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

Real Estate Massachusetts Real Estate Salesperson Sample Questions:

1. A broker maintains a trust or escrow account. A $10,000 earnest money deposit is received from a buyer and deposited in the account. Several weeks later and prior to closing, the broker withdraws $7,000 from the account and puts it in an operating account. This transaction is

A) permissible if the seller was informed about the transfer of funds.
B) permissible as long as the broker is entitled to at least $7,000 in commission.
C) an instance of illegal conversion of funds.
D) a violation of federal banking regulations.

2. Which of the following is true about mortgage assumptions?

A) The seller may or may not be released from liability.
B) The mortgagee automatically releases the seller upon receipt of a warranty deed.
C) The buyer is relieved of personal liability.
D) The buyer is required to sign a new mortgage note.

3. What kind of lease would require the lessee to pay the taxes, insurance, repairs, and other operating expenses of the premises in addition to the regular rental payment?

A) gross lease
B) graduated lease
C) percentage lease
D) net lease

4. A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were for members only. Is the club in violation of the federal Fair Housing Act, and if so, how?

A) Yes, because when race is involved, no exceptions to the federal Fair Housing Act exist.
B) Yes, because the club had minority members, and therefore was not eligible for exemptions from the federal Fair Housing Act.
C) No, because a private club may restrict the rental of its own lodgings to its members as long as the lodgings are not operated commercially.
D) No, because as an integrated club, they could discriminate on the basis of race in renting facilities.

5. Which of the following types of agreements applies when the seller retains the right to sell?

A) MLS Listing
B) Exclusive Agency Listing
C) Exclusive Right to Sell Listing
D) Net Listing

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