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

SectionObjectives
National Real Estate Principles & Practices- Agency Principles
  • 1. Disclosure requirements
    • 2. Fiduciary duties
      - Valuation and Market Analysis
      • 1. Comparative market analysis
        • 2. Appraisal principles
          - Property Ownership
          • 1. Land use and regulations
            • 2. Types of ownership (fee simple, leasehold)
              - Land Use Controls & Regulations
              • 1. Environmental regulations
                • 2. Zoning laws
                  - Financing
                  • 1. Mortgage types
                    • 2. Loan origination process
                      - Contracts
                      • 1. Listing agreements
                        • 2. Purchase and sale agreements
                          Massachusetts State-Specific Real Estate Law- Fair Housing and Anti-Discrimination Laws
                          • 1. Massachusetts fair housing rules
                            • 2. Federal Fair Housing Act
                              - State Licensing Laws
                              • 1. License law and regulations
                                • 2. Broker and salesperson requirements
                                  - Real Estate Practices in Massachusetts
                                  • 1. Transaction procedures
                                    • 2. Escrow and trust accounts

                                      Real Estate Massachusetts Real Estate Salesperson Sample Questions:

                                      A veteran has applied for a VA loan to purchase a house with a sale price of $90,000. The Department of Veterans Affairs (VA) appraised the house at $85,000. In this situation, the veteran

                                      • A. may buy the property with the VA loan only if the seller agrees to take back a second mortgage for
                                        $5,000.
                                      • B. may use the VA loan to buy the house after making a down payment of $5,000.
                                      • C. may buy the property with the VA loan only if the price is reduced to $85,000.
                                      • D. cannot secure a VA loan because such loans are limited to a maximum of $75,000.
                                      Reveal Solution  Discussion  0

                                      Correct Answer: B  🗳️

                                      Explanation: Only visible for Lead1Pass members. You can sign-up / login (it's free).

                                      In a listing agreement, the broker promises to use professional efforts to market the seller ' s property and procure a buyer, while the seller promises agreed compensation if the contractual conditions are satisfied.
                                      What contract element is represented by these exchanged promises?

                                      • A. Recordation
                                      • B. Novation
                                      • C. Estoppel
                                      • D. Consideration
                                      Reveal Solution  Discussion  0

                                      Correct Answer: D  🗳️

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                                      A client makes an offer on a residential property and provides a check for $2,000 as earnest money. The client instructs his buyer agent to hold the check for five days so it will clear the bank. What should the agent do with the check?

                                      • A. Hold it for five days before submitting the check to his broker for deposit in the escrow account.
                                      • B. Provide the check to his broker immediately with the client ' s instruction to hold it for five days before depositing it in the escrow account.
                                      • C. Inform the client that the offer will be presented without any earnest money since the agent is required to submit all offers.
                                      • D. Refuse to present the offer to the seller ' s agent until the earnest money can be deposited.
                                      Reveal Solution  Discussion  0

                                      Correct Answer: B  🗳️

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                                      A Massachusetts salesperson creates a website advertising personal brokerage services but does not identify the employing broker or brokerage. Is this permitted?

                                      • A. Yes, if no listings appear
                                      • B. Yes, if the salesperson owns the domain
                                      • C. Yes, if the salesperson includes a license number
                                      • D. No, brokerage advertising must conspicuously identify the broker or brokerage
                                      Reveal Solution  Discussion  0

                                      Correct Answer: D  🗳️

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                                      Edwin conveys real estate to Barry, but Barry fails to pay the entire agreed purchase price. In appropriate circumstances, what equitable security interest may Edwin claim for the unpaid balance?

                                      • A. Attachment for rent
                                      • B. Vendor ' s lien
                                      • C. Tax lien
                                      • D. Mechanic ' s lien
                                      Reveal Solution  Discussion  0

                                      Correct Answer: B  🗳️

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