MA Requirements Governing
Licensees Exam Questions and
Answers
True - ANSWER-No seller may compensate a broker or a salesperson for the sale of
real property unless the broker or salesperson is licensed to perform real estate
activities in Massachusetts (T/F)
-Fees
-Commissions
-Any other valuable consideration - ANSWER-Compensation includes:
True - ANSWER-No compensation may be shared with anyone for the sale of real
property if that person isn't licensed to perform real estate activities. The same
applies to lease transactions (T/F)
True - ANSWER-Owners, mortgagees, lessors, lessees, or tenants (or their regular
employees) who perform real estate activities regarding real estate they either own,
lease, or rent, as long as those activities are part of the regular business of
managing such real property are an exception to the general compensation rules
(T/F)
True - ANSWER-People (or their employees) who seek to buy, lease, or rent real
property for their own use or as an investment are an exception to the general
compensation rules (T/F)
True - ANSWER-People who negotiate a mortgage loan or other encumbrance on
their own behalf (or their employees who do the same for their employers) are an
exception to the general compensation rules (T/F)
True - ANSWER-Licensed auctioneers are an exception to the general
compensation rules (T/F)
True - ANSWER-Public officers or employees who perform such activities as part of
their official duties are an exception to the general compensation rules (T/F)
True - ANSWER-People who are authorized as attorneys-in-fact under a duly
executed power of attorney to fully execute any contract for the sale, lease, or other
exchange of real estate are an exception to the general compensation rules (T/F)
True - ANSWER-Attorneys who perform related services for their clients are an
exception to the general compensation rules (T/F)
, True - ANSWER-Anyone who sells real estate under a court order is an exception to
the general compensation rules (T/F)
True - ANSWER-Receivers, trustees in bankruptcy, executors, administrators, or
guardians who perform such services in their legal capacity of that role are an
exception to the general compensation rules (T/F)
-Educating consumers on the various types of agency available
-Making consumers aware of their different choices in representation
-Disclosing a licensee's relationship with a buyer or seller - ANSWER-Agency
disclosures fulfill three purposes:
prospective buyers and sellers; parties to a specific transaction. - ANSWER-The
agency disclosure statement is provided to _____________, as well as
____________
- They first meet a prospective seller or buyer personally where a specific property is
discussed, where the broker or salesperson represents either the seller or the buyer
exclusively.
- A prospective seller or buyer is interested in becoming a client.
Specific property is discussed with a client, or to make representation clear for a
specific transaction. - ANSWER-Licensees are required to provide a board-approved
mandatory agency disclosure when:
True - ANSWER-Licensees who do not provide agency disclosures may have their
licenses suspended or revoked (T/F)
False - ANSWER-The relationship disclosure does not require brokerage firms to
indicate whether they operate as traditional agency brokerages or designated
agency brokerages (T/F)
True - ANSWER-Brokerages may use other existing disclosure and consent forms to
disclose their brokerage business models, the possibility of dual agency, or their
representation agreements (T/F)
3; 3 - ANSWER-Disclosure notices should be kept for ______ years from the signing
date. If the prospect refuses to sign the disclosure, the licensee should note that on
the form and still retain it for ______ years.
True - ANSWER-Any time there's a potential for a licensee's conflict of interest in a
transaction, the licensee must make a disclosure (T/F)
- Buy, sell, rent, mortgage, or otherwise acquire any interest in a property for
themselves.
- Represent a client who wants to buy, sell, rent, or otherwise exchange a property in
which they or a family member has a personal financial interest. - ANSWER-
Licensees must disclose their interest in writing to all parties to a transaction when
they:
- Fee amounts that are charged for finding an apartment.
Licensees Exam Questions and
Answers
True - ANSWER-No seller may compensate a broker or a salesperson for the sale of
real property unless the broker or salesperson is licensed to perform real estate
activities in Massachusetts (T/F)
-Fees
-Commissions
-Any other valuable consideration - ANSWER-Compensation includes:
True - ANSWER-No compensation may be shared with anyone for the sale of real
property if that person isn't licensed to perform real estate activities. The same
applies to lease transactions (T/F)
True - ANSWER-Owners, mortgagees, lessors, lessees, or tenants (or their regular
employees) who perform real estate activities regarding real estate they either own,
lease, or rent, as long as those activities are part of the regular business of
managing such real property are an exception to the general compensation rules
(T/F)
True - ANSWER-People (or their employees) who seek to buy, lease, or rent real
property for their own use or as an investment are an exception to the general
compensation rules (T/F)
True - ANSWER-People who negotiate a mortgage loan or other encumbrance on
their own behalf (or their employees who do the same for their employers) are an
exception to the general compensation rules (T/F)
True - ANSWER-Licensed auctioneers are an exception to the general
compensation rules (T/F)
True - ANSWER-Public officers or employees who perform such activities as part of
their official duties are an exception to the general compensation rules (T/F)
True - ANSWER-People who are authorized as attorneys-in-fact under a duly
executed power of attorney to fully execute any contract for the sale, lease, or other
exchange of real estate are an exception to the general compensation rules (T/F)
True - ANSWER-Attorneys who perform related services for their clients are an
exception to the general compensation rules (T/F)
, True - ANSWER-Anyone who sells real estate under a court order is an exception to
the general compensation rules (T/F)
True - ANSWER-Receivers, trustees in bankruptcy, executors, administrators, or
guardians who perform such services in their legal capacity of that role are an
exception to the general compensation rules (T/F)
-Educating consumers on the various types of agency available
-Making consumers aware of their different choices in representation
-Disclosing a licensee's relationship with a buyer or seller - ANSWER-Agency
disclosures fulfill three purposes:
prospective buyers and sellers; parties to a specific transaction. - ANSWER-The
agency disclosure statement is provided to _____________, as well as
____________
- They first meet a prospective seller or buyer personally where a specific property is
discussed, where the broker or salesperson represents either the seller or the buyer
exclusively.
- A prospective seller or buyer is interested in becoming a client.
Specific property is discussed with a client, or to make representation clear for a
specific transaction. - ANSWER-Licensees are required to provide a board-approved
mandatory agency disclosure when:
True - ANSWER-Licensees who do not provide agency disclosures may have their
licenses suspended or revoked (T/F)
False - ANSWER-The relationship disclosure does not require brokerage firms to
indicate whether they operate as traditional agency brokerages or designated
agency brokerages (T/F)
True - ANSWER-Brokerages may use other existing disclosure and consent forms to
disclose their brokerage business models, the possibility of dual agency, or their
representation agreements (T/F)
3; 3 - ANSWER-Disclosure notices should be kept for ______ years from the signing
date. If the prospect refuses to sign the disclosure, the licensee should note that on
the form and still retain it for ______ years.
True - ANSWER-Any time there's a potential for a licensee's conflict of interest in a
transaction, the licensee must make a disclosure (T/F)
- Buy, sell, rent, mortgage, or otherwise acquire any interest in a property for
themselves.
- Represent a client who wants to buy, sell, rent, or otherwise exchange a property in
which they or a family member has a personal financial interest. - ANSWER-
Licensees must disclose their interest in writing to all parties to a transaction when
they:
- Fee amounts that are charged for finding an apartment.
