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Real Estate Massachusetts Real Estate Salesperson Sample Questions:

1. A property manager has successfully negotiated the lease of a home built in 1965 to tenants who have no children. Regarding disclosure of lead-based paint, the property manager should

A) have all the lead-based paint covered or removed by licensed mitigators.
B) have the tenants sign the disclosure form and provide them with the required booklet.
C) do nothing, as regulations only apply when children are present.
D) give the tenants 10 days to test the home and provide them with the required booklet.

2. The purpose of Regulation Z is to

A) inform the borrower of credit costs.
B) control the use of credit.
C) regulate interest charges.
D) set maximum interest charges.

3. A broker has listed a property for $225,000. An offer of $210,000 contingent upon inspection comes in the first week and the seller accepts it. Another offer of $205,000 comes in the second week. The seller accepts it as a secondary offer contingent upon the termination of the first offer. The first offeror demands the seller spend $5,000 in repairs before going through with the purchase. The seller may do any of the following EXCEPT

A) refuse to do the repairs and still proceed with the sale in as-is condition.
B) ignore the demand and sell the property to the second offeror.
C) agree to do the needed repairs and consummate the transaction with the first offeror.
D) terminate the first agreement in writing and sell to the second offeror.

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

A) Amount of fee, if any, that the prospective tenant will have to pay for the broker's services.
B) Name and address of the landlord.
C) Amount of the rent.
D) Presence of any sex offenders living in the neighborhood.

5. 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

Solutions: