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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: National Portion | 67% | - Transfer of Title
|
| Topic 2: Massachusetts State Portion | 33% | - Fair Housing and Consumer Protection
|
>> Reliable Massachusetts-Real-Estate-Salesperson Exam Syllabus <<
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NEW QUESTION # 84
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: C
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 # 85
Which of the following documents would ordinarily be available through a search of the public land records when it has been properly recorded?
Answer: A
Explanation:
The correct answer is A, Recorded mortgage. A mortgage affecting real property is normally recorded in the applicable Registry of Deeds or land-registration system so that it becomes part of the public title record.
Recording gives notice of the lender ' s security interest and enables title examiners, purchasers, lenders, attorneys, and other interested parties to identify the existing encumbrance.
A title search can reveal recorded deeds, mortgages, mortgage discharges, liens, easements, restrictions, attachments, plans, and other instruments affecting property depending on the recording system and jurisdiction.
Private credit reports are not public land records. Likewise, an oral discussion or unrecorded listing agreement is not converted into a public title document merely because it concerns real estate.
When the mortgage debt is paid, a proper satisfaction or discharge should also be recorded to show that the mortgage no longer encumbers title. Massachusetts Board financing curriculum expressly identifies payoff letters and satisfaction of mortgage as closing concepts.
Study Guide Reference: Transfer of Title - Public Records, Mortgages, Recording and Title Examination.
NEW QUESTION # 86
Under Massachusetts contract law, what is the usual enforceability of an oral three-year lease of real estate?
Answer: A
Explanation:
The correct answer is B. A three-year lease falls within the class of agreements that ordinarily requires sufficient written evidence under the Statute of Frauds. An oral agree ment calling for a three-year lease therefore generally cannot be enforced as a three-year term in the same manner as a properly documented written lease, absent some applicable legal exception.
The important distinction is between void and unenforceable. A Statute of Frauds problem does not necessarily mean that no relationship or legal rights can ever arise. For example, occupancy and acceptance of rent can potentially create another form of tenancy depending on the circumstances. But the originally asserted three-year term ordinarily cannot simply be enforced on the basis of an oral promise.
Massachusetts Board contract curriculum requires candidates to understand the Statute of Frauds, leases, contract validity classifications, and the distinction between oral and written agreements. It also specifically recognizes that some brokerage listing agreements can be oral-a separate rule that should not be confused with a multi-year lease.
Study Guide Reference: Contracts - Statute of Frauds; Leases; Enforceable versus Unenforceable Agreements.
NEW QUESTION # 87
A person leaves an estate as follows: 54% to a spouse, 18% to a daughter, 16% to a son, and the remainder to a church. The church receives $79,000. Approximately how much does the daughter receive?
Answer: A
Explanation:
The correct answer is C, approximately $118,500.
First determine the percentage going to the church:
54% + 18% + 16% = 88%
Therefore:
100% # 88% = 12% to the church
If 12% equals $79,000, determine the total estate:
$79,000 ÷ 0.12 = $658,333.33
The daughter ' s share is 18%:
$658,333.33 × 0.18 = $118,500
Therefore C is correct.
An efficient alternative is to compare the daughter ' s 18% directly to the church ' s 12%:
18 ÷ 12 = 1.5
$79,000 × 1.5 = $118,500
Both methods produce the same answer.
The problem is primarily a percentage calculation, not a Massachusetts intestacy problem, because the decedent expressly specifies the distributions. Actual estate administration can involve debts, taxes, probate costs, non-probate assets, and other considerations.
Study Guide Reference: Real Estate Calculations - Percentages, Estates and Distribution Calculations.
NEW QUESTION # 88
To whom may a Massachusetts employing broker lawfully pay part of the brokerage compensation earned in a transaction?
Answer: D
Explanation:
The correct answer is A. A licensed employing broker may compensate an affiliated licensed salesperson according to the employment or independent-contractor compensation agreement between them.
Massachusetts salespersons do not operate independent brokerages and cannot receive brokerage compensation directly from consumers for licensed services outside the employing-broker relationship.
Compensation therefore flows through the responsible broker.
The broker may also enter lawful compensation arrangements with other appropriately licensed brokers.
However, paying an unlicensed person for activities requiring a real-estate license presents a serious licensing violation.
Candidates must distinguish legitimate administrative wages from transaction-based compensation for brokerage activity. An unlicensed employee can be paid for lawful clerical or administrative work, but cannot receive brokerage compensation for performing activities such as soliciting listings, negotiating transactions, or otherwise acting as a broker or salesperson without the required license.
Commission percentages and salesperson splits are negotiated rather than fixed by Massachusetts law.
Study Guide Reference: Massachusetts License Law - Broker/Salesperson Compensation, Licensing Requirements and Supervision.
NEW QUESTION # 89
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