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| Section | Weight | Objectives |
|---|---|---|
| Massachusetts Real Estate Law | 33% | - Massachusetts License Law
|
| General Real Estate Knowledge | 67% | - Laws of Agency
|
>> Real Massachusetts-Real-Estate-Salesperson Exam Answers <<
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NEW QUESTION # 241
To whom may a Massachusetts employing broker lawfully pay part of the brokerage compensation earned in a transaction?
Answer: D
Explanation:
The correct answer is A. A licensed employing broker may compensate an affiliated licensed salesperson according to the employment or independent-contractor compensation agreement between them.
Massachusetts salespersons do not operate independent brokerages and cannot receive brokerage compensation directly from consumers for licensed services outside the employing-broker relationship.
Compensation therefore flows through the responsible broker.
The broker may also enter lawful compensation arrangements with other appropriately licensed brokers.
However, paying an unlicensed person for activities requiring a real-estate license presents a serious licensing violation.
Candidates must distinguish legitimate administrative wages from transaction-based compensation for brokerage activity. An unlicensed employee can be paid for lawful clerical or administrative work, but cannot receive brokerage compensation for performing activities such as soliciting listings, negotiating transactions, or otherwise acting as a broker or salesperson without the required license.
Commission percentages and salesperson splits are negotiated rather than fixed by Massachusetts law.
Study Guide Reference: Massachusetts License Law - Broker/Salesperson Compensation, Licensing Requirements and Supervision.
NEW QUESTION # 242
Which of the following statements is false?
Answer: C
Explanation:
C is false. Alluvion refers to soil, sediment, or other material deposited gradually by the action of water, typically along a riverbank or shoreline. The gradual addition of land through such deposits is associated with accretion.
Material transported and deposited by wind is described as aeolian or eolian material, not alluvion. That distinction becomes important again later in this question set.
The remaining propositions have been corrected so that the question has only one defensible answer. Fannie Mae was established in 1938 and became a major source of liquidity in the secondary mortgage market.
Massachusetts Board contract curriculum also expressly recognizes that listing agreements can be oral or written, even though written agreements are much safer because they document scope, duration, compensation, authority, and other terms.
Finally, eminent domain is the government ' s underlying power to acquire private property for public purposes subject to constitutional requirements; condemnation is the legal procedure used to exercise that power.
Study Guide Reference: Property Ownership - water-related changes to land; Contracts; Government Powers affecting real estate.
NEW QUESTION # 243
A person leaves an estate as follows: 54% to a spouse, 18% to a daughter, 16% to a son, and the remainder to a church. The church receives $79,000. Approximately how much does the daughter receive?
Answer: C
Explanation:
The correct answer is C, approximately $118,500.
First determine the percentage going to the church:
54% + 18% + 16% = 88%
Therefore:
100% # 88% = 12% to the church
If 12% equals $79,000, determine the total estate:
$79,000 ÷ 0.12 = $658,333.33
The daughter ' s share is 18%:
$658,333.33 × 0.18 = $118,500
Therefore C is correct.
An efficient alternative is to compare the daughter ' s 18% directly to the church ' s 12%:
18 ÷ 12 = 1.5
$79,000 × 1.5 = $118,500
Both methods produce the same answer.
The problem is primarily a percentage calculation, not a Massachusetts intestacy problem, because the decedent expressly specifies the distributions. Actual estate administration can involve debts, taxes, probate costs, non-probate assets, and other considerations.
Study Guide Reference: Real Estate Calculations - Percentages, Estates and Distribution Calculations.
NEW QUESTION # 244
An offer of $569,000 is verbally accepted by a seller. Two hours later an offer of $589,000 is presented to the seller, which the seller accepts in writing. Based on the above situation the first buyer is
Answer: D
Explanation:
Under Massachusetts law and the Statute of Frauds (M.G.L. c. 259), all contracts for the sale of real property must be in writing and signed to be enforceable. A verbal acceptance of an offer does not create a binding real estate contract. Therefore, when the seller verbally accepted the first offer of $569,000, no enforceable agreement was formed.
Later, when the seller accepted the $589,000 offer in writing, that acceptance created the first legally binding contract because it was in writing and signed. The first buyer cannot compel the seller to sell to them, as there was no enforceable written agreement.
Thus, the first buyer is not entitled to purchase the property. Only the second, written offer created enforceable contractual rights.
Reference: Massachusetts General Laws Chapter 259 (Statute of Frauds); Massachusetts Real Estate Candidate Information Bulletin, Section: Contracts.
NEW QUESTION # 245
Deposit money received by a salesperson must be turned over to the salesperson's broker
Answer: C
Explanation:
Under 254 CMR 3.10, all deposit money received by a salesperson must be immediately turned over to the salesperson's broker for deposit into the escrow account. It is the broker's responsibility to ensure that the funds are properly held and protected, not the salesperson's.
The rule is clear that the funds should be handed over immediately. Any delay in submitting the funds to the broker could violate escrow rules and could result in disciplinary action.
Reference: 254 CMR 3.10 - Handling of Client Funds; Massachusetts Real Estate Candidate Information Bulletin - Escrow Procedures.
NEW QUESTION # 246
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