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1. 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) $45,788
B) $45,000
C) $47,625
D) $46,838
2. Which of the following best completes the following metes and bounds description? "Beginning at the intersection of Bunker Hill Road and Munson Avenue, thence 150 feet south; thence 85 feet west; thence 150 feet north; thence"
A) 85 feet east to the Point of Beginning.
B) 150 feet west to the Point of Beginning.
C) 150 feet south to the Point of Beginning.
D) 85 feet west to the Point of Beginning.
3. A contract is delivered to the listing broker by a cooperating broker. The listing broker makes an appointment with the owner to present the offer at 7 p.m. of that day. Before 7 p.m., two more offers arrive on the same property. Which offer should be presented to the owner at the 7 p.m. appointment?
A) The first offer received
B) The offer most favorable to the seller, including price and all terms
C) The offer with the highest sale price
D) All three of the offers
4. Standard title insurance would protect a buyer
A) in a purchase where the buyer had knowledge of a shed violating setback requirements.
B) for the purchase of a property bought sight unseen where the buyer discovers a tenant living at the property.
C) when the seller has forged an ex-partner's signature on the deed.
D) if after closing, the HOA placed a lien on the property for the previous owner's unpaid dues.
5. When a licensee is hired to find a tenant for a summer vacation home on Cape Cod built in 1950, for a period of two weeks,
A) There is no limit on the amount of the security deposit.
B) The Massachusetts Lead Law is not applicable.
C) The Massachusetts Fair Housing Law does not apply.
D) An unlicensed assistant may handle the transaction.
Solutions:
Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: B |
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