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| Section | Objectives |
|---|---|
| Massachusetts State-Specific Real Estate Law | - Fair Housing and Anti-Discrimination Laws
|
| National Real Estate Principles & Practices | - Contracts
|
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NEW QUESTION # 285
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 # 286
A life estate is classified as which type of estate?
Answer: B
Explanation:
The correct answer is A, Freehold estate. A life estate is an ownership interest in real property whose duration is measured by a human life.
The life tenant has a present possessory ownership interest and generally enjoys rights of possession and use during the measuring life. The interest ends when the measuring life terminates, at which point ownership passes according to the instrument creating the estate-either back to the grantor through a reversion or to another identified person through a remainder.
A non-freehold estate is a leasehold interest, such as an estate for years or periodic tenancy, and does not represent the same ownership status.
An estate at sufferance occurs when a tenant who originally entered possession lawfully remains after the right to possession has expired without the landlord ' s consent.
A life estate also is not inherently co-ownership. One life tenant can hold the present estate while another person holds a separate future interest.
Study Guide Reference: Property Ownership - Freehold Estates; life estates, remainders and reversions.
NEW QUESTION # 287
A broker may withdraw money from the broker's escrow account
Answer: B
Explanation:
Escrow accounts are regulated under 254 CMR 3.10 and Massachusetts licensing law. All deposits, such as earnest money, must be kept in a separate escrow account maintained by the broker. These funds remain the property of the client until the transaction is consummated (closed) or otherwise terminated by mutual agreement or legal judgment.
A broker may only withdraw money when the transaction has been completed or when the parties have agreed in writing how the funds should be disbursed. Brokers cannot use escrow funds to pay commissions, marketing expenses, or other business costs until the closing. Misuse or commingling of escrow funds is a serious violation and can result in license suspension or revocation.
Reference: 254 CMR 3.10 - Handling of Client Funds; M.G.L. c. 112, 87AAA-87DDD.
NEW QUESTION # 288
Deposit money received by a salesperson must be turned over to the salesperson's broker
Answer: B
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 # 289
A qualifying homeowner ' s property has a market value of $150,000. Property is assessed at 40% of market value, and the tax rate is $30 per $1,000 of assessed value. The homeowner receives a $1,000 tax exemption
/credit. What is the resulting tax?
Answer: A
Explanation:
The correct result is $800, making A correct.
First determine assessed value:
$150,000 × 40% = $60,000 assessed value.
Next convert the assessment into $1,000 tax units:
$60,000 ÷ $1,000 = 60 units.
Apply the stated tax rate:
60 × $30 = $1,800 gross property tax.
Finally deduct the $1,000 exemption or credit expressly provided by the facts:
$1,800 # $1,000 = $800.
The candidate should not apply the $1,000 reduction to market value before calculating the assessment unless the question specifically describes an exemption from assessed value rather than a direct tax reduction. Here, the problem ' s intended calculation treats the stated $1,000 amount as a reduction from the computed tax.
The Massachusetts examination outline contains a dedicated Real Estate Calculations competency. Candidates should be comfortable moving between market value, as sessed value, tax rate per $1,000, exemptions, commissions, prorations, loan calculations, and similar numerical scenarios.
Study Guide Reference: Real Estate Calculations - assessed value and property-tax computations.
NEW QUESTION # 290
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