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| Section | Weight | Objectives |
|---|---|---|
| Massachusetts State Portion | 33% | - Landlord-Tenant Law
|
| National Portion | 67% | - Real Estate Practice
|
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NEW QUESTION # 133
A seller wants to net $362,000 after paying a 6% brokerage commission. Ignoring all other expenses, what minimum sale price is required?
Answer: C
Explanation:
The correct answer is B, approximately $385,106.
If the seller pays a 6% commission, the seller retains:
100% # 6% = 94%
Let the sale price equal P:
P × 0.94 = $362,000
Therefore:
P = $362,000 ÷ 0.94
P = $385,106.38
Rounded to the nearest dollar, the required price is $385,106.
The common mistake is to calculate 6% of $362,000 and add it to the desired net. That understates the required sale price because the commission must be calculated on the gross sales price, not on the seller ' s desired net.
Whenever a problem asks for a gross amount required to produce a specified net after a percentage expense, divide the desired net by the percentage retained.
If additional expenses such as conveyancing fees, mortgage payoff, taxes, or other seller costs were specified, they would also have to be incorporated.
Study Guide Reference: Real Estate Calculations - Brokerage Commissions and Seller-Net Calculations.
NEW QUESTION # 134
In Massachusetts, deeds are recorded at the
Answer: A
Explanation:
In Massachusetts, deeds are recorded at the county registry of deeds. The county registry is where all real estate documents (such as deeds, mortgages, and liens) are officially recorded. These records are public and provide legal notice of ownership and other property rights.
City or town halls may have certain records, such as local property tax assessments, but deeds must be recorded at the county level. The Massachusetts Board of Registration handles licensing and disciplinary actions for real estate professionals, but it does not record deeds.
Reference: M.G.L. c. 36, 1-10; Massachusetts Real Estate Candidate Information Bulletin - Property Records.
NEW QUESTION # 135
An owner knows another person is asserting an adverse claim affecting the owner ' s real property but unreasonably delays seeking judicial relief until the delay prejudices the other party. Which equitable doctrine can bar the owner ' s claim?
Answer: B
Explanation:
The correct answer is B, Doctrine of laches. Laches is an equitable doctrine based on the principle that a claimant who unreasonably delays asserting a legal or equitable right, causing prejudice to another party, may lose the ability to obtain equitable relief.
It differs from a statute of limitations. A statute of limitations establishes a legislatively defined time period for commencing specified legal actions. Laches focuses more flexibly on the circumstances of the delay, including whether the claimant knew of the issue, whether the delay was unreasonable, and whether another party was materially prejudiced.
For example, someone who watches another party make substantial investments in disputed property while knowingly delaying an equitable challenge can encounter a laches defense.
Novation concerns substitution of contractual obligations or parties. Acceleration is a financing provision allowing a lender to demand the unpaid loan balance after specified events. Estoppel by deed concerns representations arising from a conveyance.
For licensing purposes, candidates primarily need to recognize laches as the equitable consequence of sleeping on one ' s rights.
Study Guide Reference: Property Ownership/Transfer of Title - Equitable Interests, Laches and Property Claims.
NEW QUESTION # 136
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 # 137
A residence has severely outdated plumbing and an obsolete floor plan that reduce its market appeal. What type of depreciation does this represent?
Answer: D
Explanation:
The correct answer is B, Functional obsolescence. Functional obsolescence is a loss in value resulting from a defect, deficiency, or outdated characteristic within the property or its design that reduces utility or market desirability.
Examples include an obsolete floor plan, inadequate bathrooms for the size of the house, outdated electrical capacity, poorly arranged rooms, or building systems that no longer satisfy current market expectations.
Physical deterioration instead concerns actual wear, deterioration, or damage-such as a leaking roof, damaged siding, or deteriorated foundation.
External or economic obsolescence results from influences outside the property ' s boundaries, such as a nearby industrial nuisance, neighborhood decline, excessive traffic, or adverse external land-use change.
Functional obsolescence can be either curable or incurable. If the cost to correct the deficiency is economically justified by the resulting increase in value, it may be classified as curable. If correction costs exceed the likely value benefit, it may be incurable.
Study Guide Reference: Property Valuation and Appraisal - Depreciation; Functional, Physical and External Obsolescence.
NEW QUESTION # 138
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