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| Section | Objectives |
|---|---|
| Topic 1: National Real Estate Principles & Practices | - Financing
|
| Topic 2: Massachusetts State-Specific Real Estate Law | - State Licensing Laws
|
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NEW QUESTION # 351
Which of the following statements about the leasing of apartments in Massachusetts is correct?
Answer: D
Explanation:
In Massachusetts, tenancies at will are legally enforceable and governed by M.G.L. c. 186, 12. This type of tenancy exists without a fixed lease term and continues until terminated by proper notice (30 days or one full rental period, whichever is longer).
Other options are incorrect:
Security deposits (M.G.L. c. 186, 15B) accrue interest from the date received, not after one year.
Leases do not terminate when property is sold; the new owner assumes the landlord's obligations under the lease.
Death of the landlord does not terminate a lease; the landlord's estate or heirs become the landlord under Massachusetts law.
Therefore, the correct statement is that tenancies at will are enforceable under the law.
Reference: M.G.L. c. 186, 12 & 15B; Massachusetts Sanitary Code 105 CMR 410.
NEW QUESTION # 352
A buyer wants to purchase a home for $275,000 with a 20% down payment. The lender charges 2.25 points.
How much money does the buyer need up front to make the purchase?
Answer: C
Explanation:
However, since $59,950 is listed as choice D, we must check: The question may include additional closing costs rounding. If the "buyer up front" means down payment plus points and some prorations, the closest correct exam-standard answer is B: $61,188.
But strictly by math, the correct total is $59,950 (D).
(Answer key seems misaligned; official math gives $59,950.)
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Math/Financing (Down payments, points).
NEW QUESTION # 353
After underwriting a mortgage application, a lender issues a written document stating that it agrees to make the loan subject to specified terms and outstanding conditions. What is this document commonly called?
Answer: B
Explanation:
The correct answer is B, Mortgage commitment letter. A mortgage commitment is a lender ' s written indication that the lender has approved or committed to the proposed mortgage subject to the specific terms, conditions, expiration dates, documentation, property requirements, and other conditions stated in the commitment.
It is materially different from prequalification or preapproval. Those earlier underwriting stages can provide evidence of borrowing capacity but do not necessarily constitute the final lender commitment required by a purchase agreement ' s financing contingency.
Massachusetts Board offers curriculum distinguishes prequalification and preapproval and specifically recognizes mortgage contingencies as key provisions of purchase offers.
A buyer relying on a financing contingency must carefully comply with contractual deadlines and requirements. Receiving a conditional commitment does not mean every condition has necessarily been satisfied or that closing funds are unconditionally guaranteed. Employment verification, appraisal, title, insurance, credit changes, property condition, and other matters can remain outstanding.
Study Guide Reference: Financing/Contracts - Mortgage Commitments, Preapproval and Financing Contingencies.
NEW QUESTION # 354
Before an applicable Massachusetts residential property is sold or transferred, what fire-safety documentation is generally required?
Answer: D
Explanation:
The correct answer is A. Massachusetts requires a certificate of compliance from the local fire department showing that required smoke and carbon-monoxide alarms meet applicable standards when an affected home is sold or transferred.
The property ' s age and renovation history can affect which alarm configuration is required, so owners should determine the building ' s construction history and coordinate an inspection with the local fire department before closing.
The certificate concerns fire and carbon-monoxide safety, not title quality, property value, or sewage disposal.
Title 5 is a separate environmental requirement applicable to properties served by qualifying on-site septic systems.
This is a Massachusetts-specific closing requirement. Brokers should help ensure clients understand that an inspection may need to be scheduled after the closing date has been established, but they should not certify alarm compliance themselves.
Study Guide Reference: Practice of Real Estate - Massachusetts Smoke and Carbon-Monoxide Alarm Requirements.
NEW QUESTION # 355
A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were for members only. Is the club in violation of the federal Fair Housing Act, and if so, how?
Answer: A
Explanation:
Comprehensive and Detailed Explanation (150-250 words):
The federal Fair Housing Act (Title VIII of the Civil Rights Act of 1968) prohibits housing discrimination based on race, color, religion, sex, national origin, familial status, or disability. While the Act contains limited exemptions for private clubs and religious organizations, no exemption applies when race is involved.
Therefore, even if the club limits occupancy to members, it cannot refuse to rent based on race. Race discrimination is always illegal, regardless of ownership type or membership restrictions.
B is incorrect: minority membership status does not determine exemption.
C is false: no private club exemption allows racial discrimination.
D misstates the exemption; private clubs may limit lodging to members, but not on the basis of race.
Thus, the correct answer is A: when race is involved, no exemptions apply.
Reference: Fair Housing Act, 42 U.S.C. 3604; Massachusetts Real Estate Salesperson Candidate Handbook
- Fair Housing.
NEW QUESTION # 356
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