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Real Estate Massachusetts Real Estate Salesperson Sample Questions:

1. An escrow or trust account is often held by a lender to pay

A) the bank's outstanding invoices.
B) property taxes and insurance payments.
C) mortgage payments.
D) interest on a loan.

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

3. A contract in which a licensee is employed by an owner to find a buyer for a 20-unit apartment building is most likely

A) a contract of sale.
B) a listing contract.
C) a property management contract.
D) an option contract.

4. A licensee must provide disclosure of licensed status when acting as a principal if

A) the licensee has any economic interest in the property.
B) any relative of the licensee has ever lived in the residence.
C) the agent of the other party asks about this specifically.
D) the licensee does not have errors and omission insurance.

5. 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) 20% less than that offered to the general public.
C) Equal to or better than that offered to the general public.
D) 15% less than that offered to the general public.

Solutions: