Newest Massachusetts Real Estate Salesperson Exam Dumps (V8.02): Your Gateway to A Rewarding and Promising Career

1. A licensee lists a property and discovers that the property is too far away to market effectively. The licensee’s firm retains the listing, but does not advertise or show it.

Which of the following has been violated?

2. A prescriptive easement is proven by a

3. 1.What is the function of a promissory note or bond when used in conjunction with a mortgage?

4. A buyer is purchasing a $625,000 property. The lender requires a 20% down payment to avoid mortgage insurance. The buyer provided $5,000 in earnest money. The buyer closing costs are $13,000.

What is the amount the buyer must bring to settlement to close the transaction?

5. Which of the following is true of a quitclaim deed?

6. Based on the common law of agency, which of the following would always be an agent's duty?

7. A salesperson's client is the lessee. Who does the salesperson represent?

8. An owner signed a contract to sell an apartment building. Just before closing, the owner informed the buyers that the owner would NOT sell the property. A lawsuit filed by the buyers would be for

9. What kind of lease would require the lessee to pay the taxes, insurance, repairs, and other operating expenses of the premises in addition to the regular rental payment?

10. The heir to a large estate will be of legal age within 30 days. The heir lists for sale with a broker one of the properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are

11. What is the difference between a license to use property and an easement?

12. A buyer and broker enter into a 3-month exclusive buyer agency agreement. With regard to the broker's right to be compensated and to work with other clients, this means that during the term of this agreement, the broker

13. Which of the following assurances is provided to home buyers who purchase a $75,000 property with an FHA-insured mortgage?

14. Rules for Truth in Lending and RESPA call for disclosure documents to borrowers.

How can a managing broker best prepare associated licensees to manage these disclosures?

15. Two top licensees in a small town have agreed not to show listings of a new real estate firm charging a low commission rate to sellers. This behavior is a violation of the

16. Which of the following is used in the cost approach when estimating the value of improvements?

17. Which of the following best completes the following metes and bounds description? "Beginning at the intersection of Bunker Hill Road and Munson Avenue, thence 150 feet south; thence 85 feet west; thence 150 feet north; thence"

18. If a deed creating a tenancy in common does NOT state the fractional interest of each co-owner, it

19. The city wishes to purchase a parcel of property to be used as a cloverleaf for access to the nearby interstate. The landowner refuses to sell. To acquire title to the property, the city will initiate a process of

20. A ranch house with a double garage is being valued. The house next door, which is similar except that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two-car garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck.

The ranch house is most likely to sell for around

21. A couple enters into a purchase contract to buy a house, and their parents are providing a $5,000 earnest money check. The check is deposited in the listing broker's escrow account. The buyers are unable to get financing, and the contract provides for return of the earnest money to the buyers. The buyers and seller agree in writing to the release of the earnest money.

The listing broker should

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

23. Which of the following is true about mortgage assumptions?

24. Licensee A and Licensee B work for a principal broker for ABC Realty. For Licensee A, the principal broker supervises the work as a listing/buyer’s agent, collects commissions, and pays out based on their commission split agreement. Licensee A works from home and attends training meetings at the office. Licensee B works 8 a.m. to 4 p.m. in the ABC Realty office for relocations, showing local properties to relocating clients. Licensee B is licensed to show homes and submits offers for purchase from individuals who are relocating but is paid by salary based on hours worked, with a bonus for production.

What are Licensee A and B’s relationships with ABC Realty?

25. The need to protect the public's health and safety against poor construction practices has resulted in the enactment of

26. Which of the following property valuation estimates or reports would have to be prepared by a licensed or certified appraiser?

27. A seller wants $120,000 for a home and still owes $20,000 of the original loan at 7% interest. The current interest rate is 12%. A buyer can pay $60,000 down and wants to carry a mortgage that includes the seller’s $20,000 existing mortgage and the remaining $40,000 for a total of $60,000 at an interest rate of 10%.

What kind of mortgage loan is this?

28. A motel is the subject of an appraisal and it is determined that a rerouting of a county highway has limited customer access to the motel. This is an example of

29. An owner has a freestanding cabinet that was custom-built to fit an alcove of the living room.

When the owner sells the home, the cabinet will be best described as

30. Prospective buyers for a house want to operate a recycling center in their backyard. Local zoning laws do not allow this.

What do they need to do first?

31. A buyer wants to purchase a home for $150,000 with a 30% down payment. The lender charges 1.75 points.

How much money does the buyer need up front to make the purchase?

32. A real estate licensee is a partial owner of a local inspection company. It is permissible for the licensee to tell all clients to use this company when

33. Before it was recognized as a health hazard, asbestos was commonly used as insulation in residential and commercial construction because it is

34. A buyer is considering a property in one of the subdivisions of a Planned Unit Development (PUD). The buyer noticed nearby properties having detached garages and workshops. The buyer mentions to their agent that they want to build a detached building on the back of the lot for a home business. There is an HOA for this subdivision. Additionally, there are overarching covenants, conditions, and restrictions (CC&Rs) for the PUD.

What actions, if any, should be taken by the broker to assure the buyer can use the property as they wish?

35. Time is of the essence means

36. The purpose of Regulation Z is to

37. A buyer is purchasing a 3-acre property and is paying $12,000 per acre. The cooperating fee is 3½% of the sale price. The buyer's agent will receive 55% of the cooperating fee from a broker.

How much commission did the buyer's agent receive?

38. Who establishes zoning ordinances?

39. A broker has a single agency relationship with the seller. Any required property condition disclosure would be completed by the

40. A property manager has successfully negotiated the lease of a home built in 1965 to tenants who have no children. Regarding disclosure of lead-based paint, the property manager should

41. The broker has a single agency relationship with the seller. The broker will show the property to a buyer who is a customer. The broker must disclose that the

42. A first-year licensee without either a degree in finance, or a strong background in real estate investment should generally refrain from

43. An example of modular construction is

44. A licensee must provide disclosure of licensed status when acting as a principal if

45. To avoid triggering full disclosure under TILA when advertising financing availability on a listed property, which of the following statements must a real estate licensee avoid using?

46. The two clauses in a mortgage which allow the lender to proceed with a foreclosure sale are which of the following?

47. When lending standards are tightened, lenders typically require

48. A subordination agreement is used to

49. Which of the following is among the typical responsibilities of a residential property manager?

50. In a jurisdiction where a seller's property condition disclosure is required, the licensee is responsible for