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Real Estate Practice Exam: State Questions and Answers Graded A A licensee who has passed the broker's state examination, but desires to continue to operate under an owner-employer, will be a what under the law? Broker If a home owner was hoping to purchase a second home, but did not have plans to sell their primary residence necessarily, which of the following financing options would work best? Equity Loan Who can receive compensation directly from the principal? Employing broker A pro...

PSI Real Estate Test MA - State Portion Only Already Graded A A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The coolers would be considered which of the following? Trade fixtures that are personal property Property can be converted from real to personal property and from personal to real property by means of which processes, respectively? Severance and affixing The highest form of ownership interest one can acquire in real estate is the...

PSI MA Real Estate Exam Study Guide Latest Update Graded A Appraisal An estimation of a property's value, usually prepared by a professional who is licensed in this field. Brokerage The business of bringing people together in a real estate transaction. Commerical The types of properties that include office spaces, shopping centers, stores, theaters, hotels, parking facilities, etc. Development The term for the construction of improvements upon the land. Elevation Certificate Insurance a...

Permit Test Study Guide (MA) Questions and Answers Graded A+ When leaving a driveway, what must you do? Stop before the sidewalk. When do most accidents occur? On clear days. When you see a man in the street with a white cane, what should you do? Stop, he is blind. What is the fundamental speed law? Speed that is reasonable and proper for road conditions and public safety. What is the most important factor for a defensive driver? Anticipate all potentially dangerous situations. Routes t...

Massachusetts State Exam Questions and Answer Graded A Leslie is selling her house and has no knowledge of any plumbing problems. However, the plumbing stack is seriously corroded and will require replacement soon. In the seller property condition disclosure, how should Leslie respond when asked whether she has any knowledge of plumbing system problems? No Members of the Board of Registration of Real Estate Brokers and Salespersons are selected by which of the following? the governor T...

Massachusetts RMV Fines and Limits Permit Practice Test (2022/2023) Already Graded A If a Junior Operator who holds a driver's license is convicted of reckless driving once, he or she will lose driving privileges for a period of ____ days a.) 30 b.) 180 c.) 90 d.) 60 b.) 180 If a licensed Junior Operator accumulates multiple reckless or negligent driving convictions within a three year period, his or her license will be suspended for a period of a.) 30 days b.) 6 months c.) 2 years...

Massachusetts Real Estate Test Definitions (2022/2023) Already Passed 21E Certificate Certifies that property is free from contamination 203(b) FHA financing program for anyone purchasing a primary 1-4 family, owner-occupied residence 1031 Exchange Way to defer capital gains tax; property owner must re-invest profits from the sale of an investment property into another investment property within 6 months 1099 Independent contractor status according to the IRS tax classifications ABAs Aff...

Massachusetts Real Estate Salesperson License Questions and Answers 100% Pass RE Salesperson License requirements? 18 years old, 40 hour class, pass the exam, must affiliate with a broker to practice and may not accept direct client payments Broker's License requirements? 3 years salesperson experience, 40 hour class, pass the exam, $5,000 bond and pay a fee. What is MLS? Multiple Listing Service. It's a marketing tool used by Salespeople to show their listings. Difference between RE ...

Massachusetts Real Estate Exam Questions and Answers Graded A Bundle of Rights An ownership concept describing all the legal rights that attach to the ownership of real property. ( posession, control, enjoyment, exclusion, disposition) Personal Property Chattel; movable/ portable; everything that "falls out" of a house that is turned upside down Riparian Rights "R" ivers; rights along flowing waters such as rivers and streams; navigable ( to waters edge) non-navigable ( to middle) Li...

Massachusetts Real Estate Exam Already Passed Estoppel one promises to do something and another relies on that promise and is harmed by them not following through Encroachment illegal intrusion or trespass into or over the property of another. such as a wall or fence Nuisance Interferes with quiet enjoyment and is an encroachment. Private nuisance= small area and can take court action Public Nuisance = large area and takes city action Rectangular Survey System system of rectangles to lo...

MASSACHUSETTS PORTION OF REAL ESTATE EXAM TEST ALREADY PASSED DUTIES AND POWERS OF THE BOARD OF REGISTRATION A. Examine Records B. Conduct Investigations C. Hold Hearings D. Chp 112 Section 87AAA: (complaints, investigations, revocation or suspension, grounds and penalities). POWERS OF THE BOARD REGARDING HEARINGS A. Summon witnesses and records B. Hear testimony under oath C. Take disciplinary actions D. Reconsider any decision and reissue or reinstate a license that has been refused ...

Massachusetts Learner's Permit Test Already Passed you can not renew an expired license if you have... unpaid parking violations, unpaid excise taxes, outstanding court warrants, outstanding E-ZPass/ Fast Lane violations, or Tobin Bridge violations A citation may require you to... pay a fine, lose your driving privileges, appear in court, or go to jail Major traffic law violations are... criminal offenses For many violations, the penalties may be stronger if you have.... a Junior Operat...

Massachusetts fines and limits permit test already passed After a Massachusetts's driver who holds a Junior Operator's license is convicted of his or her first speeding offence, he or she will lose driving privileges for a period of ________. 90 days If a MA driver has his or her license suspended for writing a bad check to the RMV, he or she must pay the original amount, a license reinstatement fee, and ________ to regain his or her license and clear the account. $15 Refusing to do wh...

Massachusetts Drivers Ed Final Exam Study Guide Latest Update What does a yellow sign stand for? Caution/Warning What does an orange sign stand for? Construction What does a white sign stand for? Speed Limit/Regulatory What does a red sign stand for? Yield/Stop What does a blue sign stand for? Food & Lodging What does a green sign stand for? Directions/Exits What does a brown sign stand for? State Parks/Recreation What direction does an even number highway travel? East to West

MA RMV Permit Test Latest 2023 Graded A+ If a sign or signal requires you to stop, you must stop... behind stop lines and crosswalk lines. When driving at night, you must use your headlights... from one half-hour after sunset until one-half hour before sunrise. What is the total stopping distance at a speed of 60 mph? 292 feet. On the highway, if you miss your exit, do not stop or back up. Instead... proceed to the next exit. You are tailgating a truck if you... cannot see the truck's r...

MA Real Estate Pre-license Study Guide Rated A+ Acceleration Clause The clause in a mortgage that can be enforced to make the entire debt due if the mortgage defaults on any covenant in the mortgage Accession Acquiring land from deposit of soil washed up from a river, lake or ocean Ad Valorem Tax A tax levied "according to value". Refers to real estate taxes in relation to value assessed on the property for tax purposes Alienation The transferring of property to another. Allodial syste...

MA Real Estate Practice Exam Questions with Complete Solutions Blockbusting causes: A Trust busting B Panic peddling C Blind advertising D Redlining B. Panic Peddling Blockbusting causes panic peddling (also known as panic selling), where homeowners quickly sell their homes for fear of a drop in home values due to the entry of a protected class into their neighborhood. Which of the following advertisements would violate fair housing law? A Private outdoor space B No elevator access ...

MA Real Estate License - State Exam Questions and Answers Already Passed 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... 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 ori...

MA Real Estate Exam Study Guide (2022/2023) Rated A+ Appraisal An estimation of a property's value, usually prepared by a professional who is licensed in this field. Brokerage The business of bringing people together in a real estate transaction. Commerical The types of properties that include office spaces, shopping centers, stores, theaters, hotels, parking facilities, etc. Development The term for the construction of improvements upon the land. Elevation Certificate Insurance agents ...

MA Real Estate Exam General Questions with Verified Solutions Broker acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property Slesperson Conducts brokerage activities on behalf of the broker. The broker is responsible for the salesperson's acts. property management a person or company hired to maintain and manage property on behalf of its owner home inspection A profession that allows practicioners to combine their interest in real e...