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Real Estate Massachusetts Real Estate Salesperson Sample Questions:

1. A tenant in a building that is being converted to condominiums is required to receive an opportunity to purchase the unit the tenant occupies at terms

A) At a monthly payment equal to the tenant's current monthly rent.
B) Equal to or better than that offered to the general public.
C) 20% less than that offered to the general public.
D) 15% less than that offered to the general public.

2. Multi-ethnic families were beginning to move into a neighborhood that had previously been all one ethnicity.
A local broker passed out flyers to homeowners that said, "Sell now before it's too late! We have beautiful new homes with attractive financing and good schools." These flyers would likely be viewed by the courts as

A) redlining.
B) good marketing.
C) steering.
D) blockbusting.

3. An appraisal made by a certified appraiser is required

A) when the buyer is using an FHA loan to purchase.
B) before any property settlement in a divorce.
C) when heirs receive property.
D) before real property can transfer from one owner to another.

4. 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

A) The leaky roof.
B) Nothing.
C) Both the wind chime and the leaky roof.
D) The wind chime.

5. A seller wants $120,000 for a home and still owes $20,000 of the original loan at 7% interest. The current interest rate is 12%. A buyer can pay $60,000 down and wants to carry a mortgage that includes the seller's
$20,000 existing mortgage and the remaining $40,000 for a total of $60,000 at an interest rate of 10%. What kind of mortgage loan is this?

A) wraparound
B) blanket
C) buydown
D) equity

Solutions: