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Real Estate Massachusetts-Real-Estate-Salesperson Exam Syllabus Topics:

SectionObjectives
National Real Estate Principles & Practices- Agency Principles
  • 1. Fiduciary duties
    • 2. Disclosure requirements
      - Financing
      • 1. Loan origination process
        • 2. Mortgage types
          - Property Ownership
          • 1. Land use and regulations
            • 2. Types of ownership (fee simple, leasehold)
              - Valuation and Market Analysis
              • 1. Comparative market analysis
                • 2. Appraisal principles
                  - Land Use Controls & Regulations
                  • 1. Environmental regulations
                    • 2. Zoning laws
                      - Contracts
                      • 1. Purchase and sale agreements
                        • 2. Listing agreements
                          Massachusetts State-Specific Real Estate Law- State Licensing Laws
                          • 1. License law and regulations
                            • 2. Broker and salesperson requirements
                              - Fair Housing and Anti-Discrimination Laws
                              • 1. Federal Fair Housing Act
                                • 2. Massachusetts fair housing rules
                                  - Real Estate Practices in Massachusetts
                                  • 1. Transaction procedures
                                    • 2. Escrow and trust accounts

                                      Real Estate Massachusetts Real Estate Salesperson Sample Questions:

                                      1. A salesperson owns an apartment complex in Boston. The salesperson has decided to advertise the property for sale in a local newspaper and personally sell it. If the salesperson proceeds in this manner, the salesperson is

                                      A) Violating the law because the salesperson is not a broker and cannot advertise.
                                      B) Not violating the law because the salesperson has all the rights of a non-salesperson owner.
                                      C) Not violating the law because the broker-salesperson distinction does not apply to commercial properties.
                                      D) Violating the law because a salesperson may not sell an income-producing property.


                                      2. A married couple owns property as tenants by the entirety. If they were to divorce, their ownership would be

                                      A) Tenancy in common.
                                      B) Tenancy by the entirety.
                                      C) Tenancy in severalty.
                                      D) Joint tenancy.


                                      3. Under Housing and Urban Development guidelines, when an advertisement includes the phrase "walk to bus- stop," the advertisement is

                                      A) Only discriminatory against disabled individuals in some cases.
                                      B) Not discriminatory against disabled individuals.
                                      C) Discriminatory against individuals with disabilities.
                                      D) Only discriminatory if the statement is false.


                                      4. The Massachusetts Consumer Protection Act requires that

                                      A) The buyer be informed of all offers.
                                      B) The seller's information be kept confidential.
                                      C) The broker disclose known material defects.
                                      D) The seller disclose all offers received.


                                      5. Rules for Truth in Lending and RESPA call for disclosure documents to borrowers. How can a managing broker best prepare associated licensees to manage these disclosures?

                                      A) The managing broker should train licensees to advise borrowers to accept the Loan Estimate right away.
                                      B) Because the lender has primary responsibility to provide these forms, the broker and licensees should be aware of the items required for the lender to comply.
                                      C) Because the listing broker will be primarily responsible for completing the Loan Estimate to send to the lender, the broker should train associated licensees to collect all the necessary information in a timely fashion.
                                      D) The buyer's broker can provide samples so that when the licensee and the borrower prepare the forms they are following a good example.


                                      Solutions:

                                      Question # 1
                                      Answer: B
                                      Question # 2
                                      Answer: A
                                      Question # 3
                                      Answer: B
                                      Question # 4
                                      Answer: C
                                      Question # 5
                                      Answer: B

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