MRES Massachusetts Real Estate Salesperson Exam - Set 3 - Part 3

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: During a listing, a seller privately tells his agent the lowest price he would accept. A buyer later asks the agent what the seller will really take. What does the duty of confidentiality require?

Tell the buyer the lowest price

Hint at the seller's bottom line

Disclose it only to other agents

Keep the seller's bottom line confidential

Question 42: A seller tells his listing agent in confidence that the basement floods, and asks the agent to keep it secret. A buyer is about to make an offer. What must the agent do about the flooding?

Keep it secret to protect the seller

Disclose it only if the buyer asks

Disclose the known material defect

Refer the buyer to the seller

Question 43: A broker represents the seller, but a buyer who is only a customer asks the broker a direct question about the property. What does the broker owe this unrepresented buyer?

Honesty and fair dealing

Full loyalty and obedience

Confidentiality of the buyer's plans

Nothing at all

Question 44: Massachusetts requires a licensee to give a consumer a written notice that explains whom the licensee represents in the transaction, such as the seller, the buyer, or neither. What is this notice called?

A purchase and sale agreement

A property condition disclosure

A municipal lien certificate

A mandatory relationship disclosure

Question 45: Massachusetts sets a specific moment when a licensee must provide the relationship disclosure to a consumer. At which point must the licensee give it?

At the closing only

When the purchase contract is signed

At the first meeting about a property

Only if the consumer requests it

Question 46: With the informed written consent of both the seller and the buyer, one licensee represents both parties in the same transaction. What is this relationship called?

Dual agency

Subagency

A facilitator relationship

Designated agency

Question 47: A licensee serving as a neutral dual agent for both the buyer and seller can no longer fully advocate for either. Even so, which duties does the dual agent continue to owe both parties?

Full loyalty and obedience to each

Confidentiality and accounting for funds

Undivided advocacy for the buyer

No duties to either party

Question 48: Within one brokerage, the managing broker appoints one licensee to represent the seller and a different licensee to represent the buyer, so each client has a full advocate. What is this arrangement called?

Dual agency by the firm

Subagency

Designated agency

A facilitator relationship

Question 49: A licensee assists both a buyer and seller in a transaction but represents neither and owes no loyalty or confidentiality to either, though the licensee must still disclose known material defects. This role is called what?

A dual agent

A designated agent

A subagent

A facilitator

Question 50: A salesperson closes a deal and expects to be paid. Under Massachusetts law, from whom may the salesperson lawfully accept compensation for the transaction?

Directly from the buyer

Only from her own broker

From any cooperating broker

From the seller in cash

Struggling With Exams?

Less Time Studying, More Time Living – Finish Your Degree Faster! Pay-After-you-Pass!

Get Exam Support