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

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) The buyer's broker can provide samples so that when the licensee and the borrower prepare the forms they are following a good example.
B) 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.
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. Deposit money received by a salesperson must be turned over to the salesperson's broker

A) At the signing of the purchase and sale agreement.
B) At the date specified in the offer to purchase.
C) Within three days.
D) Immediately.

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

A) any relative of the licensee has ever lived in the residence.
B) the licensee has any economic interest in the property.
C) the licensee does not have errors and omission insurance.
D) the agent of the other party asks about this specifically.

4. 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

A) the licensee discloses the interest in the company to the client.
B) the client does not ask for other recommendations.
C) it is in the best interest of the client.
D) the licensee does not know any of the other title companies in the area.

5. A 2-year lease on a property has expired. The owner permits the tenant to remain in the house while a new lease is being negotiated. Which of the following types of interest does the tenant now have?

A) tenancy from year to year
B) tenancy at sufferance
C) tenancy in common
D) tenancy at will

Solutions: