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Real Estate Massachusetts-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate Massachusetts Real Estate Salesperson Sample Questions:

1. A person acquires an option to purchase a parcel of another person's land. Which of the following statements is correct?

A) An option is a promise by the optionee to enter into a contract in the future.
B) The consideration for the option right, plus interest, will be automatically applied to the purchase price if the option is exercised.
C) The potential buyer is the optionor and the seller is the optionee.
D) The terms and conditions of the sale must be stated if the option is to be a valid contract.

2. Before it was recognized as a health hazard, asbestos was commonly used as insulation in residential and commercial construction because it is

A) repellent to common pests.
B) an air purifier.
C) fire resistant.
D) water resistant.

3. What is the function of a promissory note or bond when used in conjunction with a mortgage?

A) It provides the elements necessary to make the mortgage valid.
B) It furnishes a complete legal description of the property.
C) It makes the borrower personally obligated to pay the debt.
D) In case of default, it limits the lender's rights to interest only.

4. What is the difference between a license to use property and an easement?

A) There must be consideration paid for a license.
B) There must be consideration paid for an easement.
C) An easement can be cancelled by the issuer.
D) A license can be cancelled by the issuer.

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

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

Solutions: