. buyer's brokerage agreement
◉ Typically in Georgia, the agent representing the seller is called?
A. the selling agent
B. the listing agent
C. the sub agent
D. the listing broker. Answer: D. the listing broker
◉ Which documents must be in writing to be enforceable according
to the statute of frauds?
A. leases over a year old
B. real estate sales contracts
C. deeds
D. all of the above. Answer: D. all of the above
, ◉ Seller Jane negotiates a sales contract with buyer Bill, but before
signing the contract, she contacts buyer Mike to see if he wants to
buy it before Bill does. Mike probably had:
A. an option
B. a right of first refusal
C. a listing agreement
D. both B and C. Answer: B. a right of first refusal
◉ Which of the following actions is the Georgia Real Estate
Commission (GREC) authorized to carry out through the provisions
of the Georgia Real Estate Law?
A. fine an individual up to $5,000 operating in the capacity of a
broker, without a license
B. fine a broker up to $1,000 for multiple violations
C. fine a licensee up to $5,000 for one conviction of moral turpitude
D. refuse to issue a license to an applicant who falsified an
application. Answer: D. refuse to issue a license to an applicant who
falsified an application
◉ In dual agency, the consent form must contain all of the following
except?
COLLECTION REAL ESTATE FINANCE MODULE
SOLVED ITEMS AND RESPONSE KEY
◉ Joan has a listing with broker Bob. A week into the listing, Joan
gets a call from broker Jill stating that the listing is now with her. Can
this happen?
A. it's ok as long as it was assignable in the original contract
B. it's ok as long as the brokers have a written contract between
them to transfer
C. never due to the statute of frauds
D. it cannot be assigned because a listing contract is a personal
services contract. Answer: D. it cannot be assigned because a listing
contract is a personal services contract
◉ What type of transaction exists when there is a written contract
for a broker to receive pay from both or either party and performs
only ministerial acts for one or both parties?
A. double agency
B. transaction brokerage
C. sub agency
,D. single agency. Answer: B. transaction brokerage
◉ When is the correct time for the salesperson to get the proper
legal description of the seller's property?
A. when filling out the offer
B. when filling out the sales contract
C. when filling out the listing
D. any time before closing. Answer: C. when filling out the listing
◉ Sue acquires an option to buy a tract of land from Pete. which of
the following is NOT true?
A. Sue is the optionee and Pete is the optionor
B. the property may be purchased at the discretion of the optionee
C. Pete may not diminish the value of the property (waste) during
the period the option is in effect
D. Pete may not sell the property to anyone else during the period
the option is in effect. Answer: D. Pete may not sell the property to
anyone else during the period the option is in effect
◉ The contract signed between a buyer and a broker is called?
,A. listing contract
B. buyer's brokerage agreement
C. listing agreement
D. buyer's relationship. Answer: B. buyer's brokerage agreement
◉ Typically in Georgia, the agent representing the seller is called?
A. the selling agent
B. the listing agent
C. the sub agent
D. the listing broker. Answer: D. the listing broker
◉ Which documents must be in writing to be enforceable according
to the statute of frauds?
A. leases over a year old
B. real estate sales contracts
C. deeds
D. all of the above. Answer: D. all of the above
, ◉ Seller Jane negotiates a sales contract with buyer Bill, but before
signing the contract, she contacts buyer Mike to see if he wants to
buy it before Bill does. Mike probably had:
A. an option
B. a right of first refusal
C. a listing agreement
D. both B and C. Answer: B. a right of first refusal
◉ Which of the following actions is the Georgia Real Estate
Commission (GREC) authorized to carry out through the provisions
of the Georgia Real Estate Law?
A. fine an individual up to $5,000 operating in the capacity of a
broker, without a license
B. fine a broker up to $1,000 for multiple violations
C. fine a licensee up to $5,000 for one conviction of moral turpitude
D. refuse to issue a license to an applicant who falsified an
application. Answer: D. refuse to issue a license to an applicant who
falsified an application
◉ In dual agency, the consent form must contain all of the following
except?
