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Real Estate Massachusetts Real Estate Salesperson Sample Questions:

1. 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?

A) Because the lender has primary responsibility to provide these forms, the broker and licensees should be aware of the items required for the lender to comply.
B) The buyer's broker can provide samples so that when the licensee and the borrower prepare the forms they are following a good example.
C) Because the listing broker will be primarily responsible for completing the Loan Estimate to send to the lender, the broker should train associated licensees to collect all the necessary information in a timely fashion.
D) The managing broker should train licensees to advise borrowers to accept the Loan Estimate right away.

2. On which of the following must the landlord pay interest when collecting first month, last month, and security deposit?

A) Security deposit and last month
B) Only if they are deposited in an interest-bearing account
C) First month only
D) Last month only

3. While inspecting a tenant-occupied property, the buyer was told by the seller that the microwave oven would be included in the sale price. Upon possession, the buyer learned that the microwave oven belonged to the tenant and not the seller. Is the buyer entitled to the microwave oven?

A) Yes, because all oral contracts for the sale of real property are enforceable.
B) No, because the microwave was the real property of the tenant.
C) No, because the seller did not have the right to include the microwave in the sale.
D) Yes, because the buyer's offer to purchase included all real property.

4. 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

A) quiet title action.
B) specific performance.
C) lis pendens.
D) a deficiency judgment.

5. Which of the following is true about a competitive market analysis?

A) It is used to establish depreciable value.
B) It is useful to the buyer as well as to the seller.
C) It is employed for insurance purposes.
D) It is usually based on local tax assessment.

Solutions: