State Real Estate Exam Second Take
Leonora and Bert own 1/13 of a timeshare estate. How many weeks each year do they
get to use the timeshare unit? - answer4
Charlotte's Massachusetts brokerage wishes to do business using a trade name. How
must her brokerage inform the board of registration? - answer In writing
Massachusetts regulations state that trade names must be disclosed to the board in
writing.
Under normal circumstances, how many conditions must be met in order for a
Massachusetts licensee to receive commission for a real estate transaction? - answer
Three
Three conditions must be met: The broker must be the procuring cause. There must be
a contract between the buyer and seller. And the transaction must close.
What is true about the interest earned on an Massachusetts interest-bearing escrow
account? - answerThe parties negotiate the distribution of interest.
Escrow accounts may or may not be interest-bearing. If interest is earned, the parties
negotiate its disposition in the purchase contract.
A Massachusetts real estate licensee is acting as what type of agent when assigned by
the broker to represent one party in an in-house transaction? - answerDesignated
The licensee is acting as a designated agent and owes fiduciary duties to the client to
whom he has been assigned.
Victoria and Lee vacation in Cancun, Mexico, every year. They purchased the right to
stay in a beach condo for the first two weeks in May, in perpetuity. They don't actually
own a share of the unit. What did they purchase? - answerTimeshare use
A timeshare use, also called a right-to-use timeshare, doesn't convey ownership but
instead conveys the right to occupy the property for some given amount of time.
Timeshares sold as timeshare estates convey fee simple ownership.
Which of the following statements is true if a Massachusetts seller elects to accept the
deposit as liquidated damages? - answerThe buyer is relieved from any further liability
to or legal action from the seller.
Leonora and Bert own 1/13 of a timeshare estate. How many weeks each year do they
get to use the timeshare unit? - answer4
Charlotte's Massachusetts brokerage wishes to do business using a trade name. How
must her brokerage inform the board of registration? - answer In writing
Massachusetts regulations state that trade names must be disclosed to the board in
writing.
Under normal circumstances, how many conditions must be met in order for a
Massachusetts licensee to receive commission for a real estate transaction? - answer
Three
Three conditions must be met: The broker must be the procuring cause. There must be
a contract between the buyer and seller. And the transaction must close.
What is true about the interest earned on an Massachusetts interest-bearing escrow
account? - answerThe parties negotiate the distribution of interest.
Escrow accounts may or may not be interest-bearing. If interest is earned, the parties
negotiate its disposition in the purchase contract.
A Massachusetts real estate licensee is acting as what type of agent when assigned by
the broker to represent one party in an in-house transaction? - answerDesignated
The licensee is acting as a designated agent and owes fiduciary duties to the client to
whom he has been assigned.
Victoria and Lee vacation in Cancun, Mexico, every year. They purchased the right to
stay in a beach condo for the first two weeks in May, in perpetuity. They don't actually
own a share of the unit. What did they purchase? - answerTimeshare use
A timeshare use, also called a right-to-use timeshare, doesn't convey ownership but
instead conveys the right to occupy the property for some given amount of time.
Timeshares sold as timeshare estates convey fee simple ownership.
Which of the following statements is true if a Massachusetts seller elects to accept the
deposit as liquidated damages? - answerThe buyer is relieved from any further liability
to or legal action from the seller.
