MRES Massachusetts Real Estate Salesperson Exam - Set 5 - 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: An experienced salesperson wants to upgrade to a Massachusetts broker license. Beyond meeting the experience and education requirements, what must a broker provide that a salesperson does not?

A second photo identification

A signed lease for an office

A surety bond

A notarized power of attorney

Question 42: A licensed Massachusetts attorney in good standing wants to obtain a broker license. Compared with a typical broker applicant, what advantage does the attorney generally have?

No surety bond is required

No good moral character is checked

A higher commission is guaranteed

The broker examination is not required

Question 43: A real estate licensee from another state with a mutual agreement wants to become licensed in Massachusetts without retaking the full examination. The arrangement allowing this between states is known as what?

Reciprocity

Subrogation

Escheat

Novation

Question 44: Two cooperating brokers dispute which earned the commission on a sale. Resolving it often turns on which broker set in motion the uninterrupted chain of events leading to the sale. This concept is called what?

Procuring price

Liquidated damages

Procuring cause

Specific performance

Question 45: A Massachusetts broker fully earns a commission, but the seller refuses to pay. The broker asks whether he may place a lien on the property to secure the unpaid commission. What is the answer?

Yes, a commission lien attaches automatically

No, there is no broker commission lien

Yes, after recording the listing

Yes, through the mechanic's lien law

Question 46: A licensee wants to buy a listed property for himself, or for a close relative, while involved in the transaction. Before proceeding, what must the licensee do to comply with the conflict-of-interest rules?

Nothing, since he is licensed

Simply mention it verbally at closing

Avoid telling the other party

Disclose it in writing and get acknowledgment

Question 47: A buyer hands a broker an earnest money deposit to hold during the transaction. Under the Board's rules, how must the broker generally handle this money absent a written agreement otherwise?

Deposit it into a bank escrow account

Keep it in the broker's personal account

Apply it toward the broker's commission

Hold it in cash at the office

Question 48: A Massachusetts salesperson receives an earnest money check from a buyer. Under the Board's rules on handling client funds, what must the salesperson do with it?

Deposit it into her own escrow account

Hold it until closing herself

Turn it over to her broker immediately

Cash it and keep the funds safe

Question 49: A broker holds several clients' escrow deposits and, to simplify bookkeeping, mixes those funds together with the brokerage's own operating money in one account. What is this prohibited practice called?

Conversion

Subordination

Procuring cause

Commingling

Question 50: The Board's rules require a Massachusetts broker to keep escrow and transaction records available for inspection for a set period. Generally, for how long must these records be retained?

Six months

Three years

Thirty days

Twenty years

Congratulations!

You have completed all 5 question sets. Good job!

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