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| Section | Weight | Objectives |
|---|---|---|
| Massachusetts Real Estate Law | 33% | - Licensing Requirements
|
| General Real Estate Knowledge | 67% | - Valuation and Market Analysis
|
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NEW QUESTION # 270
How is the share of brokerage compensation paid by an employing broker to an affiliated salesperson generally determined?
Answer: A
Explanation:
The correct answer is B. Massachusetts does not prescribe a universal statutory commission split between an employing broker and an affiliated salesperson. Compensation arrangements are generally established through the contractual or employment relationship between the broker and salesperson.
A salesperson must remain affiliated with and supervised by the broker and cannot operate as an independent brokerage. The broker remains responsible for transactions and the handling of client funds. Massachusetts Board consumer guidance expressly recognizes that salespersons may be employees or independent contractors while remaining under broker supervision.
Commission rates themselves are also negotiable, not government-fixed. Any agreement among competing brokerage firms to establish uniform commissions could create antitrust concerns.
A brokerage might use a traditional percentage split, graduated split, salary, team structure, commission cap, or another lawful compensation model. The exact economic arrangement depends on the firm ' s policies and the parties ' agreement.
The salesperson may not bypass the employing broker by independently collecting brokerage compensation directly from a client.
Study Guide Reference: Massachusetts License Law - Broker/Salesperson Relationship, Supervision and Compensation.
NEW QUESTION # 271
Fifteen-year-old Tammy owns land and accepts a written purchase offer from 31-year-old Ned. Which statement best describes Ned ' s ability to enforce the agreement against Tammy because of her age?
Answer: C
Explanation:
B is the best answer. Contract formation requires parties with legal capacity. Because Tammy is only fifteen, the contract is generally voidable at the minor ' s election, rather than automatically enforceable against her merely because the document was written.
"Voidable" is important. It differs from "void." A void agreement has no legal effect from inception. A voidable agreement can be avoided by the party whom the law protects-in this context, generally the minor- subject to specialized doctrines and exceptions. Accordingly, the adult purchaser ordinarily cannot compel the minor to perform the land-sale contract simply by seeking specific performance.
The fact that the offer satisfies a writing requirement does not cure incapacity. The Statute of Frauds addresses whether certain agreements must be evidenced by writing; capacity is a separate element of contract validity. Likewise, the approval of Tammy ' s sibling has no legal significance merely because the sibling is related to her.
The Massachusetts Board ' s current Contract Law curriculum expressly identifies competency of the parties and age of majority among basic contract requirements and distinguishes valid, void, voidable, and unenforceable agreements.
Study Guide Reference: Contracts - capacity, age of majority and voidable contracts.
NEW QUESTION # 272
A seller lists the same property nonexclusively with several brokers and agrees to compensate only the broker who successfully procures the buyer. What type of listing is this?
Answer: C
Explanation:
The correct answer is C, Open listing. An open listing is a nonexclusive brokerage arrangement under which the owner can engage multiple brokers simultaneously. Ordinarily, only the broker who becomes the procuring cause of the completed transaction is entitled to the agreed compensation.
This contrasts with an exclusive-right-to-sell listing, under which the listing brokerage may be entitled to compensation if the property sells during the listing term even when the owner personally locates the buyer, depending on the contract.
An exclusive-agency listing generally allows one broker exclusive agency while reserving the owner ' s right to sell personally without owing the brokerage commission under specified conditions.
Massachusetts Board curriculum expressly lists open listings among recognized listing-agreement forms. It also identifies net listings as illegal in Massachusetts.
Procuring cause centers on which brokerage ' s efforts originated the continuous series of events culminating in the transaction.
Study Guide Reference: Contracts - Listing Agreements; Open Listing and Procuring Cause.
NEW QUESTION # 273
Which characteristic distinguishes joint tenancy from tenancy in common?
Answer: D
Explanation:
The correct answer is B, right of survivorship. Under joint tenancy, when one joint tenant dies, that owner ' s interest generally passes by operation of law to the surviving joint tenant or tenants rather than through the deceased owner ' s probate estate.
Massachusetts Land Court guidance expressly describes joint tenants as persons sharing title to the same real estate who possess a right of survivorship.
Tenancy in common works differently. Each tenant in common owns an undivided interest, which may be equal or unequal, and each has a right to possess the whole property. When a tenant in common dies, that person ' s ownership interest does not automatically pass to the other co-owners. Instead, it passes according to the owner ' s will or applicable intestacy law.
Joint tenancy therefore combines concurrent ownership with survivorship. Candidates should also recognize tenancy by the entirety, which is a separate Massachusetts form of survivorship ownership available to spouses.
Study Guide Reference: Property Ownership - Joint Tenancy, Tenancy in Common and Right of Survivorship.
NEW QUESTION # 274
Which of the following is a lien against real estate?
Answer: C
Explanation:
The correct answer is A, Recorded mortgage. A mortgage creates a security interest against real property to secure repayment of an underlying debt.
Because it burdens title, a mortgage is an encumbrance and lien-type interest that must ordinarily be addressed when the property is sold or refinanced. When the secured debt is fully paid, the mortgage should be discharged or released in the land records so that the title no longer reflects the encumbrance.
A freestanding refrigerator and trade fixture are forms of personal property in ordinary circumstances.
Riparian rights are property rights associated with ownership bordering flowing water; they are not debts secured by the real estate.
Other liens candidates should recognize include real-estate tax liens, mechanic ' s liens, judgment liens, and certain federal tax liens.
Lien priority is a separate issue. Priority determines which lienholder has superior rights when multiple liens attach to the property. Property-tax liens frequently receive special statutory priority.
Study Guide Reference: Property Ownership/Financing - Liens, Mortgages and Encumbrances.
NEW QUESTION # 275
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