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Real estate

QuestionAnswer
Deposit money turned over to a salesperson must be turned over within? Immediately
Under the Massachusetts license law a none inactive licensee may receive referral fees only? Active Broker
An inactive license may receive referral fees only? When the license is affiliated with an active broker as a rental agent
A salesperson may receive a bonus upon consummation of sales if bonus is paid directly by? -Sales broker Sales broker
A salesperson must complete how many hours of education to renew a license? 12 hours
.A landlord who collects last month's rent and a security deposit at the beginning of a rental agreement with a tenant who is a college student is required to pay? Interest on the security deposit only
A person who owns a cooperative receives? Proprietary Lease
A licensed salesperson must give written notice to the board of registration? Receiving the realtor designation
The Massachusetts Sanitary Code requires landlords to? Provide a statement of condition within 30 days of the lease.
In a firm whose business model is an agency design, who represents the client named in the consumer licensee disclosure form? Only the individual agents named on the consumer license disclosure form
Monday, June 12, of a new home that was scheduled to close on Friday, June 16. When Mrs buyer arrives for the closing on Friday, she learns that a prepayment penalty has been added to the terms of her loan. TRID rules dictate that? Closing may continue as planned as long as Mrs. Buyer accepts the new loan term in writing.
The legal remedy for canceling a contract and restoring the parties to their original positions is called? Rescission
The Massachusetts Consumer Protection Act (MGL c. 93A) does NOT apply to which of the following persons? Owners who sell their homes privately
A seller's property condition disclosure constitutes? A statement of the seller's actual knowledge
Which of the following statements in advertisement would be an example of non-discriminatory language under HUD's Fair Housing Advertisement guidelines? nice home ideal for any family with children
A borrower who was making payments (principal plus interest) on a loan was required to make a balloon payment at the end of a -? Term loan
A broker who has listed a property for sale cannot legally? Become a dual agent
Which of the following is LEAST likely to be establishing the value of a property by the sales comparison approach? The capitalization rate
Licensee R meets their buyer-client to discuss a property that licensee R has listed. The buyer expressed interest in the property before viewing it and stated to Licensee R that the asking price was too high. In this scenario, when is dual agency created At the signing of purchase and sale
Which of the following activities may result in a fine from the Massachusetts Commision Against Discrimination (MCAD) against a licensee? Blockbusting
The records of deposit money which a broker has received must? List the deposits and the commissions seperartely
The purpose of a reverse mortgage is to? Grant the mortgagee priority over certain liens
Sally is a broker whose very good friend Jane is a broker with a competing company. They are having coffee and comparing the amount of commission they should each require from their clients. Which of the antitrust laws might a person from an adjoining tab Sally and her friend appear to be discussing illegal price fixing
Which of the following would be prorated at closing with the credit going to the seller? Unearned rent collected in advance
Which of the following rentals require a letter of interim control or a letter of compliance when the property is built prior to 1978? Four-room apartment rented for one year to a family with a four year old
Which of the following is incorrect is incorrect regarding carbon monoxide inspection ? The inspection must be completed as a prerequisite to sell a residential property burning fossil fuel
A broker hires a salaried personal assistant to help manage the workload. The personal assistant procures listings by telephone for the broker. The personal assistant MUST be? A professional telemarketer
The listing agent believes the metes and bounds legal description of the property she has listed is incorrect. What action should be taken at this point? The agent should contact the municipality and make the corrections at the courthouse
Created by: 401alicia
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