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Real Estate Massachusetts Real Estate Salesperson Sample Questions:
1. Based on the common law of agency, which of the following would always be an agent's duty?
A) analyzing the preliminary title report and advising the buyer regarding exceptions listed
B) disclosing that the reason a client is selling is an impending divorce
C) placing the interests of the principal above all others, including the agent's own interests
D) hiring a contractor to repair a listing with a leaky roof
2. An appraisal made by a certified appraiser is required
A) before real property can transfer from one owner to another.
B) before any property settlement in a divorce.
C) when heirs receive property.
D) when the buyer is using an FHA loan to purchase.
3. An escrow or trust account is often held by a lender to pay
A) interest on a loan.
B) the bank's outstanding invoices.
C) property taxes and insurance payments.
D) mortgage payments.
4. 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) The managing broker should train licensees to advise borrowers to accept the Loan Estimate right away.
C) 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.
D) 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.
5. 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
A) $128,500
B) $148,500
C) $147,500
D) $123,500
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: C |





