Practice Exam: Massachusetts State- Exam Questions - Prepagent

Practice Exam: Massachusetts State- Exam Questions - Prepagent

Flashcards Brian listed his house for sale with Susan on February 1.The listing agreement specified five months but in April, Brian changed his mind and decided the house was no longer for sale. Which of the following is a true statement?A. Brian is required by law to leave his house on the market until June.B. Brian has canceled the agreement and if the broker also agrees, there are no penalties.C. The Massachusetts Board of Registration of Real Estate Brokers and Salespersons will decide if Brian's action is justifiable.D. Brian has withdraw the broker's authority to sell the property and may be subjected to a penalty.

• Brian has canceled the agreement and if the broker also

agrees, there are no penalties.What is the penalty for an unlicensed person who engages in activities that require a real estate license?A. fine not to exceed $500B. civil penalty of $5000 in addition to other penalties provided by lawC. civil penalty not to exceed $5000 and one year imprisonmentD. fine not to exceed $1000

• fine not to exceed $500

Leslie's listing agreement with Mr. and Mrs. Wilson has expired and they have listed with a different brokerage firm.When Leslie has a buyer who is interested in the Wilson property, which of the following is correct?A. Leslie cannot represent the buyer.B. Leslie cannot disclose to the buyer any offers received on the Wilson property while he had the listing.C. Leslie cannot disclose to the buyer any information about the physical condition of the property.D.Leslie is a dual agent.

• Leslie cannot disclose to the buyer any offers received

on the Wilson property while he had the listing.Abby Drunn requested this listing for the Real Estate

section of the phone directory: "Abby Drunn, Real Estate

Salesperson, Residential Property Is My Specialty." Which of the following must she also include?A. He license number.B. Her license number and expiration date.C. The name of her employing broker.D. Her street address.

• The name of her employing broker.

Denny is selling his house and told his broker he needed to walk away with $100,000. The broker accepted the listing and sold it for $179,000. After giving Denny the $100,000, the broker kept the remaining money. Which of the following is correct?A. The broker accepted an illegal listing.B. the broker's commission exceeds statutory guidelinesC. the broker had a duty to sell the house for as much as possibleD. All of the other options are correct

• The broker accepted an illegal listing.

Which of the following is true relative to a broker's commission in a real estate transaction?A. any dispute will be determined through arbitration by the BoardB. it must be paid with cash or a cashier's check at the closingC. it must be stated in the listing agreement and is negotiated between the broker and sellerD. it is determined according to the standard relates set by agreement of local real estate brokers

• it must be stated in the listing agreement and is

negotiated between the broker and seller A broker knows that the property he represents has a roof that leaks and that it previous owner committed suicide in the garage. What is the broker required to disclose?A. the suicide, but not the roof problem unless askedB. both factsC. neither factD. the roof problem, but not the suicide unless asked

• the roof problem, but not the suicide unless asked

With whom should a complaint be filed when a person believes he or she has been a victim of illegal discrimination in Massachusetts?A. the Massachusetts attorney generalB. Board of RealtorsC. Board of Registration of Real Estate Brokers and SalespersonsD.Massachusetts Commission Against Discrimination

• Massachusetts Commission Against Discrimination

Prior to a closing in Massachusetts, who is responsible for calculating the prorations between the buyer and seller, searching the title, and preparing the mortgage note?A.closing attorneyB. broker must maintain an office in the state where he residesC. lenderD. salesperson

• closing attorney

Which of the following activities is NOT considered "engaging in the real estate business"?A. reselling a mobile homeB. negotiating real estateC. selling real estateD.listing real estate

• reselling a mobile home

Which of the following activities can be performed by a real estate broker or salesperson?A. provide an opinion on a property's valueB. perform an appraisalC. conduct a home inspectionD. take a mortgage application

• provide an opinion on a property's value

When received by a broker on behalf of a principal, when must funds be deposited in an escrow or trust account?A.within three business days of receiving the offerB. within 3 days of obtaining all signatures for the contractC.immediatelyD. within five business days of receiving the offer

• immediately

When a salesperson wishes to terminate an affiliation with an employing broker, what are the procedures that must be followed?A. return his or her license to the Board of Registration of Real Estate Brokers and Salespersons along with a letter of terminationB. provide the broker with notice of termination and provide the Board of Registration

of Real Estate Brokers and Salespersons with written notice of terminationC. no procedures are dictates; the broker is responsible for appropriate notificationD. return all customer cards to the employing broker

• provide the broker with notice of termination and provide

the Board of Registration of Real Estate Brokers and Salespersons with written notice of termination Which of the following is NOT a requirement for escrow account record keeping?A. the date of the deposit and from whom the broker received the moniesB. the date of the

deposit and the check numberC. the date of withdrawal and the name of the person receiving the fundsD. the name of the salesperson who holds the escrow funds

• the name of the salesperson who holds the escrow

funds