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| Section | Objectives |
|---|---|
| National Real Estate Principles & Practices | - Valuation and Market Analysis
|
| Massachusetts State-Specific Real Estate Law | - State Licensing Laws
|
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NEW QUESTION # 252
A buyer is purchasing a $625,000 property. The lender requires a 20% down payment to avoid mortgage insurance. The buyer provided $5,000 in earnest money. The buyer closing costs are $13,000. What is the amount the buyer must bring to settlement to close the transaction?
Answer: D
Explanation:
Comprehensive and Detailed Explanation (150-250 words):
First compute the down payment at 20% of $625,000:
Down payment = $625,000 × 0.20 = $125,000.
Mortgage insurance is avoided because the LTV is 80% (loan of $500,000 on $625,000 purchase), consistent with typical underwriting. Massachusetts exam math emphasizes accurate handling of down payment percentages, credits for deposits, and inclusion of buyer's closing costs. The only choice that matches this computation is $133,000.
References: Massachusetts Real Estate Salesperson Candidate Handbook - Real Estate Math (Down payments, buyer credits/debits, cash to close); Financing basics (LTV and PMI thresholds).
NEW QUESTION # 253
Which situation is an example of external obsolescence affecting a property?
Answer: B
Explanation:
The correct answer is C. External obsolescence-also called economic obsolescence-is a loss in value caused by influences outside the subject property ' s boundaries.
A neighborhood containing numerous abandoned buildings can reduce market demand and negatively affect the value of otherwise well-maintained nearby properties. The subject owner ordinarily cannot cure the external condition independently.
Massachusetts Appellate Tax Board materials describe economic or external obsolescence as depreciation attributable to factors external to the property that adversely affect fair market value.
Worn carpeting and a leaking faucet are examples of physical deterioration. An outdated kitchen arrangement is more properly classified as functional obsolescence because the deficiency exists within the subject property ' s design or utility.
This distinction is particularly important in the cost approach because accrued depreciation can include physical deterioration, functional obsolescence, and external/economic obsolescence. Massachusetts assessment guidance expressly recognizes all three categories.
Study Guide Reference: Property Valuation and Appraisal - Depreciation and External/Economic Obsolescence.
NEW QUESTION # 254
Real estate taxes that are paid in advance are prorated on the closing statement as
Answer: B
Explanation:
When real estate taxes are paid in advance, the seller has already paid for a period extending beyond the closing date. Since the buyer will benefit from part of that prepaid period, the buyer must reimburse the seller for the portion after closing.
In the closing statement, this appears as:
Credit to Buyer (because the buyer is receiving benefit from prepaid taxes).
Debit to Seller (because the seller has already advanced the payment).
This ensures fairness so that each party pays taxes only for the time they own the property.
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Closing & Settlement; Real Estate Math (Prorations).
NEW QUESTION # 255
A licensee whose license has been suspended is required to
Answer: C
Explanation:
When a real estate license is suspended in Massachusetts, the licensee must surrender their license to the Board of Registration immediately. Suspension means the licensee is temporarily prohibited from engaging in real estate activities.
The licensee cannot continue to work, make referrals, or conduct any real estate transactions during the suspension period. They must follow the suspension terms set by the Board, and the license will be reinstated after the suspension period has ended, provided they comply with any further requirements. The licensee may appeal the decision, but this must be done separately from the immediate surrender requirement.
Reference: M.G.L. c. 112, 87FF; 254 CMR 5.00 - Disciplinary Action.
NEW QUESTION # 256
A Massachusetts property owner dies intestate-without a valid will-but leaves legally recognized heirs.
What determines who receives the probate estate?
Answer: B
Explanation:
The correct answer is B, Massachusetts intestate succession law. When a person dies without a valid will, property that forms part of the probate estate is distributed according to the Massachusetts Uniform Probate Code rather than according to a broker ' s judgment or informal family preference.
Massachusetts law establishes an order of succession for heirs other than a surviving spouse. Depending on who survives the decedent, the estate may pass to descendants, parents, descendants of parents, or other next of kin according to statutory rules.
A surviving spouse ' s share is governed by separate provisions and depends on family circumstances.
Candidates must also remember that not all property passes through probate. Property held in joint tenancy or tenancy by the entirety with a right of survivorship can pass directly to the surviving co-owner by operation of law. Massachusetts probate guidance expressly identifies survivorship property as property that may fall outside the probate estate.
The older phrase "statute of descent and distribution" describes the same general concept, but intestate succession is the clearer current terminology.
Study Guide Reference: Transfer of Title - Intestate Succession, Probate, Heirs and Survivorship.
NEW QUESTION # 257
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