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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: General Real Estate Knowledge | 67% | - Real Estate Practice
|
| Topic 2: Massachusetts Real Estate Law | 33% | - Licensing Requirements
|
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NEW QUESTION # 54
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 # 55
Richard, a real estate agent, refuses to show a Muslim family a house because he believes the neighborhood is not "Muslim-friendly" and instead directs them elsewhere. What prohibited practice is this?
Answer: A
Explanation:
The correct answer is C, Steering. Steering occurs when a real estate professional directs prospective purchasers or renters toward or away from particular properties or neighborhoods because of a protected characteristic.
Religion is a protected class under both federal fair-housing law and Massachusetts law. Richard therefore cannot decide which neighborhoods are appropriate for a Muslim family based on the religious composition or perceived attitudes of those neighborhoods.
A licensee should instead respond to objective housing criteria supplied by the client: price, property size, number of bedrooms, transportation access, commute, amenities, location requested by the client, and other lawful preferences.
Redlining traditionally involves discriminatory lending, insurance, or service decisions based on geography or protected-class composition. Blockbusting involves inducing owners to sell by creating fear concerning the entry of protected groups into a neighborhood.
Steering can occur even when an agent claims to be "protecting" the buyer. The professional ' s motive does not make religious segregation lawful.
Study Guide Reference: Practice of Real Estate - Federal and Massachusetts Fair Housing; Steering and Religious Discrimination.
NEW QUESTION # 56
A ranch house with a double garage is being valued. The house next door, which is similar except that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two- car garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck.
The ranch house is most likely to sell for around
Answer: C
Explanation:
NEW QUESTION # 57
Which statement is necessarily true of every valid real estate contract?
Answer: B
Explanation:
D is correct because none of A through C describes a universal requirement for every valid real-estate contract.
Massachusetts contract curriculum identifies the fundamental requirements as competent parties, offer, acceptance, consideration, lawful object, and consent. Different contracts then face additional requirements depending on their subject matter.
The Statute of Frauds requires specified agreements to be evidenced by writing to be enforceable, including contracts for the purchase or sale of real property and agreements that cannot be performed within one year.
However, not every contract encountered in real estate must invariably be written. Massachusetts expressly recognizes that listing agreements can be oral.
Neither a general five-year maximum nor a four-year performance deadline is an essential validity requirement.
Candidates should also distinguish validity from enforceability. A contract can satisfy basic formation principles but encounter a Statute of Frauds defense because required written evidence is missing.
Therefore, the only accurate choice is D.
Study Guide Reference: Contracts - elements of contracts, validity classifications and Massachusetts Statute of Frauds.
NEW QUESTION # 58
Which instrument pledges real property as security for repayment of a debt while allowing the borrower to retain possession?
Answer: B
Explanation:
The correct answer is B, Mortgage. A mortgage is a security instrument that creates an interest or lien in real property to secure performance of an underlying debt, typically evidenced by a promissory note.
The borrower is the mortgagor, and the lender is the mortgagee. The borrower ordinarily remains in possession and use of the property while making scheduled payments.
The promissory note and mortgage perform different legal functions. The note contains the borrower ' s promise to repay. The mortgage provides security against the real property if the borrower defaults.
The ability to pledge property without surrendering possession is commonly described as hypothecation.
A bill of sale conveys personal property. A listing agreement authorizes brokerage services. A proprietary lease is associated primarily with cooperative housing ownership.
If the borrower satisfies the secured debt, the mortgage should be discharged or released according to applicable procedures. If the borrower defaults, the lender may exercise foreclosure remedies subject to Massachusetts law and the mortgage documents.
Study Guide Reference: Financing - Mortgages, Notes, Mortgagor/Mortgagee and Hypothecation.
NEW QUESTION # 59
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