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Real Estate Massachusetts Real Estate Salesperson Sample Questions:

1. A buyer wants to purchase a home for $275,000 with a 20% down payment. The lender charges 2.25 points.
How much money does the buyer need up front to make the purchase?

A) $56,238
B) $61,188
C) $59,950
D) $55,000

2. A seller has entered into an exclusive right to sell agreement with a broker. The buyer presents the seller with an offer to purchase which is 20% less than the list price. Which of the following is appropriate?

A) The seller is under no obligation to accept the offer or make a counteroffer.
B) The seller is obligated to pay the buyer a commission or the offer price if the seller rejects the offer.
C) The seller has 72 hours to submit a counteroffer or else the offer is considered to be accepted.
D) The seller is obligated to make a counteroffer to the buyer if the offer is unacceptable.

3. Time is of the essence means

A) every act under the contract must be performed on the exact date specified.
B) time limits stated in the contract may not be modified, even by mutual agreement of the parties.
C) the closing must occur as soon as possible.
D) time limits set forth in the contract must be carefully observed.

4. A buyer wants to purchase a home for $150,000 with a 30% down payment. The lender charges 1.75 points.
How much money does the buyer need up front to make the purchase?

A) $46,838
B) $45,788
C) $45,000
D) $47,625

5. When performing its duties, the Board of Registration protects and safeguards the interests of the

A) General public.
B) State legislature.
C) Governor's office.
D) Licensees.

Solutions: