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| Section | Weight | Objectives |
|---|---|---|
| Massachusetts Real Estate Law | 33% | - Massachusetts Real Estate Practices
|
| General Real Estate Knowledge | 67% | - Financing
|
>> Valid Braindumps Real Estate Massachusetts-Real-Estate-Salesperson Questions <<
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NEW QUESTION # 21
A buyer and a seller have a purchase agreement that contains a home inspection contingency. The buyer has applied for a VA mortgage. After the home inspection is completed, the buyer writes an addendum requesting that the seller pay to repair several items found by the home inspector. The seller counters the addendum by requiring that the buyer agree that the repairs will be made, but that no further expenses will be incurred by the seller. The VA appraisal inspection has not been conducted. Under these circumstances, which of the following is correct?
Answer: C
Explanation:
Comprehensive and Detailed Explanation (150-250 words):
In this scenario, the parties have entered into a binding purchase agreement with a home inspection contingency. The buyer submitted an addendum requesting seller repairs, but the seller countered. Since the buyer has not yet accepted, the counter is not binding - therefore, the original contract remains in effect until both parties agree to a modification.
Additionally, because the financing is a VA loan, the VA still requires a VA appraisal (separate from the buyer's home inspection) to determine value and minimum property requirements. The VA inspection cannot be waived by substituting the home inspector's report.
Thus, the correct answer is B: the original contract is still in effect.
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Contracts; VA Loan Program Guidelines.
NEW QUESTION # 22
The commission rate included in a listing contract is determined by
Answer: D
Explanation:
Comprehensive and Detailed Explanation (150-250 words):
Real estate commissions are always negotiable between the broker and the client. Neither the state, local customs, nor trade associations (like NAR) may fix commission rates, as that would violate the Sherman Antitrust Act (prohibiting price-fixing and restraint of trade).
A: Massachusetts does not set commission rates by statute.
B: Local custom does not determine commissions.
C: Trade organizations may publish surveys but cannot set rates.
Thus, commission terms are agreed to by negotiation between the broker and client in the listing contract.
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Brokerage Agreements; Sherman Antitrust Act (15 U.S.C. 1).
NEW QUESTION # 23
A Massachusetts homeowner defaults on a residential mortgage and the property is sold through a completed mortgage foreclosure sale. Does Massachusetts generally give the borrower a statutory right to redeem the mortgage after the foreclosure auction has been completed?
Answer: C
Explanation:
The correct Massachusetts answer is D. This is an important correction to the older source-bank question.
Massachusetts Board foreclosure curriculum expressly states that Massachusetts has no statutory right of redemption after a mortgage foreclosure. Instead, the borrower has an equitable right of redemption before completion of the foreclosure sale-described in the curriculum as existing until the auctioneer ' s hammer comes down.
Candidates must not confuse mortgage foreclosure with municipal tax-title redemption. Massachusetts tax- title law follows a different statutory framework and allows property owners to redeem tax-taken or tax-sold property until the right of redemption is legally foreclosed by the Land Court.
Thus, the original generic practice question claiming that a Massachusetts mortgage borrower can simply pay the debt after the foreclosure sale under a statutory right of redemption is wrong.
Study Guide Reference: Financing - Massachusetts Foreclosure; Equitable Right of Redemption versus Tax-Title Redemption.
NEW QUESTION # 24
A buyer wants to purchase a home for $150,000 with a 30% down payment. The lender charges 1.75 points.
How much money does the buyer need up front to make the purchase?
Answer: A
Explanation:
45,000+1,837.50=46,837.50
Rounded, the buyer needs $47,625 up front.
Thus, the correct answer is B.
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Financing & Math (Points, Down Payments, Loan Calculations).
NEW QUESTION # 25
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: B
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 # 26
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