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| Section | Objectives |
|---|---|
| National Real Estate Principles & Practices | - Agency Principles
|
| Massachusetts State-Specific Real Estate Law | - Fair Housing and Anti-Discrimination Laws
|
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NEW QUESTION # 316
A buyer and seller have signed a binding purchase-and-sale agreement, but closing has not yet taken place.
How is the contract classified?
Answer: C
Explanation:
The agreement is executory, making A correct. An executory contract is one in which material obligations remain to be performed. Signing may create binding obligations, but the buyer has not yet paid the final purchase funds, the seller has not yet delivered the deed, and closing conditions may remain outstanding.
An executed contract, in the contract-classification sense, is one whose required performance has been completed. Candidates must not confuse "the parties executed the document," meaning they signed it, with the technical distinction between an executed and executory contract.
Massachusetts Board curriculum explicitly identifies executed versus executory as a required contract classification and separately recognizes purchase-and-sale agreements as core contracts used by licensees.
"Non-recourse" relates to borrower liability in financing and has no bearing on whether a purchase agreement remains to be performed.
The source set repeats this concept because it is a common exam trap: signed but not completed = executory.
Study Guide Reference: Contracts - Purchase and Sale Agreements; executed versus executory contracts.
NEW QUESTION # 317
A mortgage has an interest rate that can periodically increase or decrease according to changes in a specified financial index or benchmark. What type of mortgage is this?
Answer: D
Explanation:
The correct answer is B, Adjustable-rate mortgage (ARM). An ARM has an interest rate that can change after specified intervals based on the loan ' s contractual formula.
The formula typically references an index or benchmark and adds a lender ' s margin. The note also commonly includes adjustment periods, initial-rate periods, periodic caps, and lifetime caps designed to regulate how much the rate and payment can change.
A fixed-rate mortgage maintains the same contractual interest rate for the loan term. A blanket mortgage covers multiple parcels. A reverse mortgage involves a different equity-based financing arrangement for eligible borrowers.
ARMs can initially offer lower rates than comparable fixed-rate loans, but borrowers assume interest-rate risk because future payments may rise if the applicable index increases.
Massachusetts Board financing curriculum specifically includes adjustable-rate mortgage loans among the mortgage types candidates are expected to understand.
Study Guide Reference: Financing - Adjustable-Rate Mortgages, Indexes, Margins and Interest-Rate Adjustments.
NEW QUESTION # 318
A buyer tells an agent that the buyer wants to live in a neighborhood populated predominantly by people of the buyer ' s own protected racial or ethnic group. The agent then directs the buyer only to neighborhoods selected on that basis. What prohibited practice is illustrated?
Answer: B
Explanation:
The correct answer is C, Steering. Steering occurs when a real-estate professional directs buyers or renters toward or away from particular neighborhoods or properties because of race or another protected characteristic.
A buyer ' s own discriminatory preference does not authorize a licensee to participate in discriminatory housing practices. The professional should focus on objective criteria supplied by the buyer-price range, property type, bedroom count, commute, transportation, school proximity without demographic steering, amenities, and other lawful characteristics.
Redlining traditionally concerns discriminatory lending, insurance, or services based on location or protected- class composition. Blockbusting, also known as panic selling or panic peddling, involves inducing owners to sell because members of a protected group are supposedly entering the neighborhood.
Massachusetts housing law prohibits discriminatory treatment in real-estate transactions based on numerous protected characteristics and imposes broader protections than the historic federal minimum.
Study Guide Reference: Practice of Real Estate - Fair Housing; steering, blockbusting and discriminatory practices.
NEW QUESTION # 319
A rectangular lot contains 16,500 square feet. It has a depth of 150 feet. Each of two adjacent rectangular lots contains 4,950 square feet with a depth of 150 feet. What is the total street frontage of the three lots in linear feet?
Answer: A
Explanation:
But notice the answer choices do not include 176 except as D. This matches our calculation.
Therefore, the correct frontage is 176 feet (D).
(Note: The original problem text contained a typo listing 15 ft depth for the smaller lots, which is mathematically inconsistent. With the corrected 150 ft depth, the frontage answer is 176.) Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Math (Area, Frontage, Lot Dimensions).
NEW QUESTION # 320
A Massachusetts broker knows of a serious hidden structural defect that would likely influence a reasonable buyer ' s decision. May the broker remain silent simply because Massachusetts generally follows caveat emptor for sellers?
Answer: C
Explanation:
The correct answer is B. Massachusetts professional obligations and Chapter 93A materially limit any simplistic reliance on caveat emptor by real estate licensees.
Board continuing-education guidance expressly states that known latent or material defects must be disclosed.
Chapter 93A also exposes real estate brokers and salespersons to liability for unfair or deceptive practices where information affecting a purchaser ' s decision is concealed or misrepresented.
The seller and broker do not necessarily have identical disclosure obligations. A private seller may have narrower common-law duties in some circumstances, while the professional licensee is engaged in trade or commerce and is subject to additional consumer-protection standards.
The broker therefore cannot follow a seller ' s unlawful instruction to hide a known material problem. Loyalty to the client never authorizes fraud or deceptive conduct.
Study Guide Reference: Practice of Real Estate - Material Defects, Chapter 93A and Broker Disclosure Duties.
NEW QUESTION # 321
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