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| Section | Weight | Objectives |
|---|---|---|
| Massachusetts Real Estate Law | 33% | - Massachusetts License Law
|
| General Real Estate Knowledge | 67% | - Real Estate Practice
|
>> Massachusetts-Real-Estate-Salesperson Test Question <<
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NEW QUESTION # 190
A veteran refinances an existing mortgage with a qualifying VA-backed refinance loan. The lender proposes
3.5 discount points. Which statement is most accurate?
Answer: B
Explanation:
The correct answer is B. VA does not categorically prohibit discount points on VA-guaranteed loans. VA ' s lender guidance states that veterans may pay reasonable discount points, with the amount generally determined by agreement between borrower and lender.
There are separate rules concerning whether those points can be financed into the new loan. For an Interest Rate Reduction Refinance Loan, VA guidance provides that up to two discount points may generally be rolled into the loan subject to requirements; additional points would ordinarily need to be paid in cash.
VA currently continues to offer the IRRRL program to eligible borrowers refinancing existing VA-backed mortgages.
Therefore, the older source-bank conclusion that the veteran may proceed despite 3.5 points remains broadly correct, but it should not be interpreted to mean that all 3.5 points can automatically be financed.
Study Guide Reference: Financing - VA Loans, Refinancing and Discount Points.
NEW QUESTION # 191
A buyer is purchasing a $625,000 property. The lender requires a 20% down payment to avoid mortgage insurance. The buyer provided $5,000 in earnest money. The buyer closing costs are $13,000. What is the amount the buyer must bring to settlement to close the transaction?
Answer: A
Explanation:
Comprehensive and Detailed Explanation (150-250 words):
First compute the down payment at 20% of $625,000:
Down payment = $625,000 × 0.20 = $125,000.
Mortgage insurance is avoided because the LTV is 80% (loan of $500,000 on $625,000 purchase), consistent with typical underwriting. Massachusetts exam math emphasizes accurate handling of down payment percentages, credits for deposits, and inclusion of buyer's closing costs. The only choice that matches this computation is $133,000.
References: Massachusetts Real Estate Salesperson Candidate Handbook - Real Estate Math (Down payments, buyer credits/debits, cash to close); Financing basics (LTV and PMI thresholds).
NEW QUESTION # 192
For an ordinary deed conveying Massachusetts real estate, whose signature is fundamentally required as the party making the conveyance?
Answer: C
Explanation:
The correct answer is A, the grantor. The grantor is the person transferring the real-property interest and must properly execute the deed.
The grantee is the recipient of the conveyed interest and ordinarily does not need to sign simply to make the grantor ' s conveyance effective, although particular instruments or transaction arrangements may involve additional signatures.
Massachusetts recording and registered-land procedures also impose acknowledgment requirements. Current Land Court guidance explains that where an acknowledgment is required, the signer appears before the notary, is properly identified, and acknowledges signing voluntarily and for the purposes stated in the document.
A properly executed deed must also adequately identify the parties and property and must ultimately be delivered and accepted for the conveyance to become effective.
The salesperson is not a party to the deed merely because the salesperson handled the brokerage transaction.
Study Guide Reference: Transfer of Title - Grantor/Grantee, Execution of Deeds, Acknowledgment, Delivery and Acceptance.
NEW QUESTION # 193
When a buyer offers earnest money with an offer to purchase, how is the amount of earnest money ordinarily determined?
Answer: A
Explanation:
The correct answer is C. There is no universal Massachusetts rule requiring every purchaser to provide a specific percentage or dollar amount of earnest money. The amount is ordinarily a negotiated contractual term between buyer and seller.
Earnest money demonstrates the buyer ' s commitment and can provide security for contractual obligations, but its treatment depends on the wording of the offer and subsequent purchase-and-sale agreement.
Massachusetts Board contract curriculum specifically lists earnest money among the key terms of an offer to purchase.
Once deposit money comes into a broker ' s possession, Massachusetts escrow regulations become critical.
Unless the parties have agreed otherwise in writing, transaction funds must be placed promptly in the broker ' s escrow account, and the broker has responsibility for those funds until the transaction is consummated or terminated.
Candidates should therefore distinguish how much earnest money is negotiated from how deposited money must subsequently be handled.
Study Guide Reference: Contracts - Offers to Purchase, Earnest Money and Escrow Deposits.
NEW QUESTION # 194
How long is the ordinary Massachusetts real estate license term for continuing-education purposes?
Answer: D
Explanation:
The correct answer is B, Two years. Massachusetts Board guidance states that the twelve-hour continuing- education requirement applies to each two-year license term.
For individual brokers and salespersons, renewal is tied to the licensee ' s birthday during the applicable renewal year. The Board makes licenses available for renewal in advance of expiration and requires completion of the continuing-education requirement before renewal in active status.
Candidates sometimes confuse prelicensing education, license duration, and continuing education. The twelve continuing-education hours are not an annual requirement; they apply across the two-year renewal term.
Business entities and schools also operate on renewal cycles, but candidates should focus on the requirements applicable to their individual salesperson license.
Study Guide Reference: Massachusetts License Law - License Renewal Cycle.
NEW QUESTION # 195
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