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| Section | Objectives |
|---|---|
| National Real Estate Principles & Practices | - Financing
|
| Massachusetts State-Specific Real Estate Law | - Fair Housing and Anti-Discrimination Laws
|
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NEW QUESTION # 264
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: D
Explanation:
NEW QUESTION # 265
A residence has severely outdated plumbing and an obsolete floor plan that reduce its market appeal. What type of depreciation does this represent?
Answer: C
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 Functional obsolescence is a loss in value resulting from a defect, deficiency, or outdated characteristic within the property or its design that reduces utility or market desirability.
Examples include an obsolete floor plan, inadequate bathrooms for the size of the house, outdated electrical capacity, poorly arranged rooms, or building systems that no longer satisfy current market expectations.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 # 266
The Civil Rights Act of 1866 provides fundamental protection against discrimination in property transactions principally on the basis of:
Answer: B
Explanation:
The correct answer is B, Race. The Civil Rights Act of 1866, now reflected principally in 42 U.S.C. 1982 for property rights, establishes that all citizens have the same rights concerning real and personal property as white citizens.
Its significance in real estate is substantial because it prohibits racial discrimination in property transactions and does not depend on precisely the same coverage limitations and exemptions found in the later Fair Housing Act.
The Fair Housing Act expanded federal housing protections to additional classes, while Massachusetts law goes still further by protecting characteristics including race, religion, familial status, disability, source of income, sexual orientation, gender identity, age, marital status, and others.
For exam purposes, candidates should strongly associate:
Civil Rights Act of 1866 # race/property rights.
The Fair Housing Act and Massachusetts c.151B then provide broader housing-specific anti-discrimination frameworks.
Study Guide Reference: Practice of Real Estate - Federal Fair Housing and Civil Rights Act of 1866.
NEW QUESTION # 267
A home has an assessed taxable value of $840,000. The local property-tax rate is $15 for every $1,000 of assessed value. What is the quarterly property-tax amount?
Answer: D
Explanation:
The correct answer is A, $3,150.
First convert the assessed value into $1,000 units:
$840,000 ÷ $1,000 = 840 units.
Next multiply by the stated tax rate:
840 × $15 = $12,600 annual property tax.
Because the question requests the quarterly amount, divide the annual tax by four:
$12,600 ÷ 4 = $3,150.
Therefore, A is correct.
The principal examination issue is recognizing how a tax rate expressed "per $1,000" is applied. Candidates should not multiply $840,000 directly by 15%. The $15 figure is not a percentage; it represents $15 of tax for every $1,000 of taxable assessed value.
Massachusetts municipalities establish property-tax rates based on assessed valuation and applicable classifications. Actual assessments, exemptions, abatements, and municipal rates vary, but examination calculations generally give all information required.
Study Guide Reference: Real Estate Calculations - property taxes, assessed value, tax rates and periodic payments.
NEW QUESTION # 268
When must a Massachusetts real estate licensee ordinarily provide the Mandatory Licensee-Consumer Relationship Disclosure to a prospective buyer or seller?
Answer: C
Explanation:
The correct answer is B. Massachusetts requires the brokerage-relationship disclosure when three circumstances come together: there is a first personal meeting, the parties are discussing a specific property, and the person is a prospective buyer or seller.
The disclosure informs the consumer whether the licensee is functioning as a seller ' s agent, buyer ' s agent, or facilitator and addresses designated or traditional agency where applicable. It is a disclosure document rather than the contract that actually creates the agency relationship.
If the consumer refuses to sign, the licensee should still complete the required licensee information, note the refusal, provide the consumer with the disclosure, and retain the appropriate record.
Waiting until an offer or purchase-and-sale agreement is signed is too late because the purpose of the form is to ensure consumers understand the licensee ' s role before substantive transaction discussions progress.
Study Guide Reference: Agency - Mandatory Licensee-Consumer Relationship Disclosure.
NEW QUESTION # 269
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