MA Real Estate License - State Exam Questions and Answers

MA Real Estate License - State Exam Questions and Answers A licensed RE broker finds a ready, willing and able buyer for the seller. The seller initial signs and accepts the buyer's written offer, then later changes his mind and withdraws the acceptance of the offer. In this scenario, the broker is... - ANSWER-still entitled to collect a commission. After the initial listing agreement btw. a seller & broker has expired, the seller lists the property w/ a different broker. If the original listing broker then finds a ready, willing and able buyer, the broker is... - ANSWER-unable to disclose any offers the seller received while he was the listing broker for the property. A potential buyer approaches a RE agent expressing interest in property. Before the agent enters into an agency relationship, he/she is able to provide all of the following services except... - ANSWER-tell the guyer how much they should offer on a property. In order for a buyer-brokerage contract to be enforceable in the state of MA, the agreement must... - ANSWER-be in writing. The only time a broker can receive a commission from both the buyer and seller in a dual agency situation is if... - ANSWER-both the buyer and seller agree to pay the dual compensation. Define "Dual Agency"... - ANSWER-Representing both parties in a transaction. This is illegal unless both parties agree to it. A buyer drives by a property listed by ABC Realty and is interested but not in an agency relationship. An agent from XYZ Realty can show the buyer the property only if... - ANSWER-ABC Realty can obtain the seller's written consent to subagency, and the buyer is given an Agency Disclosure form stating ABC Realty represents the seller. For a licensed broker to list a home for sale in MA, is it required they provide a Property Condition Statement? - ANSWER-No In MA, if a seller decides to provide a Property Condition Statement, they... - ANSWER-must disclose any and all facts and defects they know about. A seller provides a Property Condition Disclosure. If unaware, what should the seller's response be as to whether they have any knowledge of pluming system problems? - ANSWER-"no"... You are listing the home of a dead man killed by AIDs. Prior to that man purchasing the home there was a murder-suicide. As the agent what are your disclosure responsibilities? - ANSWER-Cannot disclose the AIDS, if asked directly must disclose the murder-sucide. A seller discloses the roof leaks during heavy storms. The broker tells the seller he will omit that fact w/ prospective buyers. Within two months of the sale, the new owner learns about the leak... Since the buyer never asked specifically about the condition of the roof, he now can... - ANSWER-sue the broker under the Consumer Protection Statute, MGL 93A Consumer Protection Act/Statue: MGL 93A - ANSWER-deals with unfair/deceptive acts, and empowers a consumer to voice their concern they were treated unfairly. [b2b & b2c] + [could be liable for Treble Damages (3x) + Court Costs + Legal Fees] Under the MA Stigmatized Property Law, there is no requirement for a listing agent to affirmatively disclose... - ANSWER-that the home is widely believed to be haunted by a ghost. Stigmatized Property - ANSWER-A property that has acquired an undesirable reputation due to an event that occurred on or near it, such as a violent crime, gang-related activity, illness or a personal tragedy. The listing agent knows the property has an unsound foundation that will require extensive repairs. He also knows the seller's son committed suicide in the home. The broker must disclose... - ANSWER-The damaged foundation, but not the suicide unless directly asked.