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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: National Portion | 67% | - Property Disclosures
|
| Topic 2: Massachusetts State Portion | 33% | - Board Regulations and Licensing
|
1. Which of the following is among the typical responsibilities of a residential property manager?
A) selecting tenants to provide a diverse environment
B) negotiating leases between the property owner and potential tenants
C) requesting that the tenant's employer withhold the past due rent from wages
D) making decisions about structural changes that will enhance the property value
2. Multi-ethnic families were beginning to move into a neighborhood that had previously been all one ethnicity.
A local broker passed out flyers to homeowners that said, "Sell now before it's too late! We have beautiful new homes with attractive financing and good schools." These flyers would likely be viewed by the courts as
A) blockbusting.
B) redlining.
C) good marketing.
D) steering.
3. A subordination agreement is used to
A) assign rents to the lender in case of borrower default.
B) initiate foreclosure proceedings.
C) pledge property for a loan without giving up possession.
D) change the priority of mortgages.
4. What kind of lease would require the lessee to pay the taxes, insurance, repairs, and other operating expenses of the premises in addition to the regular rental payment?
A) graduated lease
B) gross lease
C) percentage lease
D) net lease
5. A licensee must provide disclosure of licensed status when acting as a principal if
A) any relative of the licensee has ever lived in the residence.
B) the licensee does not have errors and omission insurance.
C) the agent of the other party asks about this specifically.
D) the licensee has any economic interest in the property.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: D |
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