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| Section | Objectives |
|---|---|
| National Real Estate Principles & Practices | - Land Use Controls & Regulations
|
| Massachusetts State-Specific Real Estate Law | - State Licensing Laws
|
>> Online Massachusetts-Real-Estate-Salesperson Version <<
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NEW QUESTION # 82
Which of the following statements is false?
Answer: B
Explanation:
C is false. Alluvion refers to soil, sediment, or other material deposited gradually by the action of water, typically along a riverbank or shoreline. The gradual addition of land through such deposits is associated with accretion.
Material transported and deposited by wind is described as aeolian or eolian material, not alluvion. That distinction becomes important again later in this question set.
The remaining propositions have been corrected so that the question has only one defensible answer. Fannie Mae was established in 1938 and became a major source of liquidity in the secondary mortgage market.
Massachusetts Board contract curriculum also expressly recognizes that listing agreements can be oral or written, even though written agreements are much safer because they document scope, duration, compensation, authority, and other terms.
Finally, eminent domain is the government ' s underlying power to acquire private property for public purposes subject to constitutional requirements; condemnation is the legal procedure used to exercise that power.
Study Guide Reference: Property Ownership - water-related changes to land; Contracts; Government Powers affecting real estate.
NEW QUESTION # 83
A mortgage has an interest rate that can periodically increase or decrease according to changes in a specified financial index or benchmark. What type of mortgage is this?
Answer: D
Explanation:
The correct answer is B, Adjustable-rate mortgage (ARM). An ARM has an interest rate that can change after specified intervals based on the loan ' s contractual formula.
The formula typically references an index or benchmark and adds a lender ' s margin. The note also commonly includes adjustment periods, initial-rate periods, periodic caps, and lifetime caps designed to regulate how much the rate and payment can change.
A fixed-rate mortgage maintains the same contractual interest rate for the loan term. A blanket mortgage covers multiple parcels. A reverse mortgage involves a different equity-based financing arrangement for eligible borrowers.
ARMs can initially offer lower rates than comparable fixed-rate loans, but borrowers assume interest-rate risk because future payments may rise if the applicable index increases.
Massachusetts Board financing curriculum specifically includes adjustable-rate mortgage loans among the mortgage types candidates are expected to understand.
Study Guide Reference: Financing - Adjustable-Rate Mortgages, Indexes, Margins and Interest-Rate Adjustments.
NEW QUESTION # 84
A mortgage requires regular payments that do not fully repay the principal during the loan term and therefore requires one unusually large final payment. What type of mortgage is this?
Answer: A
Explanation:
The correct answer is B, Balloon mortgage. A balloon loan is not fully amortized over its contractual payment period. Regular installments are calculated in a manner that leaves a significant principal balance outstanding at maturity. That remaining balance becomes due in a large final payment, known as the balloon payment.
A fully amortized mortgage is structured so scheduled principal-and-interest payments reduce the loan balance to zero by the final regular payment.
A reverse mortgage serves a different purpose, generally allowing qualifying older homeowners to convert equity into loan proceeds subject to program requirements.
A blanket mortgage covers more than one parcel or property under a single security instrument and is commonly associated with subdivision or portfolio financing.
Balloon financing can produce lower periodic payments than a fully amortizing loan with the same maturity but creates refinancing and maturity risk because the borrower must have sufficient cash or replacement financing when the balloon becomes due.
Massachusetts Board financing curriculum includes mortgage structures, amortization, loan terms, and repayment methods.
Study Guide Reference: Financing - Mortgage Types; Amortized versus Balloon Loans.
NEW QUESTION # 85
The Massachusetts Sanitary Code requires landlords to
Answer: A
Explanation:
The Massachusetts State Sanitary Code (105 CMR 410) establishes minimum standards for human habitation.
Landlords are required to ensure that rental units are kept in a safe, sanitary, and habitable condition at all times. This includes maintaining heating systems, hot water, structural integrity, pest control, and ensuring compliance with health and safety standards.
While landlords may provide a statement of condition when collecting a security deposit (per M.G.L. c. 186,
15B), this is not part of the Sanitary Code itself. Similarly, no law requires inspections every six months or a
24-hour notice of entry (although reasonable notice is considered best practice and is recommended in case law).
The essential legal requirement is habitability. Tenants have the right to withhold rent or seek remedies if the landlord fails to maintain the property in compliance with the Sanitary Code. Local boards of health enforce these regulations.
Reference: Massachusetts Sanitary Code, 105 CMR 410; M.G.L. c. 186, 14; Massachusetts Real Estate Salesperson Study Guide - Landlord/Tenant Law.
NEW QUESTION # 86
Absent a special agreement changing the normal Massachusetts rule, when is a broker generally entitled to a sales commission?
Answer: B
Explanation:
The correct Massachusetts answer is B. Older question banks often state that a broker earns the commission simply when the seller accepts an offer from a ready, willing, and able buyer. That formulation is too broad for Massachusetts.
Under the Massachusetts rule associated with Tristram ' s Landing, Inc. v. Wait, absent a special contractual provision, the broker generally must produce a buyer who is ready, willing, and able to purchase on the seller ' s terms; the buyer must enter into a binding contract with the seller; and the transaction must ultimately be consummated by closing.
An important exception exists where closing fails because of the seller ' s wrongful act or interference. A seller should not be able to avoid commission liability by deliberately preventing a transaction that the broker successfully procured.
The listing agreement itself remains extremely important because the parties can define the circumstances under which compensation becomes payable, subject to applicable law.
Study Guide Reference: Massachusetts License Law/Agency - Broker Compensation, Procuring Cause and Tristram ' s Landing Rule.
NEW QUESTION # 87
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