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Real Estate Massachusetts Real Estate Salesperson Sample Questions:

1. If a lender has granted a VA-guaranteed loan to a veteran, the veteran

A) cannot apply for another VA loan in the veteran's lifetime.
B) makes the down payment directly to the VA.
C) may sell the property to another veteran who assumes the loan.
D) cannot prepay any of the principal amount of the loan.

2. A broker has listed a property for $225,000. An offer of $210,000 contingent upon inspection comes in the first week and the seller accepts it. Another offer of $205,000 comes in the second week. The seller accepts it as a secondary offer contingent upon the termination of the first offer. The first offeror demands the seller spend $5,000 in repairs before going through with the purchase. The seller may do any of the following EXCEPT

A) agree to do the needed repairs and consummate the transaction with the first offeror.
B) terminate the first agreement in writing and sell to the second offeror.
C) ignore the demand and sell the property to the second offeror.
D) refuse to do the repairs and still proceed with the sale in as-is condition.

3. Which of the following best completes the following metes and bounds description? "Beginning at the intersection of Bunker Hill Road and Munson Avenue, thence 150 feet south; thence 85 feet west; thence 150 feet north; thence"

A) 150 feet south to the Point of Beginning.
B) 150 feet west to the Point of Beginning.
C) 85 feet west to the Point of Beginning.
D) 85 feet east to the Point of Beginning.

4. Inactive salespersons are permitted to perform which of the following activities?

A) Refer potential buyers to an active salesperson in exchange for a fee from the salesperson.
B) Refer potential listings to an active broker in exchange for a fee from the active broker.
C) List homes by telephone.
D) Affiliate with inactive brokers.

5. A ranch house with a double garage is being valued. The house next door, which is similar except that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two- car garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck.
The ranch house is most likely to sell for around

A) $128,500
B) $123,500
C) $148,500
D) $147,500

Solutions: