Freedom Trail After Class Quizzes Flashcards

Freedom Trail After Class Quizzes Flashcards Which of the following are protected classes in both Federal and Massachusetts State Fair Housing law?National origin, religion, and familial status A property owner adopts a 4 year old child. Their home, which they own, was built in 1963. What is their lead paint requirement?They must de-lead the house within 90 days Even with title insurance, owners of real estate will likely

still suffer losses arising from:

Defects found in recorded public records

The offer directly leads to the creation of: The purchase and sale agreement

May a listing agent recommend a home inspector? No Nick gets a loan where he pays only his 5% interest during the duration of the loan, and must pay off the principal in its

entirety on his last payment. This is a:

Straight loan How many days notice do you get for a Board hearing?10 days An agent is selling a house they know is contaminated by chlordane. Can the house be sold?Yes so long as it is disclosed

PMI is paid for by the:Buyer

A property receives an NOI of $14,350. Similar properties in the area see a cap rate of 4.5%. This property is

therefore worth approximately:

$318,888

Fair housing outlaws discrimination based on: Protected classes

Under a quitclaim deed, the grantor is responsible for:Nothing

A written listing would most likely create which type of agency?Express

A nuncupative will is a will that was/is: Verbal

In MOST states, foreclosed property is sold through:Auction

To be valid, every deed must:Be signed by the grantor

Who issues real estate licenses?The Board of Registration

A property manager is most often considered a(n): General Agent

The special agent in a real estate transaction is the:Broker

1 point is:1% of the loan

Tom wants to build a neighborhood pharmacy in an area zoned for residential use. Which of the following would MOST likely be used to obtain permission for this store?A conditional use permit An 8 bed 6 bath home is built in a neighborhood of nice 2-3 bedroom homes. When the home is sold, the sales price is lower than the owners had expected. This is most likely

because of:

Over improvement A broker who is the seller's agent tells a buyer that the property taxes in a particular neighborhood are among the lowest in the area. The buyer relies on this statement and makes an offer on a house in the neighborhood and enters

into a purchase and sale agreement with the seller. Before closing, the buyer finds out that the taxes are actually among the highest in the area. The legal status of the

purchase contract is:

Voidable

A municipal property tax lien is:Involuntary and specific

FHA loans are made by:Qualified lenders

What are the maximum damages under 93A?Treble with attorney fees

Property managers represent:The landloard

The grantee under the deed is the:Buyer

Under the Fair Housing Act and its amendments, which of the following is protected?Religion, race, disability Which of the following would likely get a real estate agent in trouble under Massachusetts Fair Housing law?Only working with people who are under 35 years old Who makes the loan?Mortgage bankers All of the following are protected under the Fair Housing

Act of 1968 and its amendments EXCEPT for:

Public assistance - ONLY MASS not federal A shopping center most likely uses which of the following

for its tenants:

A percentage lease A loan whose amortization period is longer than its

payment period is a:

Balloon loan Which of the following is NOT a bilateral contract?An option A title insurance policy providing for mortgagee protection

would protect:

The lender Who of the following has to follow fair housing law?Everyone

The Doctrine of Private has to do with:The right to sue under a contract

Under the law of agency, licensees owe their clients all of

the following duties except:

Indemnification

An employing broker is a real estate salesperson's:Principal

A survey reads: the north half of section 12, township 9

north of the parallel, range 5 west of the principal meridian.How big of an area is this?320 acres Properties built before when MUST have a smoke detector certificate to be sold 1975 The primary difference between a salesperson and a

broker is:

Only brokers can work for themselves Mark owns a home next to a small creek. His property line

is most likely:

The middle of the creek A property owned in severalty has how many owners?1

An example of an emblement is:Corn

Katie is the owner of a 3 family property in Boston, MA that was built in 1930. She wants to rent out her first floor apartment and since she lives on the 3rd floor of her home, she would have the Fair Housing exception to do what?Nothing Most states generally follow one of two basic doctrines

regarding water rights: either riparian and littoral rights are

automatically conveyed with property, or all water rights are controlled by the state under the doctrine of prior appropriation. Riparian rights are MOST likely to be

followed in:

The original 13 colonies

Aeolian soil is deposited by:Wind

A federal tax lien is:Involuntary and general

If the location of a property is its major selling feature, which of the following would be the most correct way to express this in marketing?Close to all of the best shops and restaurants When meeting a client for the first time, it is best to avoid asking which of the following questions?Where are you from?An appraiser is evaluating the value of a church. Which appraisal method will they likely use?Cost

A voidable contract is:Valid until voided

The maximum LTV allowed under FHA financing is: 96.5%

A property's roof needs to be replaced. This is: Physical deterioration

Condominiums are conveyed via:Unit deeds

Under an installment sales contract, the vender holds:Equitable title

A rental property has three apartments. They rent for $1,000 per month, $2,500 per month, and $1,200 per month. The property is on the market for $200,000. What is the monthly GRM based on the asking price?

42.55 A property sells for $502,150 in Suffolk County. The cost

for recording stamps is:

$2291.40

Tom buys Sarah's house. As part of the sale, Sarah receives a note and a mortgage from Tom for part of the

purchase price. This arrangement is a:

Purchase money mortgage According to the Fair Housing Amendments, the landlord of a 10 unit apartment building would never be able to deny a

tenant occupancy based on:

Sex A nice five story office building without an elevator sold for less than its owner had expected, based on office building sales prices in the area. What might help explain the lower sales price?Functional obsolescence If a client arrives to an appointment to view apartments and brings their dog wearing a service animal vest with them, what should the real estate agent do?Don't ask anything A non-freehold interest is an interest that provides a right

of:

Possession An agent receives a restaurant gift certificate from their client's lawyer as thanks for referring the client to the lawyer. Have they risked their license?Yes because of the undisclosed kickback If leased premises become unusable for the purpose state in the lease, the tenant may have the right to abandon the

premises under:

Constructive eviction Rachel sells her house to Thomas, subject to an existing loan. Thomas later defaults on the loan. Which is most correct?Only Rachel's credit will be impacted

Redlining is:Discrimination in lending