MA Real Estate Exam - State portion
Questions and Answers
Federal Privacy Act of 1974 - ANSWER-people have the right to federal records of
them selves
MA Act Regulating Telemarketing Solicitation 2002 - ANSWER-Calls prohibited from
8pm-8am (even those not on the DNC list)
It is OK to call existing customers and those you have done business with in the past
______ months - ANSWER-18
National Do Not Call (DNC) list 2003 - ANSWER-allows US consumers to opt out of
many forms of invasive calls and makes it illegal for telemarketers to call these
people
MA Consumer Protection Act - ANSWER-attorney general and consumers can take
LEGAL ACTION against unfair and deceptive conduct
When a consumer files a complaint under MA Consumer Protection Act, they can
send a ______ day demand letter summarizing _____ - ANSWER-30; the complaint,
unfair/deceptive action that happened, loss of property/money, demanded relief
Under MA consumer protection act, courts can award - ANSWER-actual damages
Under MA Consumer protection act, if a real estate agent knowingly violates, victims
can get - ANSWER-2 or 3 times damages
Who enforces the MA Antitrust Act - ANSWER-attorney general
Under the MA Antitrust Act, the attorney general investigates - ANSWER-mergers
that prevent competition, price fixing, agreements etc.
Where are complaints under the MA Antitrust act filed? - ANSWER-MA District court
Under MA Antitrust Act, if an act was willful or knowing, the victim can get -
ANSWER-at least 2x, but not more than 3x
Under MA Right of Privacy Act, the _______ has jurisdiction and can award
damages - ANSWER-superior court
Who enforces DNC laws in MA? - ANSWER-attorney general
, If a consumer on DNC list gets more than one call in 12 month period from the same
number, can get up to - ANSWER-$5,000
a signed offer to buy is __________ in MA when the seller accepts and signs the
offer already signed by the buyer - ANSWER-binding and enforceable
McCarthy vs. Tobin 1999 - ANSWER-offer can have binding elements even if subject
to Purchase and Sale, the terms in the offer are most relevant and things in the
Purchase and Sale are "after details"
What is the purpose of the Purchase and Sale Agreement? - ANSWER-identifies the
parties responsibilities and how property will transfer from seller to buyer
Leases for more than ___ year must be in _____ - ANSWER-1, writing
Leases for more than ____ years have to be written, acknowledges, and recorded -
ANSWER-7
Can a landlord put a security deposit in a credit union? - ANSWER-No
When a tenant gives a security deposit, the landlord is required to give tenant written
property condition within ___ days of tenancy - ANSWER-10
After a landlord gives a tenant a written property condition, how long does the tenant
have to review and add any damages? - ANSWER-15 days
What is the purpose of a listing/buyer agreement? - ANSWER-bilteral contract
between brokerage firm and client, also called an agency agreement
Does MA require that an agency agreement be in writing? - ANSWER-No, but it's
best practice
designated agency - ANSWER-A process that accommodates an in-house sale in
which two different agents are involved. The broker designates one agent to
represent the seller and one agent to represent the buyer.
facilitator agreement - ANSWER-type of buyer representation agreement that they
help reach an agreement but don't owe any fiduciary duties other than honesty,
reasonable skill and care, accounting for funds, NO duty to confidentiality
What is the fine for someone doing real estate activities without a license? -
ANSWER-not more than $500
What is the sanction for blockbusting? - ANSWER-$1,000 to $2,500 and possibility
of up to 6 months of jail time
If you violate the anti discrimination laws, what is the sanction - ANSWER-first
offense: suspend license for 60 days, 2nd offense: 90 days if in the last 2 years
Questions and Answers
Federal Privacy Act of 1974 - ANSWER-people have the right to federal records of
them selves
MA Act Regulating Telemarketing Solicitation 2002 - ANSWER-Calls prohibited from
8pm-8am (even those not on the DNC list)
It is OK to call existing customers and those you have done business with in the past
______ months - ANSWER-18
National Do Not Call (DNC) list 2003 - ANSWER-allows US consumers to opt out of
many forms of invasive calls and makes it illegal for telemarketers to call these
people
MA Consumer Protection Act - ANSWER-attorney general and consumers can take
LEGAL ACTION against unfair and deceptive conduct
When a consumer files a complaint under MA Consumer Protection Act, they can
send a ______ day demand letter summarizing _____ - ANSWER-30; the complaint,
unfair/deceptive action that happened, loss of property/money, demanded relief
Under MA consumer protection act, courts can award - ANSWER-actual damages
Under MA Consumer protection act, if a real estate agent knowingly violates, victims
can get - ANSWER-2 or 3 times damages
Who enforces the MA Antitrust Act - ANSWER-attorney general
Under the MA Antitrust Act, the attorney general investigates - ANSWER-mergers
that prevent competition, price fixing, agreements etc.
Where are complaints under the MA Antitrust act filed? - ANSWER-MA District court
Under MA Antitrust Act, if an act was willful or knowing, the victim can get -
ANSWER-at least 2x, but not more than 3x
Under MA Right of Privacy Act, the _______ has jurisdiction and can award
damages - ANSWER-superior court
Who enforces DNC laws in MA? - ANSWER-attorney general
, If a consumer on DNC list gets more than one call in 12 month period from the same
number, can get up to - ANSWER-$5,000
a signed offer to buy is __________ in MA when the seller accepts and signs the
offer already signed by the buyer - ANSWER-binding and enforceable
McCarthy vs. Tobin 1999 - ANSWER-offer can have binding elements even if subject
to Purchase and Sale, the terms in the offer are most relevant and things in the
Purchase and Sale are "after details"
What is the purpose of the Purchase and Sale Agreement? - ANSWER-identifies the
parties responsibilities and how property will transfer from seller to buyer
Leases for more than ___ year must be in _____ - ANSWER-1, writing
Leases for more than ____ years have to be written, acknowledges, and recorded -
ANSWER-7
Can a landlord put a security deposit in a credit union? - ANSWER-No
When a tenant gives a security deposit, the landlord is required to give tenant written
property condition within ___ days of tenancy - ANSWER-10
After a landlord gives a tenant a written property condition, how long does the tenant
have to review and add any damages? - ANSWER-15 days
What is the purpose of a listing/buyer agreement? - ANSWER-bilteral contract
between brokerage firm and client, also called an agency agreement
Does MA require that an agency agreement be in writing? - ANSWER-No, but it's
best practice
designated agency - ANSWER-A process that accommodates an in-house sale in
which two different agents are involved. The broker designates one agent to
represent the seller and one agent to represent the buyer.
facilitator agreement - ANSWER-type of buyer representation agreement that they
help reach an agreement but don't owe any fiduciary duties other than honesty,
reasonable skill and care, accounting for funds, NO duty to confidentiality
What is the fine for someone doing real estate activities without a license? -
ANSWER-not more than $500
What is the sanction for blockbusting? - ANSWER-$1,000 to $2,500 and possibility
of up to 6 months of jail time
If you violate the anti discrimination laws, what is the sanction - ANSWER-first
offense: suspend license for 60 days, 2nd offense: 90 days if in the last 2 years
