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