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Real Estate License Practice Exam // Barney Fletcher Real
Estate Final Practice Test 2025-2026 with 630 Recently Tested
Questions and Correct Answers
A seller's agent knows that the seller intentionally failed to
disclose on the property disclosure statement that the
basement leaks during heavy rains. The seller's agent must:-
ANSWER-Inform the prospective buyer that there is
misrepresented information on the disclosure form
Frank gives Stella an option to buy his house. Stella, as the
optionee, is obligated to-ANSWER-Pay consideration for the
option right
When a buyer enters into a purchase and sale agreement, but
the property he agreed to buy is subsequently condemned,
what happens to the agency?-ANSWER-The agency is
terminated by operation of law based on the extinction of the
subject matter.
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A right held by one or more persons to use and posses property
to the exclusion of others is a-ANSWER-Fee simple estate
A new subdivision requires payment of homeowners
association dues. If unpaid, what type of lien do they create?-
ANSWER-Specific lien that encumbers the property
Before making significant alterations to an existing building,
what must a property owner obtain?-ANSWER-Building permit
A clause that states that a party's failure to be ready by a date
specified in the contract will constitute a breach of contract-
ANSWER-Time is of the essence clause
What type of interest does a loan for a home purchase have?-
ANSWER-Simple
A buyer who is concerned with whether a property's soil is
suitable for construction of a septic system would, as part of
the inspection process, order a-ANSWER-Percolation test
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A residential rental transaction can be exempt from the Federal
Fair Housing Act only if-ANSWER-The property is a single–
family home and the owner has no more than three such
homes, or if the property has no more than four units and the
owner is residing on the property
What kind of contract is an exclusive listing agreement?-
ANSWER-Express, bilateral
What do discount points do for the lender?-ANSWER-Increase
the lender's upfront yeild
An oral agreement for the sale of real property is-ANSWER-
unenforceable, it violates the statute of frauds
What is the most common circumstance regarding the title in a
land contract?-ANSWER-The vendor retains the title to the
property until the final payment is made
A loan where the borrower's payments are the same size each
month, the payments made are partly interest and partly
principal, and the loans balance at the end of the loan term will
be zero. What type of loan is this?-ANSWER-Fully amortized
Real Estate License Practice Exam // Barney Fletcher Real
Estate Final Practice Test 2025-2026 with 630 Recently Tested
Questions and Correct Answers
A seller's agent knows that the seller intentionally failed to
disclose on the property disclosure statement that the
basement leaks during heavy rains. The seller's agent must:-
ANSWER-Inform the prospective buyer that there is
misrepresented information on the disclosure form
Frank gives Stella an option to buy his house. Stella, as the
optionee, is obligated to-ANSWER-Pay consideration for the
option right
When a buyer enters into a purchase and sale agreement, but
the property he agreed to buy is subsequently condemned,
what happens to the agency?-ANSWER-The agency is
terminated by operation of law based on the extinction of the
subject matter.
,2|Page
A right held by one or more persons to use and posses property
to the exclusion of others is a-ANSWER-Fee simple estate
A new subdivision requires payment of homeowners
association dues. If unpaid, what type of lien do they create?-
ANSWER-Specific lien that encumbers the property
Before making significant alterations to an existing building,
what must a property owner obtain?-ANSWER-Building permit
A clause that states that a party's failure to be ready by a date
specified in the contract will constitute a breach of contract-
ANSWER-Time is of the essence clause
What type of interest does a loan for a home purchase have?-
ANSWER-Simple
A buyer who is concerned with whether a property's soil is
suitable for construction of a septic system would, as part of
the inspection process, order a-ANSWER-Percolation test
, 3|Page
A residential rental transaction can be exempt from the Federal
Fair Housing Act only if-ANSWER-The property is a single–
family home and the owner has no more than three such
homes, or if the property has no more than four units and the
owner is residing on the property
What kind of contract is an exclusive listing agreement?-
ANSWER-Express, bilateral
What do discount points do for the lender?-ANSWER-Increase
the lender's upfront yeild
An oral agreement for the sale of real property is-ANSWER-
unenforceable, it violates the statute of frauds
What is the most common circumstance regarding the title in a
land contract?-ANSWER-The vendor retains the title to the
property until the final payment is made
A loan where the borrower's payments are the same size each
month, the payments made are partly interest and partly
principal, and the loans balance at the end of the loan term will
be zero. What type of loan is this?-ANSWER-Fully amortized
