MA Real Estate Exam Practice Q's and
A’s
The fair housing familial status exemptions for 62 and over communities comes from
the: - ANSWER-Housing for Older Persons Act of 1995 - allows exemptions for 62
and over and retirement communities
A facebook ad for a members-only studio residence at a private men's club lists "only
suitable for a single gentleman". Is this discriminatory advertising? - ANSWER-Yes
bc the club is advertising discrimination against women, and sex is a protected class
under fair housing law. They may discriminate against women under fair housing law
exemption for private clubs, but they can't advertise that discrimination
The fair housing act of 1968, and amendments, does not prohibit: - ANSWER-The
refusal to sell a home to someone on the basis of their military status. Fair housing
act protects against discrimination on the basis of race, color, religion, national
origin, sex, familial status, and disability. It does not protect on the basis of veteran
status unlike many states fair housing laws
The biggest difference between a federal fair housing lawsuit and a HUD
administrative hearing is that: - ANSWER-The federal lawsuit does not have limited
damages. The biggest difference between HUD hearings and federal lawsuits is that
federal lawsuits do not have set limits on damages.
Rick transfers property to summer, who will own the property as long as jerry is alive.
When jerry passes, ricks daughter Beth will receive the property. What best
describes summer's ownership? - ANSWER-Pur autre vie - a life estate granted for
as long as some third party is alive; roughly translate to "for another's life"
Rob opens a barber shop and installs several barber shop chairs. The chairs are
bolted to the floor to prevent injury to the clients. The chairs are: - ANSWER-
Personality - example of trade fixtures, despite the attachment to real estate, they
are treated as personal property (or personality)
Matthew owns a piece of land. His air rights above the land extend to, at most: -
ANSWER-500 feet - defined by US vs Causby, extend somewhere between 80 - 500
ft above the property
If the grantor retains a right, written in the deed, to make use of a dock on the
grantee's property, it is a: - ANSWER-Easement in gross - personally held
easements
During the months of Sept & Oct strong winds end up adding an extra 6 feet of sand
to Leslie and bens home.. example of: - ANSWER-Accretion - increase of property
by the gradual, natural action of wind or water
, Dog goes missing..owner puts posters around offering $500 reward if dog returned,
couple days later guy finds dog unharmed and returns to owner. Owner gives guy
$500 as promised on poster. Situation is an example of what type of contract? -
ANSWER-Unilateral - created by an offer and can only be accepted by performance
Mikey lists Rebecca's home by verbal agreement. Since they are friends, he accepts
her verbal exclusive listing as sufficient and doesn't worry about getting in writing.
Days later, she also lists her home with a competing brokerage. Her action was: -
ANSWER-Permissible because the listing is an open listing - verbal listing
agreements are always open listings - must get in writing to make it an exclusive
listing agreement
A P&S contract states that if the seller doesn't fix title issues on a property within 30
days, they will be required to pay the buyer $1,000 for each additional day that the
closing is delayed due to this issue. This is an example of: - ANSWER-Liquidated
damages - pre-agreed upon damages in the event of a breach of contract
A P&S that is signed by both buyer and seller is considered: - ANSWER-Executory -
status given to contracts that have not yet been finished; only considered executed
once all terms and conditions have been met, such as closing day
A lease where a tenant pays a fixed rent, along with the units heat, hot water, and
electricity costs is a : - ANSWER-Gross lease
Signing a lease to rent space for a vet clinic- lease states that you'll be paying
$4,000/mo in rent and will be responsible for a portion of property taxes, estimated to
be about $15,000/ yr. Example of which type of lease? - ANSWER-Net lease - very
common type of commercial lease
A standard policy of title insurance would not insure a homebuyer against: -
ANSWER-A recorded easement in gross (protects against undiscovered or
undiscoverable title defects)
A subdivision is described with a: - ANSWER-Plat map - or plat plan, used to
describe the proposed or actual use of a subdivision ; uses the lot and block method
Real estate developer owns 5 acres of land. Wants to build as many homes as
possible; local zoning law requires a min lot size of 75' by 75' - how many homes can
he build given the min lot size? - ANSWER-38 : acre = 43,560 sq ft...5*43560=
217,800 buildable sq ft; each lot: 75x75 = 5625 sq ft; 217800/5625 = 38 lots (round
down)
Sam wants to list her property for sale, stops by many real estate offices to
determine whether or not to list with them. All of the offices offer same commission
rate of 5% non negotiable - is this likely allowed? - ANSWER-No, this would be
illegal !! Sherman anti-trust act encourage competition
Max wants to sell property and make $200,000 profit while paying listing agent 6%
commission; what should list price be? - ANSWER-$200,000/0.94 (Max's percent of
sale)= $212,766
A’s
The fair housing familial status exemptions for 62 and over communities comes from
the: - ANSWER-Housing for Older Persons Act of 1995 - allows exemptions for 62
and over and retirement communities
A facebook ad for a members-only studio residence at a private men's club lists "only
suitable for a single gentleman". Is this discriminatory advertising? - ANSWER-Yes
bc the club is advertising discrimination against women, and sex is a protected class
under fair housing law. They may discriminate against women under fair housing law
exemption for private clubs, but they can't advertise that discrimination
The fair housing act of 1968, and amendments, does not prohibit: - ANSWER-The
refusal to sell a home to someone on the basis of their military status. Fair housing
act protects against discrimination on the basis of race, color, religion, national
origin, sex, familial status, and disability. It does not protect on the basis of veteran
status unlike many states fair housing laws
The biggest difference between a federal fair housing lawsuit and a HUD
administrative hearing is that: - ANSWER-The federal lawsuit does not have limited
damages. The biggest difference between HUD hearings and federal lawsuits is that
federal lawsuits do not have set limits on damages.
Rick transfers property to summer, who will own the property as long as jerry is alive.
When jerry passes, ricks daughter Beth will receive the property. What best
describes summer's ownership? - ANSWER-Pur autre vie - a life estate granted for
as long as some third party is alive; roughly translate to "for another's life"
Rob opens a barber shop and installs several barber shop chairs. The chairs are
bolted to the floor to prevent injury to the clients. The chairs are: - ANSWER-
Personality - example of trade fixtures, despite the attachment to real estate, they
are treated as personal property (or personality)
Matthew owns a piece of land. His air rights above the land extend to, at most: -
ANSWER-500 feet - defined by US vs Causby, extend somewhere between 80 - 500
ft above the property
If the grantor retains a right, written in the deed, to make use of a dock on the
grantee's property, it is a: - ANSWER-Easement in gross - personally held
easements
During the months of Sept & Oct strong winds end up adding an extra 6 feet of sand
to Leslie and bens home.. example of: - ANSWER-Accretion - increase of property
by the gradual, natural action of wind or water
, Dog goes missing..owner puts posters around offering $500 reward if dog returned,
couple days later guy finds dog unharmed and returns to owner. Owner gives guy
$500 as promised on poster. Situation is an example of what type of contract? -
ANSWER-Unilateral - created by an offer and can only be accepted by performance
Mikey lists Rebecca's home by verbal agreement. Since they are friends, he accepts
her verbal exclusive listing as sufficient and doesn't worry about getting in writing.
Days later, she also lists her home with a competing brokerage. Her action was: -
ANSWER-Permissible because the listing is an open listing - verbal listing
agreements are always open listings - must get in writing to make it an exclusive
listing agreement
A P&S contract states that if the seller doesn't fix title issues on a property within 30
days, they will be required to pay the buyer $1,000 for each additional day that the
closing is delayed due to this issue. This is an example of: - ANSWER-Liquidated
damages - pre-agreed upon damages in the event of a breach of contract
A P&S that is signed by both buyer and seller is considered: - ANSWER-Executory -
status given to contracts that have not yet been finished; only considered executed
once all terms and conditions have been met, such as closing day
A lease where a tenant pays a fixed rent, along with the units heat, hot water, and
electricity costs is a : - ANSWER-Gross lease
Signing a lease to rent space for a vet clinic- lease states that you'll be paying
$4,000/mo in rent and will be responsible for a portion of property taxes, estimated to
be about $15,000/ yr. Example of which type of lease? - ANSWER-Net lease - very
common type of commercial lease
A standard policy of title insurance would not insure a homebuyer against: -
ANSWER-A recorded easement in gross (protects against undiscovered or
undiscoverable title defects)
A subdivision is described with a: - ANSWER-Plat map - or plat plan, used to
describe the proposed or actual use of a subdivision ; uses the lot and block method
Real estate developer owns 5 acres of land. Wants to build as many homes as
possible; local zoning law requires a min lot size of 75' by 75' - how many homes can
he build given the min lot size? - ANSWER-38 : acre = 43,560 sq ft...5*43560=
217,800 buildable sq ft; each lot: 75x75 = 5625 sq ft; 217800/5625 = 38 lots (round
down)
Sam wants to list her property for sale, stops by many real estate offices to
determine whether or not to list with them. All of the offices offer same commission
rate of 5% non negotiable - is this likely allowed? - ANSWER-No, this would be
illegal !! Sherman anti-trust act encourage competition
Max wants to sell property and make $200,000 profit while paying listing agent 6%
commission; what should list price be? - ANSWER-$200,000/0.94 (Max's percent of
sale)= $212,766
