Trivia Quiz: What Do You Know About Massachusetts Real Estate License Law?

20 Questions

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Trivia Quiz: What Do You Know About Massachusetts Real Estate License Law?

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Questions and Answers
  • 1. 
    Each state has license laws to:
    • A. 

      Raise revenue

    • B. 

      Control ethical conduct

    • C. 

      Protect the public

    • D. 

      Regulate realty selling

  • 2. 
    Which is true about smoke detector:
    • A. 

      A smoke detector certificate from the fire department is needed

    • B. 

      A 3 family home has a choice between hardwired or battery

    • C. 

      A single family home must have hardwired

    • D. 

      A single family has a choice about having detectors

  • 3. 
    Realty license laws are enacted by:
    • A. 

      Realty trade associations

    • B. 

      Board of Registration

    • C. 

      State Legislature

    • D. 

      Office of Consumer Affairs

  • 4. 
    Real estate license laws are promulgated and administered by:
    • A. 

      Board of Registration

    • B. 

      National Association of Realtors

    • C. 

      State Legislature

    • D. 

      Department of Education

  • 5. 
    The boiler in a home is lined with asbestos. The broker knows this. What must the broker do?
    • A. 

      Have the seller remove the asbestos before the sale

    • B. 

      Do not tell the buyer because it would break fiduciary duties with the seller

    • C. 

      Tell the seller that the asbestos has to be removed before the property can be marketed

    • D. 

      Disclose it to buyer

  • 6. 
    Upon adoption, license laws:
    • A. 

      Remain in effect for one year

    • B. 

      Become part of state constitution for 5 years

    • C. 

      Become permanent law

    • D. 

      May be amended by the Board

  • 7. 
    All are true about escrow EXCEPT:
    • A. 

      It may be interest-bearing

    • B. 

      A separate escrow account is required for each transaction

    • C. 

      It benefits buyer and seller

    • D. 

      Accounts are subject to inspection by the Board or its agents

  • 8. 
    You are a buyer's broker and your client asks for a recommendation for a roofer. As thanks for the referral, the roofer gives you a free vacation at her summer home. Have you risked your license?
    • A. 

      Yes, because you must give at least three references to the buyer

    • B. 

      Yes, because there is a conflict of interest

    • C. 

      No, because the roofer did not pay you any money

    • D. 

      No, because as a buyer's broker you are free to make recommendations

  • 9. 
    Concerning the state of Board of Registration, all are true EXCEPT:
    • A. 

      Chairperson is selected annually

    • B. 

      All members are appointed by the governor

    • C. 

      Board consists of five members

    • D. 

      All revenues received by the Board go to the state treasury

  • 10. 
    A licensee may lose his or her license for all of the following EXCEPT:
    • A. 

      Charging less than 5% commission on a sale

    • B. 

      Failing to account for funds belonging to others

    • C. 

      Discouraging a party from using an attorney

    • D. 

      Giving legal advice

  • 11. 
    Broker B has been notified by the Board of a complaint against him. Which if the following is NOT true?
    • A. 

      He must be given at least 10 days written notice before a hearing

    • B. 

      He is entitled to an attorney

    • C. 

      In event of revocation of license, he has 20 days to appeal

    • D. 

      His records may be subpoenaed

  • 12. 
    All of the following may result in loss of broker license EXCEPT?
    • A. 

      Expiration of broker bond

    • B. 

      Paying finder fee to an unlicensed person

    • C. 

      Accepting commission from buyer and seller without the permission of both parties

    • D. 

      Negotiating the commission

  • 13. 
    Broker B, a sole proprietor, dies. All of the following are true EXCEPT:
    • A. 

      Temporary license is issued and is valid for one year from date of death

    • B. 

      Party to whom license is issued must comply with state bonding requirements

    • C. 

      The temporary license is non-renewable

    • D. 

      All pending commissions are void

  • 14. 
    Broker Jane advertised property listed with her. She is required to:
    • A. 

      Disclose the agency's name in ad

    • B. 

      Indicate address of listed property

    • C. 

      Indicate the sales price

    • D. 

      Place sign on property

  • 15. 
    In the death of sole proprietor, all are false EXCEPT:
    • A. 

      Temporary license may be anyone approved by the Board

    • B. 

      Temporary licensee must be related to deceased party

    • C. 

      Temporary licensee must pass state exam within 60 days

    • D. 

      Temporary licensee must have some prior realty experience

  • 16. 
    Within how many days must an agent return his license after an unfavorable Board decision?
    • A. 

      1

    • B. 

      3

    • C. 

      7

    • D. 

      10

  • 17. 
    Broker B was in a complicated realty transaction involving a number of people. He may share his commission with whom?
    • A. 

      An attorney

    • B. 

      A friend who referred the listing

    • C. 

      The appraiser in the sale

    • D. 

      A cooperating office

  • 18. 
    How many days notice must the Board give to an agent named in a complaint?
    • A. 

      10

    • B. 

      20

    • C. 

      30

    • D. 

      40

  • 19. 
    A licensed salesperson may receive compensation from a sale from:
    • A. 

      Clients successfully represented

    • B. 

      Attorney settling an estate

    • C. 

      Builder of a subdivision

    • D. 

      Employing broker only

  • 20. 
    How many years must a broker retain signed agency disclosure statements?
    • A. 

      1

    • B. 

      3

    • C. 

      7

    • D. 

      10