A broker receives an earnest-money deposit in connection with an accepted real estate transaction. Unless the parties have agreed otherwise in writing, where should the broker place the funds?

When performing its duties, the Board of Registration protects and safeguards the interests of the

Inactive salespersons are permitted to perform which of the following activities?

Which activity may a Massachusetts salesperson perform while acting under the supervision and identity of the employing broker?

A Massachusetts licensee acts as a facilitator in a transaction. What is the key characteristic of this relationship?

After a Massachusetts residential tenancy terminates, how long does the landlord generally have to return the security deposit or properly documented balance?

A broker may withdraw money from the broker ' s escrow account

Ryan is an affiliated salesperson working for Broker Donald and obtains five listing agreements for Donald ' s brokerage. Ryan later leaves and becomes affiliated with Broker Karla. What ordinarily happens to the five listings?

A property manager prepares a detailed analysis of a property before developing a management plan. Which information would appropriately be included?

Tommy, a licensed real estate broker, receives a $21,600 brokerage commission on a property sale. If the commission rate was 6%, what was the property ' s sale price?

Private mortgage insurance (PMI) is commonly required by lenders on a conventional first mortgage when the initial loan-to-value ratio exceeds approximately:

A contract states in advance that a specified reasonable sum will be payable if a party breaches the agreement. What is that provision called?

If a seller defaults in performance of a contract, any of the following actions would be likely to help the buyer recover any losses EXCEPT

An owner signed a contract to sell an apartment building. Just before closing, the owner informed the buyers that the owner would NOT sell the property. A lawsuit filed by the buyers would be for

Dennis has been adjudicated mentally incompetent by a court, and a guardian has been appointed to manage his affairs. Dennis independently signs a contract to purchase a house. What is the usual status of the agreement?

A real-estate brokerage, acting in the course of its business, receives more than $10,000 in cash in a single transaction or related transactions. What federal reporting rule can apply?

After a buyer and seller sign a purchase-and-sale agreement but before closing and final performance, the contract is generally:

A private men ' s club publicly advertises a self-contained studio on Facebook using language stating that it is suitable only for a single gentleman. Is the advertisement discriminatory?

A single homeowner bought a principal residence for $177,800 and later sells it for $306,100 after owning and occupying it as the main home for at least two of the five years preceding the sale. Ignoring basis adjustments and assuming all eligibility requirements are satisfied, how much of the $128,300 gain is taxable under the federal home-sale exclusion?

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?

The city wishes to purchase a parcel of property to be used as a cloverleaf for access to the nearby interstate. The landowner refuses to sell. To acquire title to the property, the city will initiate a process of

Maria grants a prospective buyer the right, but not the obligation, to purchase a parcel for $47,000 on or before December 31. What type of agreement is this?

Which statement is necessarily true of every valid real estate contract?

RESPA generally applies to covered residential settlement-service transactions involving:

Phillip has a written agreement appointing his brokerage as the buyer ' s agent, but the seller ultimately pays the brokerage ' s compensation at closing. Whom does the brokerage represent?

An income-producing property generates $72,000 annually and has $60,000 of applicable annual expenses. If an 8% capitalization rate is appropriate, what is its indicated value?

Which of the following is true about mortgage assumptions?

A person leaves an estate as follows: 54% to a spouse, 18% to a daughter, 16% to a son, and the remainder to a church. The church receives $79,000. Approximately how much does the daughter receive?

A rectangular lot contains 16,500 square feet. It has a depth of 150 feet. Each of two adjacent rectangular lots contains 4,950 square feet with a depth of 150 feet. What is the total street frontage of the three lots in linear feet?

Which financial document should a property manager use to forecast the property ' s expected operating revenues and expenses for an upcoming period?

Quality Supermarkets has taken occupancy of a retail building and has a long-term lease. As part of their fit-up, they bolt to the floor their meat and dairy coolers, shelves, and check-out stands.

When Quality Supermarkets vacates the property at the end of the lease, will Quality Supermarkets be legally entitled to remove these fixtures?

The heir to a large estate will be of legal age within 30 days. The heir lists for sale with a broker one of the properties held by the estate. The broker knows of a buyer for the property and sells it within 24 hours of listing, with closing to be in 45 days. Both listing and sale contracts are

A seller agrees to transfer freestanding living-room furniture to the buyer along with the house. Which instrument is most appropriate for conveying ownership of the furniture?

Edwin conveys real estate to Barry, but Barry fails to pay the entire agreed purchase price. In appropriate circumstances, what equitable security interest may Edwin claim for the unpaid balance?

During month nine of a twelve-month lease that includes an option to purchase, how should the lease itself be classified?

A first-year licensee without either a degree in finance, or a strong background in real estate investment should generally refrain from

What type of loan would allow homeowners to utilize the equity built up in their home without having to sell?

Local zoning limits office buildings to four stories. An owner wants permission to construct a six-story building despite that restriction. What zoning relief would generally be sought?

A seller has entered into an exclusive right to sell agreement with a broker. The buyer presents the seller with an offer to purchase which is 20% less than the list price. Which of the following is appropriate?

A couple enters into a purchase contract to buy a house, and their parents are providing a $5,000 earnest money check. The check is deposited in the listing broker ' s escrow account. The buyers are unable to get financing, and the contract provides for return of the earnest money to the buyers. The buyers and seller agree in writing to the release of the earnest money. The listing broker should

Broker N has five affiliated salespersons. On Monday at 10:00 a.m., Salesperson J submitted an offer to purchase from a prospective buyer. The offer price was $300,000. An hour later, Salesperson R submitted an offer of $296,000. However, Broker N held the second offer until the seller rejected the first offer. Broker N ' s conduct in this situation is

Zoning ordinances and enforceable deed restrictions that limit how real estate may be developed are most accurately classified as which forces affecting property value?

Which feature would most commonly appear on a publicly recorded subdivision plat or plan?

A veteran agrees to buy a home for $167,000 using VA-backed financing. The VA ' s Notice of Value establishes reasonable value at $164,500. What may the veteran do?

Joan personally signs an offer to purchase a property. She later discovers that the salesperson who had been assisting her was terminated by the brokerage the previous day. Assuming no other defect in Joan ' s offer, what is its status?

A bill of sale is ordinarily used to transfer which type of property?

A ranch house with a double garage is being valued. The house next door, which is similar except that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two-car garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck. The ranch house is most likely to sell for around

Which of the following is used in the cost approach when estimating the value of improvements?

What is an enforceable agreement between competent parties in which each party obtains a legal benefit or assumes a legal obligation?

Larry holds an easement allowing him to cross part of Louis ' s property to reach his parking area. Which estate is Louis ' s property?

A mortgage requires regular monthly payments for 20 years but leaves a balance of $49,386.63 due in one large final payment. What type of loan is this?

For an ordinary deed conveying Massachusetts real estate, whose signature is fundamentally required as the party making the conveyance?

Donna occupies the penthouse in a luxury residential building. Her ownership consists of shares in the entity that owns the entire building, and her monthly assessment contributes to common expenses, real estate taxes, the underlying mortgage, and amenities. What type of ownership does this describe?

A licensee listed a property that had an unfinished garage. The licensee received an offer subject to the garage being finished. Was a contractual obligation created?

Richard, a real estate agent, refuses to show a Muslim family a house because he believes the neighborhood is not “Muslim-friendly” and instead directs them elsewhere. What prohibited practice is this?

What does the acronym PETE represent in relation to governmental powers affecting private real estate?

Which hazardous material found particularly in older residential properties poses a significant poisoning risk to very young children?

After considering the applicable sales-comparison, income, and cost indications, what does an appraiser do to arrive at a final value conclusion?

Which deed generally provides the grantee with the least broad title warranties among common deed classifications?

A detachable key used to open a condominium owner ' s basement storage locker is best classified as:

An agent earns $125,000 in total commission. The agent receives 1% on the first $5,000,000 of sales and a higher percentage on sales above $5,000,000. Total annual sales equal $8,500,000. What commission rate applied to the amount above $5,000,000?

When real estate brokers and salespersons engage in renting residential dwelling units, they must provide a prospective tenant with written notice of the

In Massachusetts, deeds are recorded at the

Can a Massachusetts real estate salesperson simultaneously affiliate with multiple unrelated brokers and independently practice under each?

To whom may a Massachusetts employing broker lawfully pay part of the brokerage compensation earned in a transaction?

How long must Massachusetts brokers generally retain copies of escrow checks required by Board regulation?

A client makes an offer on a residential property and provides a check for $2,000 as earnest money. The client instructs his buyer agent to hold the check for five days so it will clear the bank. What should the agent do with the check?

Within one Massachusetts brokerage, Agent A is specifically assigned to represent the seller while Agent B is specifically assigned to represent the buyer. What relationship is this?

Which activity is clearly permitted to a Massachusetts salesperson when properly performed for and under the employing broker?

A seller informs the listing broker that the wind chime on the back door is broken and the roof leaks when it rains. The listing broker is required to disclose

What is the legally established “standard” real estate commission rate in Massachusetts?

Which of the following agreements may be enforceable in Massachusetts even if made orally, assuming no other legal defect?

A Massachusetts property owner dies intestate—without a valid will—but leaves legally recognized heirs. What determines who receives the probate estate?

Who has ultimate regulatory responsibility for accepting and maintaining transaction escrow funds in a Massachusetts brokerage?

Who may have check-signing authority over a Massachusetts real estate brokerage escrow account under current Board interpretation?

A broker has been engaged to locate a property for a buyer. The broker has determined that a suitable property for the buyer is for sale and is owned by the broker ' s cousin. The broker has not informed the buyer of the broker ' s relationship with the owner. If the buyer purchases the property under these circumstances, the broker is

A licensee whose license has been suspended is required to

The provisions of the Real Estate License Law apply to which of the following individuals?

A Massachusetts tenant independently hires a broker to locate an apartment. What must the broker provide concerning the broker ' s fee?

Which form of concurrent real-property ownership is specifically available to married spouses in Massachusetts and carries survivorship rights?

A Massachusetts condominium unit is being sold. Which document is commonly required at closing to establish whether condominium common-expense charges are outstanding?

A broker lists a property abutting a pond. A potential buyer is interested in the property but plans to build an addition onto a boathouse. The buyer will need

If owners ask a broker not to show a property to recipients of government assistance, the broker must

What is the maximum ordinary security deposit a Massachusetts residential landlord may require?

A broker lists a property for ninety days. A buyer stops at the owner ' s residence and makes an offer for the property, which the owner accepts. The broker has no knowledge of the sales agreement between the buyer and the owner. The broker is entitled to a commission from the sale if the agreement the broker had with the owner was a(n)

Which of the following activities may result in a fine from the Massachusetts Commission Against Discrimination (MCAD) against a licensee?

What type of relationship does NOT require confidentiality?

When practicing as a facilitator, the facilitator

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

Which of the following statements concerning a security deposit is correct?

An offer of $569,000 is verbally accepted by a seller. Two hours later an offer of $589,000 is presented to the seller, which the seller accepts in writing. Based on the above situation the first buyer is

For how long must a Massachusetts broker generally retain the written rental-fee notice provided to a prospective tenant?

A buyer ' s earnest-money check has been deposited into the broker ' s escrow account while the transaction remains pending. Which statement best describes the money?

A Massachusetts homeowner defaults on a residential mortgage and the property is sold through a completed mortgage foreclosure sale. Does Massachusetts generally give the borrower a statutory right to redeem the mortgage after the foreclosure auction has been completed?

A seller pays the commission of a broker who has an exclusive buyer-agency agreement with the purchaser. Who does the broker represent?

Which of the following are potential remedies for violating Massachusetts General Laws Chapter 93A?

A Massachusetts landlord refuses an otherwise qualified applicant solely because the applicant intends to pay part of the rent using a lawful Section 8 housing voucher. Which statement is correct?

Active licensees renewing a real estate license must have completed how many hours of continuing education during the two years prior to the scheduled renewal?

The Massachusetts Sanitary Code requires landlords to

When a licensee is hired to find a tenant for a summer vacation home on Cape Cod built in 1950, for a period of two weeks,

The Massachusetts State Sanitary Code requires

On which of the following must the landlord pay interest when collecting first month, last month, and security deposit?

How long is the ordinary Massachusetts real estate license term for continuing-education purposes?

How many hours of approved continuing education must a Massachusetts real estate licensee ordinarily complete during each license term to maintain an active license?

Sam owes $10,000 in municipal real estate taxes. The municipality takes or sells the property for the tax debt. One week later Sam obtains enough money to resolve the delinquency. Can Sam redeem the property?