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| Section | Objectives |
|---|---|
| Topic 1: Massachusetts State-Specific Real Estate Law | - State Licensing Laws
|
| Topic 2: National Real Estate Principles & Practices | - Property Ownership
|
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NEW QUESTION # 169
Which of the following is true about mortgage assumptions?
Answer: B
Explanation:
Comprehensive and Detailed Explanation (150-250 words):
When a mortgage is assumed, the buyer takes over the existing loan obligations. The buyer typically becomes personally liable for the debt if the lender approves the assumption, but the seller remains liable unless formally released by the lender through a novation.
Thus, the seller "may or may not be released" depending on lender approval. The assumption is different from a "subject to" transaction, where the buyer makes payments but is not personally liable.
A is incorrect: the buyer is not relieved of liability-they are assuming it.
C is incorrect: a new note is not signed; the existing obligation is assumed.
D is incorrect: transfer of a deed does not release liability; only lender approval/novation does.
Therefore, the correct answer is B.
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Financing; Assumptions vs.
"Subject To" Mortgages.
NEW QUESTION # 170
A property sells for $140,000. The buyer obtains an FHA-insured mortgage of $138,500. The lender charges four discount points. How much do the four points equal?
Answer: C
Explanation:
The correct answer is B, $5,540.
One mortgage point equals 1% of the loan amount, not 1% of the property ' s purchase price.
The mortgage principal is $138,500.
Therefore:
$138,500 × 4% = $5,540
Thus B is correct.
Using the $140,000 sales price would produce $5,600, which is a common distractor. The points must be calculated against the mortgage amount given in the problem.
Discount points are essentially an upfront financing charge associated with the interest pricing of a mortgage.
Depending on the loan program and transaction, points may be paid by the borrower, seller, or another permitted party subject to applicable mortgage requirements.
Massachusetts Board financing curriculum expressly covers FHA financing, loan terms, and mortgage expenses.
Candidates should always identify the loan principal first before performing a mortgage-point calculation.
Study Guide Reference: Financing/Real Estate Calculations - FHA Mortgages and Discount Points.
NEW QUESTION # 171
A contract is delivered to the listing broker by a cooperating broker. The listing broker makes an appointment with the owner to present the offer at 7 p.m. of that day. Before 7 p.m., two more offers arrive on the same property. Which offer should be presented to the owner at the 7 p.m. appointment?
Answer: C
Explanation:
A Massachusetts real estate licensee has a fiduciary duty of full disclosure and obedience to the client (the seller). That means the listing broker must present all offers promptly and in full to the seller, regardless of the order received or whether one seems more favorable.
The Massachusetts Board of Registration of Real Estate Brokers and Salespersons emphasizes that withholding offers or "screening" them based on price, terms, or timing constitutes a violation of fiduciary duty and can result in disciplinary action. The seller has the exclusive right to decide which offer to accept, reject, or counter. The broker's responsibility is only to deliver all offers in a timely fashion.
Therefore, at the 7 p.m. appointment, the listing broker must present all three offers that had been received. It would be improper to withhold later offers or to select the "best" offer unilaterally.
Reference: Massachusetts Real Estate Salesperson Candidate Information Bulletin; 254 CMR 3.00:
Obligations to the Client; National Association of REALTORS Code of Ethics, Article 1.
NEW QUESTION # 172
Under the Equal Credit Opportunity Act, a mortgage lender may not deny an otherwise qualifying applicant merely because the applicant is:
Answer: B
Explanation:
The correct answer is A, Unmarried. The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination on specified protected bases, including marital status.
The CFPB states that creditors may not discriminate based on race, color, religion, national origin, sex, marital status, age, receipt of public-assistance income, and other statutorily protected circumstances.
Current Regulation B further requires creditors to evaluate married and unmarried applicants under the same standards except where law permits consideration of marital status for a legitimate purpose such as determining property rights and remedies.
ECOA does not require a lender to approve an applicant who fails legitimate underwriting standards. Lenders may generally evaluate income, debt, credit history, repayment ability, and collateral according to lawful nondiscriminatory criteria.
Therefore, inability to document qualifying income or excessive debt can legitimately affect underwriting, while being single or unmarried cannot itself justify adverse credit treatment.
Study Guide Reference: Financing - Equal Credit Opportunity Act and Regulation B.
NEW QUESTION # 173
The two clauses in a mortgage which allow the lender to proceed with a foreclosure sale are which of the following?
Answer: D
Explanation:
Comprehensive and Detailed Explanation (150-250 words):
Two key clauses permit a lender to enforce foreclosure:
Acceleration clause - allows the lender to declare the entire debt immediately due and payable if the borrower defaults. Without this clause, the lender could only sue for past-due installments.
Power of sale clause - common in Massachusetts "title theory" mortgages, it authorizes the lender to sell the property at public auction without going through full judicial foreclosure.
The alienation clause (also called a "due-on-sale" clause) allows the lender to demand payoff when the property is transferred, not for foreclosure. The escalation clause allows interest rate or payment adjustments, not foreclosure.
Therefore, the correct pair that authorizes foreclosure is D: acceleration clause and power of sale clause.
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Financing Instruments; M.G.L. c.
183 21 (Power of Sale Foreclosure).
NEW QUESTION # 174
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