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| Section | Objectives |
|---|---|
| Topic 1: National Real Estate Principles & Practices | - Land Use Controls & Regulations
|
| Topic 2: Massachusetts State-Specific Real Estate Law | - Real Estate Practices in Massachusetts
|
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NEW QUESTION # 204
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 # 205
Which of the following best completes the following metes and bounds description? "Beginning at the intersection of Bunker Hill Road and Munson Avenue, thence 150 feet south; thence 85 feet west; thence 150 feet north; thence"
Answer: C
Explanation:
Comprehensive and Detailed Explanation (150-250 words):
A metes and bounds description closes by returning to the Point of Beginning (POB) using the necessary final course to complete the perimeter. Here, the sequence runs: 150 feet south, 85 feet west, and 150 feet north.
After going south 150' and later north 150', you are back aligned with the original east-west line at the POB but 85 feet west of it. To close, you must travel 85 feet east back to the POB. Therefore, the only correct final call is "85 feet east to the Point of Beginning." This reflects the standard principle that metes and bounds must form a closed polygon, ending exactly where they started. Massachusetts exam content treats metes and bounds as a valid legal description method emphasizing a closed traverse that returns to the POB and uses calls of direction and distance to define boundaries precisely.
References: Massachusetts Real Estate Salesperson Candidate Handbook - Property Ownership & Legal Descriptions; Modern Real Estate Practice (legal descriptions: metes and bounds).
NEW QUESTION # 206
A buyer and seller sign a purchase-and-sale agreement on August 15, with closing scheduled for September
15. Between signing and closing, the agreement is best classified as:
Answer: D
Explanation:
The agreement is executory, making C the best answer. "Executory" means that one or more material contractual obligations remain to be performed. Although the buyer and seller have signed the agreement, the closing has not occurred: the seller still must convey title in accordance with the agreement, the buyer still must deliver the required purchase funds, and other contractual conditions may remain outstanding.
"Executed" can cause confusion because people sometimes use "executed agreement" merely to mean
"signed." For contract-classification questions, however, an executed contract is one whose contractual performance has been completed. Because closing remains in the future, the transaction remains executory.
Nothing in the facts makes the agreement voidable or invalid. A contract may be voidable where a recognized defect such as duress, fraud, incapacity, or undue influence permits one party to avoid it. No such circumstance is described.
Massachusetts Board curriculum specifically identifies executed versus executory contracts and separately recognizes purchase-and-sale agreements as major contracts used in real estate practice.
Study Guide Reference: Contracts - Purchase and Sale Agreements; executed versus executory contracts.
NEW QUESTION # 207
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: D
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 # 208
What is the function of a promissory note or bond when used in conjunction with a mortgage?
Answer: C
Explanation:
In Massachusetts real estate law and as covered in the Massachusetts Real Estate Salesperson Study Guide, a promissory note (sometimes called a bond) is a written promise by the borrower to repay a specific amount of money to the lender under agreed terms. The note functions as evidence of the debt and creates a personal obligation for theborrower to pay the debt according to the specified schedule. This personal obligation is what differentiates the note from the mortgage document itself.
While the mortgage creates a lien against the property and provides security for the loan (giving the lender rights to the property in case of default), the promissory note represents the actual debt and the borrower's promise to repay it. Without the note, the mortgage lien alone is insufficient because it only secures the loan; it does not obligate repayment.
The promissory note generally contains the principal amount, interest rate, payment schedule, maturity date, and any penalties for default. If the borrower defaults on payments, the lender can take legal action based on the note. The mortgage provides the lender the right to foreclose on the property if the note is not paid, but the note itself establishes the borrower's personal liability.
This is explicitly stated in official Massachusetts real estate law references and study guides:
"The note is the borrower's personal promise to pay the debt."
"The mortgage is the security instrument that pledges the property as collateral." Reference: Massachusetts Real Estate Salesperson Study Guide, Chapter 8: Financing Instruments and Mortgages.
NEW QUESTION # 209
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