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

20 Questions | Total Attempts: 55

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

What Do You Know About Massachusetts Real Estate License Law? There are different aspects that make a house easy to sell, and safety is one of the most important aspects. Do you think you can sell any house In Massachusetts and know the rules regarding the real estate profession? The quiz below is perfect for seeing how true that is. Take it up as many times as you need.


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

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