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Real Estate Massachusetts Real Estate Salesperson Sample Questions:
1. When lending standards are tightened, lenders typically require
A) a lower loan-to-value ratio.
B) a waiver of the Equal Credit Opportunity Act.
C) a higher loan-to-value ratio.
D) a balloon payment after 5 years.
2. Real estate taxes that are paid in advance are prorated on the closing statement as
A) a credit to buyer; a debit to seller.
B) no entry to buyer; a debit to seller.
C) no entry to buyer; a credit to seller.
D) a debit to buyer; a credit to seller.
3. A buyer and seller agreed upon a selling price for a property and both signed a written agreement. As part of the contract, the buyer reserved the right to cancel the sale if the buyer's house, which was on the market, did not sell within 30 days. This contract is
A) an implied contract.
B) an executory contract.
C) an executed contract.
D) a unilateral contract.
4. A building was purchased for $350,000 with a 20% down payment. If the lender charged the buyer three discount points, how much will the buyer need to close?
A) $61,600
B) $360,500
C) $78,400
D) $80,500
5. 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 broker-salesperson distinction does not apply to commercial properties.
C) Not violating the law because the salesperson has all the rights of a non-salesperson owner.
D) Violating the law because a salesperson may not sell an income-producing property.
Solutions:
Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: C |