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| Section | Weight | Objectives |
|---|---|---|
| National Portion | 67% | - Contracts
|
| Massachusetts State Portion | 33% | - Board Regulations and Licensing
|
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NEW QUESTION # 251
A mortgage provides that, if the borrower sells or transfers the property, the lender may declare the remaining loan balance immediately due. What clause is this?
Answer: B
Explanation:
The correct answer is B, Alienation clause, commonly called a due-on-sale clause. It permits the lender, subject to applicable law and the loan terms, to accelerate the mortgage balance when the borrower transfers the secured property.
The current Massachusetts examination bulletin contains essentially this exact concept as a sample question and identifies the alienation clause as the mortgage clause permitting the lender to demand repayment when the borrower sells the property.
A defeasance provision instead concerns release or satisfaction of the lender ' s security interest after the debt has been paid.
An exculpatory clause limits personal liability in specified circumstances.
The practical effect of a due-on-sale clause is to restrict a purchaser ' s ability simply to take over an existing mortgage without lender involvement. The lender can generally require payoff or approve a qualifying assumption where permitted.
Massachusetts Board financing curriculum explicitly includes the due-on-sale clause among required mortgage terms.
Study Guide Reference: Financing - Mortgage Clauses; Alienation/Due-on-Sale and Acceleration.
NEW QUESTION # 252
For purposes of the standard national licensing-exam rule, a parcel adjoining a navigable river is generally described as extending to:
Answer: D
Explanation:
The source-bank answer is B, reflecting the simplified national-exam distinction that owners beside navigable waterways generally own to the water ' s edge, whereas certain nonnavigable-stream ownership questions use the midpoint or thread of the stream.
However, that rule must not be treated as an absolute Massachusetts title rule. Massachusetts waterfront boundaries depend on whether waters are tidal or non-tidal, the deed, historical grants, registered-land records, surveys, public-trust rights, and other legal factors.
Massachusetts Land Court survey guidance expressly recognizes several potentially relevant water boundaries, including mean high water, low water, middle lines, channel lines, and other title-defined boundaries. Massachusetts Chapter 91 also protects public rights in tidelands and qualifying navigable rivers and streams.
Therefore B is the intended licensing-textbook answer, but an actual Charles River parcel boundary cannot responsibly be determined merely from the fact that people canoe on the river.
Study Guide Reference: Property Ownership - riparian rights and water boundaries; Massachusetts public- trust principles.
NEW QUESTION # 253
A Massachusetts attorney in good standing seeks a real estate broker license. Which statement is correct?
Answer: A
Explanation:
The correct answer is B. Massachusetts provides an attorney-broker licensing route for attorneys who hold a current Massachusetts law license in good standing.
The Board explains that qualified Massachusetts attorneys may obtain the real estate broker license without taking the ordinary broker examination. However, this is not literally an automatic license. The attorney must still apply, provide required documentation, and satisfy the Board ' s attorney-broker licensing procedure.
Therefore, candidates should reject both extremes: the attorney is not forced through the entire salesperson-to- broker pathway, but the attorney does not become a broker merely by possessing a law license.
This is a Massachusetts-specific licensing exception and is frequently tested.
Study Guide Reference: Massachusetts License Law - Attorney-Broker Examination Exemption.
NEW QUESTION # 254
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 # 255
When real estate brokers and salespersons engage in renting residential dwelling units, they must provide a prospective tenant with written notice of the
Answer: D
Explanation:
Under M.G.L. c. 112, 87DDD½, Massachusetts law requires real estate brokers and salespersons engaged in renting residential property to provide prospective tenants with a written notice stating the amount of any broker's fee, and whether the tenant will be responsible for paying it. This disclosure must be made before the tenant is obligated to pay any fee.
This law protects tenants from unexpected costs and ensures transparency in rental transactions. While rental amount, landlord details, and public information such as the state's sex offender registry may be relevant, the statutory requirement specifically addresses broker compensation. Failure to provide this written notice may result in disciplinary action by the Massachusetts Board of Registration of Real Estate Brokers and Salespersons.
Reference: M.G.L. c. 112, 87DDD½; 254 CMR 7.00.
NEW QUESTION # 256
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