Real Estate Massachusetts-Real-Estate-Salesperson : Massachusetts Real Estate Salesperson Exam

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Real Estate Massachusetts-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate Massachusetts Real Estate Salesperson Sample Questions:

1. Real estate taxes that are paid in advance are prorated on the closing statement as

A) no entry to buyer; a credit to seller.
B) a debit to buyer; a credit to seller.
C) no entry to buyer; a debit to seller.
D) a credit to buyer; a debit to seller.

2. A buyer is looking in several different cities for land to purchase for a shopping center. The buyer has decided to hire several real estate licensees, each representing the buyer in that licensee's city. Which type of agreement would protect the buyer from owing multiple commissions?

A) nonexclusive right-to-lease
B) nonexclusive buyer-agency
C) exclusive right to sell
D) exclusive agency representation

3. When lending standards are tightened, lenders typically require

A) a lower loan-to-value ratio.
B) a balloon payment after 5 years.
C) a waiver of the Equal Credit Opportunity Act.
D) a higher loan-to-value ratio.

4. If a seller defaults in performance of a contract, any of the following actions would be likely to help the buyer recover any losses EXCEPT

A) filing a complaint with the Real Estate Commission.
B) suing the seller for specific performance.
C) bringing an action against the seller for payment of compensatory damages.
D) canceling the contract and recovering the earnest money.

5. A person acquires an option to purchase a parcel of another person's land. Which of the following statements is correct?

A) The terms and conditions of the sale must be stated if the option is to be a valid contract.
B) The consideration for the option right, plus interest, will be automatically applied to the purchase price if the option is exercised.
C) The potential buyer is the optionor and the seller is the optionee.
D) An option is a promise by the optionee to enter into a contract in the future.

Solutions: