| The Board of Registration of Real Estate Brokers and Salespersons was created to... | Administer the License law |
| Prior to June 1, 2011, any person who applies for a salesperson's license must provide proof that he has completed 24 hrs. of classroom instruction in real estate subjects approved by .... ______After ____the requirement increases to ___ hours. | the board.......June 1, 2011...... 40 |
| Any Salesperson that associates with a broker must have a... | valid, active salesperson's license. |
| Upon the death of a sole proprietor, the board will issue a... | temporary license good for one year from the broker's date of death. |
| When a license is issued to a corporation, at least one officer or partner must obtain a .......all real estate activities. | broker's license in her own name, and that officer is designated to perform |
| Soliciting residential properties for sale is a normal part of a... | licensee's job. |
| Upon receipt of a verified, written complaint, the board will hold a _________Should it be determined that the licensee has violated any part of the license law, the board may... | hearing to review the facts.....suspend, revoke, or refuse to renew the licensee's license. |
| All money received by the broker that belongs to another party must be deposited in a ____, called an ______, maintained by the broker as a depository for funds unless otherwise agreed to in writing. | fiduciary bank account.....escrow account |
| A licensed broker must promptly notify the board of any changes in his place of business (within ____ days). Failure to do so is ... | 30....grounds for revocation of the broker's license. |
| All offers must be presented forthwith to the______. It is up to the owner to decide if an offer is ____. | property owner ... to low |
| The first time a broker is found guilty of discriminatory practices, she will receive a suspension of ____. If the violation occurs, within 2 years of the previous violation then the suspension shall be for a period of ____. | 60 days...90 days |
| When a person in MA purchases a property, the title is split between the mortgage (bank), who takes__________ , and the mortgagor (owner), who takes the _____title. This splitting of the title makes MA a ______. | legal title to the property...equitable ....title theory state |
| A mortgagor (owner) who grants property to a mortgagee (bank) uses a document similar to a_______. This document contains provisions for the mortgagor (owner) to get the property back by fulfilling certain conditions, such as _______________, __________, ______________, ____________________, and so on. | warranty deed....pay back the money borrowed with interest, Keep the property insured, pay the taxes, keep the property in good repair, |
| An amortized mortgage loan in MA is called a ____________. A fixed amount is paid on the ________each month while the amount that is applied to the interest varies. | Direct reduction loan......Principal |
| In MA, prior to a foreclosure sale, the property must be advertised once a week for __ weeks | 3 |
| The advertisement must be in the ______________published in the ______in which the property is located (referring to a foreclosed home being advertised) | general circulation newspaper..... County |
| Prior to the foreclosure sale, the _____ can cure all faults; once a foreclosure sale has occurred, however, the borrower has no _________________. | Borrower ......redemption period |
| After a mortgage foreclosure sale has occurred and all debts relative to the mortgage have been paid (____,____,_____), the remaining monies, if any, will accrue to the mortgagor (owner). | loan, interests, and court cost |
| The provision in a mortgage that permits the bank to demand that the borrower pay in full the amount of the loan in the event the borrower defaults in an ____________. The provision must be stated in the _______; otherwise, the right does not exist. | acceleration clause....mortgage |
| A lease for more than one year must be in writing in order to satisfy the _________. | statute of frauds |
| Typically, a lease follows the property from owner to owner; however, a lease that runs for seven years or more must be ____, ______, and ______, or the validity will be restricted to the original landlord. | written, acknowledged, recorded |
| If rent is due and payable on the first of the month and the landlord has not received the rent, the landlord cannot simply _____. The landlord must give 2 weeks ____notice to the tenant, who can prevent eviction by paying all overdue rent, plus _______, at any time during the two - week period. | seize the property... written ....... expenses |
| The couple has one rental period or a minimum of ___ days after the landlord gives them the notice to quit. | 30 days |
| The tenant's right of _________ entitles him to possess the property without interruption or interference from the landlord during the term of the lease. | quiet enjoyment |
| A landlord who interferes with a tenant's right of quiet enjoyment may be subject to a _____and ________, as well as damages of up, to _____months' rent | Fine... imprisonment....... three |
| In MA a landlord cannot collect a security deposit that exceeds _________. | one month's rent |
| The security deposit must be kept in a bank within the ________ of MA | commonwealth |
| The owner of a rented space is called the ____________. | landlord or lessor |
| After the termination of a ____, the landlord has 30n days to return the security deposit, plus ____ but minus any cost to repair damages made by the tenant, if any. If the landlord has deducted damages, the landlord must provide to the tenant a _____, _____list of the damage and repair cost supported by bills or receipts. | lease..... interest....detailed, itemized |
| The MA consumer __________ regulates the rights and obligations of landlords and tenants. | protection act |
| At the commencement of a lease, the landlord may collect _____and ______ rent, as well as a________ equal to one month's rent for a total of three months' rent, in advance. | first .... last month's rent......... security deposit |
| Appraisers are required to be certified or licensed by the state of MA unless the transaction is not _____________. | federally related |
| In MA, an appraiser is required to be a certified _______, certified _______, ______, or _____appraiser. | certified general, certified residential, licensed, or trainee appraiser. |
| A licensed real estate broker or ______may provide to a prospective seller their opinion of value but may not call it an _____. | salesperson... appraisal |
| A state-certified appraiser may appraise any type of property, while a state-certified residential appraiser may appraise only _________. | residential property |
| A real estate appraiser examination, which is taken only once, includes r__________, _________, ________, and _____. | real estate law, theory of depreciation, methods of capitalization, ... economics |
| Both conviction of a felony and fraud are reasons for ______ of an appraiser license. | revocation |
| In MA, each city and town develops its own city/town plan and ________. | zoning ordinances |
| The _______________ will hear objections from any residential property owner who feels their property has been improperly zoned. | Zoning board of appeals |
| ______ and ______controls are the two major functions of local and regional planning boards. | Planning .... Subdivsion |
| _____ are defined as land divided into two or more lots that do not front on a public or approved road. | Subdivisions |
| A subdivider looks for the highest and best use of the land. Subdivision controls have to do with _____and _____of the subdivision residents. | Safety .... protection |
| The __________ code is a national code that has been adopted by many states to regulate residential, commercial, and industrial construction. MA also has a state building code (_____) that is consistent with the common code format of the national code. In addition, most municipalities have their own local _______. When a conflict exists, local codes are typically superseded by state and _____codes. | Uniform building.......780 CMR.....building codes... national |
| The anti-snob law, called the _________________ was created to increase the supply and improve the regional distribution of low-income and moderate-income housing despite local zoning bylaws. | MA Comprehensive Permit Law |
| Subdividers usually place restrictions on the use of subdivision lots to benefit all the lot owners. These restrictions will expire after __ years unless a specific time frame is stated in the ______of the deed or in separate declaration. | 30...covenants |
| A restriction that is not popular with the property owners is not in itself sufficient reason for a court to refuse to enforce a ___________________. The party looking to have the restriction removed must demonstrate that the restriction is ___________ for one or more reasons, such as, "The restriction interferes with the highest and best use of the property," "The changes in the neighborhood have frustrated the purpose of the restriction," "The general plan no longer exists," and so on. | Subdivision restriction....Unenforceable |
| Veteran's status, marital status, and persons receiving public assistance are ______________ in MA. The act of filing bankruptcy is not a_____________. | protected classes....protected classes |
| Refusing to sell to someone simply because he owns a foreign car is not a discriminatory act. However, refusing to sell to someone based on his ethnicity (Welsh descent), his religious belief (Roman Catholic), or race (rich white guy) does violate the MA _____________ laws because each of these groups is a _______ class. | Fair housing.... Protected |
| Two family, _________ residences are exempt from MA antidiscrimination laws providing the owner does not use a _________ to rent the unit, does not use discriminatory advertising, and does not discriminate against persons who receive public or ____assistance. | owner-occupied..... real estate agent.... rental |
| Both_______and sexual orientation are protected classes under the MA anti-discrimination laws | handicap status |
| It is ________to ask an applicant's age to determine creditworthiness providing that no negative weight is given to their application based on age. | permissible |
| Because MA regulations are "substantially equivalent to the _____________," all fair housing complaints are referred to and investigated by the MA Commission Against Discrimination. | federal fair housing laws |
| Under ______, any licensees found in violation of MA fair housing laws will have their licenses suspended for a period of 60 days for the first offense. If a second ______ occurs within __ years, their licenses will be suspended for 90 days. | MA License Laws...violation....2 years |
| The _______ requires a contract for the sale of real estate be in writing to be enforceable | Statue of Frauds |
| _____ is the term used in licensee understand that as soon as a property goes under agreement, the monies must be deposited. | Pendency |
| A _______ __________ clause permits the seller to retain all or part of the earnest money deposit as liquidated damages in the event of the buyers default | liquidated damages |
| Installment contracts are seldom used in MA because this type of transaction carries a high level of ____ | Risk |
| Transferring of property by deed is considered ______because the grantor is electing to make the transfer | voluntary |
| A _____________ transfers only whatever right, title, and interest the grantor has in the property and warrants that the premises are free of all encumbrances made by the grantor. | quitclaim deed |
| The process by which property of a private owner is taken for public use, without his consent, but upon the payment of just compensation. | Condemnation |
| In MA, the buyer customarily pays for a __________ as part of her closing costs. | title search |
| All instruments in writing affecting any estate, right, title, or interest in land are usually recorded with the registry of deeds of the county in which the land is located | Registry of deeds |
