Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Massachusetts Real Estate Exam Prep - PSI > Flashcards > Flashcards

Flashcards

1
Q

Zoning board of appeals issues what kind of permits?

A

Variances and special use permits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Who licenses mortgage brokers?

A

Department of Finance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Wo can obtain a Veteran’s Affairs (VA) loan?

A

Veterans or spouses of deceased veterans.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

When selling a house is it necessary to disclose that there is a utility charge?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

When salesperson Kiara Mark left Keller Williams to work for Bay Area Properties, what happens to her listings?

A

They remain with Keller Willams.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

When is registration with the Banking Department necessary?

A

To negotiate a mortgage loan on residential property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

When is a deed valid?

A

When delivered to and accepted by grantee to grantor.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What kind of lease allows the lessee to pay for all or some of the expenses of a property?

A

Net lease.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is Ursury?

A

Charging more than the legal interest rate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the Civil Rights Act of 1866?

A

Act that prohibits race based discrimination?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are blind ads?

A

Ads where a broker fails to indicate that they are a broker.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What happens when a license is not renewed?

A

You cannot practice real estate activities that require a license.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Violation of MA license law is a misdemeanor with a fine up to?

A

$1,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Where must security deposits made by tenants be held?

A

An Escrow account.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

To obtain a salesperson license, how old must an applicant be?

A

18

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

To create an agency relationship, it’s required that…

A

Parties act as agent and principal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

This type of mortgage has a fluctuating interest rate that reflects the market index.

A

ARM

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Are net listings legal?

A

Yes, but highly frowned upon and illegal in most states.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

The right of a government or its agents to expropriate (obtain) private property for public use with appropriate compensation.

A

Eminent domain.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

The practice of denying or charging more for a loan in certain locations.

A

Redlining.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

The listing salesperson must accept compensation directly from the…

A

Employing broker.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

The Marks sold their home to the Jacksons and are due to close Sept 1st. The Marks paid their annual taxes in January. At closing the Jacksons will reimburse the Marks for…

A

The tax for the balance of the year.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

The document used to legally convey title to real property.

A

Deed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

The borrower in a mortgage?

A

Mortgagor.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

The act of: replacing an existing obligation with another OR adding an obligation or replacing a party in an agreement with a new party.

A

Novation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Bay Area Properties is worried that its commission on a sale will not be paid. BAP may…

A

File an affidavit of entitlement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

RESPA prohibts what type of payments?

A

Kickbacks.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Land use is regulated by?

A

Subdivision regulations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Kiara is a broker and he accepts a $4,000 deposit. What should he do with it.

A

Place in escrow immediately.

30
Q

Brianna B. gave Bay Area Properties an exclusive agency listing on her property. If she sells the property herself without involving Bay Area Properties, she will owe BAP how much?

A

$0, No Commission.

31
Q

What is a VA-guaranteed loan?

A

A loan that the VA guarantees to cover should the mortgagor default on the loan.

32
Q

Is a sales associate that also works as an independent contractor paid commission based on sales?

A

Yes.

33
Q

Is a real estate license needed to sell land at an auction?

A

Yes in MA.

34
Q

Is a “barn” considered chattel?

A

No.

35
Q

Insures loans protect lenders against financial loss?

A

FHA

36
Q

In order for a licensee to become partners at a real estate firm, what license must he/she have?

A

Broker’s license.

37
Q

In a buyer/agency relationship, the broker owes the seller…

A

Fair and honest dealing.

38
Q

If you purchase land or property on a stream, then you have what type of rights?

A

Riparian rights.

39
Q

If asbestos is in an area that is not disrupted is it sometimes better to leave it alone?

A

Yes.

40
Q

If a real estate broker earned a commission of $6,000 at a rate of 6%, what was the sales price on the home?

A

$100,000

41
Q

If a property lies in an agricultural district, is the licensee required to disclose such information to a potential buyer?

A

Yes (MA)

42
Q

If a lessee transfers all the remaining interest of their lease to another party this is known as what?

A

Assignment.

43
Q

How many years of experience as a Sales Associate do you need to be a licensed broker?

A

Three Years (MA)

44
Q

Highest form of legal free hold estate is?

A

Fee Simple, Fee Simple Absolute.

45
Q

Guiding prospective home buyers towards or away from certain neighborhoods based on race is?

A

Steering.

46
Q

Electrical systems are routed through a…

A

Circuit/Fuse box

47
Q

Does a real estate management company need a real estate broker’s license?

A

Most states require one if rent is collected, yes. MA does not.

48
Q

Does new construction need a certificate of occupancy when the building permit has already been issued?

A

Yes.

49
Q

Deed restrictions are only established by the “Grantor”, True or False?

A

True.

50
Q

Contractual agreement calling for the lessee to pay the lessor for the use of an asset.

A

Lease.

51
Q

Can a sales associate accept compensation from their sponsoring broker?

A

Yes.

52
Q

Can a flip tax be imposed on a co-op or condop?

A

Yes.

53
Q

Business practices in the real estate industry meant to to sell their houses at a lose?

A

Blockbusting.

54
Q

Are blind ads legal?

A

No.

55
Q

An exchange of promises in which the terms the parties agree to are made orally, in writing or both.

A

Express contract.

56
Q

An examination of the prices of similar properties in the area recently sold.

A

Comparative Market Analysis (CMA

57
Q

An encumbrance is a right to, interest in or legal liability on real property that doesn’t prohibit passing title to the property but that diminishes its value. True or False?

A

True.

58
Q

An agreement created by actions of the parties involved, but is not written or spoken.

A

Implied contract.

59
Q

An agent who is authorized by the principle to perform any and all acts associated with the ongoing operation of the job/business.

A

General agent.

60
Q

A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.

A

Contract.

61
Q

A type of zoning variance where a parcel of land may be given an exception from current zoning ordinances due to improvements made by a prior owner.

A

Nonconforming use.

62
Q

A reproduction of a technical drawing, documenting an architecture or engineering design.

A

Blueprint.

63
Q

A real estate sales associate’s compensation is set by…

A

Agreement between the broker and sales associate.

64
Q

A mortgage which covers two or more pieces of real estate.

A

Blanket Mortgage.

65
Q

List of all the legal actions that have been performed or used in conjunction with a piece of property.

A

Abstract of title.

66
Q

A listing whereby an owner lists the property for sale with a number of brokers.

A

Open listing.

67
Q

A law passed by Congress in 1890. It prohibits certain business activities that federal government deem to be anti competitive.

A

Sherman Antitrust Law.

68
Q

A home sold for $400,000. The broker received $32,000 in commission. What commission rate was charged?

A

8%.

69
Q

A debt instrument, secured by the collateral of specified real estate property, that the borrower is obligated to pay back with predetermined set of payments.

A

Mortgage.

70
Q

A buyer should be cautious not to reveal the top asking price they are willing to pay a…

A

Seller’s agent.

Massachusetts Real Estate Exam Prep - PSI (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions