MA Real Estate Exam Questions and Answers | 100% Correct

MA Real Estate Exam Questions and Answers | 100% Correct Consumer Protection Act -Answer-Mass General Law Chapter 93A (Protects consumers by prohibiting unfair/deceptive business practices) MGL Chapter 93A -Answer-Consumer protection Act MGL Chapter 40B -Answer-State statute which enables local zoning boards of appeals to approve affordable housing developments under flexible rules if at least 20-25% of the units have long term affordability restrictions MA Home Inspection Law -Answer-Salesperson must provide a copy of the Hone Inspector "Facts for the Consumer" brochure to all buyer clients Can a sellers agent refer a home inspection to a buyer? -Answer-No. When agent is writing an offer to purchase they must provide buyer with Facts for Consumer Info Sheet advising them they may want to conduct a home inspection. Seller's agent can not refer a home inspection to a buyer. If a home for sale had a murder or suicide, listing agent must disclose... -Answer-If they have knowledge of it and are asked directly Stigmatized properties (murder or suicide/ scandalous events) in MA -Answer-If they know about it must disclose if asked directly, but if they aren't asked they don't HAVE to disclose off the bat If you violate MA Fair Housing Law Chapter 151B, subject to action taken by SJC and Board of Registration: -Answer-Suspend the license of the salesperson for 60 days SJC -Answer-Superior/supreme judicial court Mass General Law chapter 151B -Answer-Protected classes If you violate fair housing law in MA -Answer-60 day license suspension A lease in mass cannot require a tenant to pay a security deposit more than -Answer- One months rent Max security deposit in MA -Answer-One months rent (no extra pet security deposit) has to be one months rent or less How many hours of continuing education per renewal cycle? -Answer-12 hours When does license expire? -Answer-On birthday How many hours for pre licensure -Answer-40 hours Pre licensure requirements for broker include -Answer-3 years experience (25 hours a week) and 40 hours pre licensure coursework -active and affiliated -good moral-crime -bonded $5k -pass broker exam and pay fees Environmental laws and regulations that deal with septic systems -Answer-Title V Regulation Z -Answer-Truth in lending act MGL Title 93A -Answer-Consumer protection act Title 5 of the State Environmental Code -Answer-Requires inspection of private sewage disposal systems Requires replacement or upgrade of any systems that fail When selling, septic system -Answer-Is inspected under title 5 Septic system inspection needed when -Answer-Arms length sale (regular sale, not family stuff) —report goes to buyer and board of health Enlarging footprint— report goes to board of health Septic system inspection is not needed when -Answer-Spouse to spouse transfer or refinancing If ground if frozen septic tank inspection can delay -Answer-Up to 6 months How long are RE firms required to maintain their real estate records? -Answer-3 years All emails, advertising, financial records, disclosures, contracts, closed deals etc are kept by broker for... -Answer-3 years Sellers of homes built before which year required to give a Property Transfer Lead Paint Notification form? -Answer-1978 Houses built prior to what year have lead paint? -Answer-1978 Lead cannot be present in homes or children under what age -Answer-6 years Abatement of lead paint -Answer-Fully remove Encapsulate lead paint -Answer-(Cover or contain) If child under 6 will be living in property landlord must -Answer-Inspect for lead Federal law for lead -Answer-Inspection not required but landlord must allow 10 days for buyer/renter to test for lead, and must treat for leas if it's known to exist on property If landlord does nothing about lead -Answer-Strict liability=no insurance coverage Temporary solution for lead paint -Answer-Encapsulate. Get certificate of interim control (good for 1 year, renewab