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Real Estate Massachusetts Real Estate Salesperson Sample Questions:

1. While inspecting a tenant-occupied property, the buyer was told by the seller that the microwave oven would be included in the sale price. Upon possession, the buyer learned that the microwave oven belonged to the tenant and not the seller. Is the buyer entitled to the microwave oven?

A) Yes, because the buyer's offer to purchase included all real property.
B) No, because the seller did not have the right to include the microwave in the sale.
C) Yes, because all oral contracts for the sale of real property are enforceable.
D) No, because the microwave was the real property of the tenant.

2. Disclosure of licensee relationships to prospective buyers and sellers is required

A) When discussing any real estate issue.
B) At the first personal meeting to discuss a specific single-family property.
C) When responding to a telephone or internet inquiry.
D) When listing commercial properties.

3. A motel is the subject of an appraisal and it is determined that a rerouting of a county highway has limited customer access to the motel. This is an example of

A) landlocked property.
B) regression.
C) functional obsolescence.
D) economic obsolescence.

4. When lending standards are tightened, lenders typically require

A) a balloon payment after 5 years.
B) a waiver of the Equal Credit Opportunity Act.
C) a higher loan-to-value ratio.
D) a lower loan-to-value ratio.

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) $80,500
B) $78,400
C) $360,500
D) $61,600

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