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Which of the following is true about a competitive market analysis?
A. It is employed for insurance purposes.
B. It is usually based on local tax assessment.
C. It is useful to the buyer as well as to the seller.
D. It is used to establish depreciable value.
Answer: C
Explanation:
Comprehensive and Detailed Explanation (150-250 words):
A competitive market analysis (CMA) is a tool prepared by real estate licensees to help sellers establish a listing price and to help buyers determine an appropriate offer. It compares recent sales of similar properties, active listings, and expired listings to estimate a property's fair market value.
A: Insurance companies use replacement cost appraisals, not CMAs.
B: Depreciable value is for tax accounting and appraisals, not CMAs.
C: Local tax assessments do not typically reflect current market value and are not the basis of a CMA.
Because it helps both sellers and buyers understand market value, the correct answer is D.
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Valuation and Market Analysis.
NEW QUESTION # 89
If a deed creating a tenancy in common does NOT state the fractional interest of each co-owner, it
A. is presumed each owner has an equal interest.
B. becomes a joint tenancy.
C. is void.
D. must be determined by a majority vote of the tenants.
Answer: A
Explanation:
In tenancy in common, two or more individuals hold title together, each with an undivided right to possess the property. The co-owners may hold unequal shares, but unless otherwise specified in the deed, the law presumes equal ownership interests.
For example, if three people take title as tenants in common without specifying percentages, Massachusetts law assumes they each own one-third. The deed is not void (A), fractional shares are not decided by "vote" (C), and tenancy in common does not convert into joint tenancy (D) unless explicitly stated with survivorship rights.
Thus, the correct answer is B: presumed equal interest.
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Forms of Ownership; M.G.L. c.
184.
NEW QUESTION # 90
An example of modular construction is
A. an apartment building.
B. a log cabin.
C. prefabricated housing.
D. a home used as a model.
Answer: C
Explanation:
In real estate and construction terminology, modular construction refers to a building method where sections of the home are manufactured in a factory setting, transported to the building site, and then assembled on a permanent foundation. This is a form of prefabricated housing, but different from mobile homes because modular homes are considered real property once placed on their permanent foundation.
Massachusetts licensing materials classify modular homes under prefabricated housing because they are built off-site to precise specifications and then joined together at the location. This method provides greater efficiency, lower cost, and adherence to state and local building codes. By contrast, apartment buildings (B) are traditionally built on-site, a model home (C) is only a sales demonstration, and a log cabin (D) may be site- built but not considered modular unless pre-manufactured in sections.
Therefore, the correct answer is A: prefabricated housing.
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Property Ownership and Land Use Controls section; Modern Real Estate Practice, 20th Edition, Construction Methods.
NEW QUESTION # 91
Standard title insurance would protect a buyer
A. if after closing, the HOA placed a lien on the property for the previous owner's unpaid dues.
B. in a purchase where the buyer had knowledge of a shed violating setback requirements.
C. when the seller has forged an ex-partner's signature on the deed.
D. for the purchase of a property bought sight unseen where the buyer discovers a tenant living at the property.
Answer: C
Explanation:
Comprehensive and Detailed Explanation (150-250 words):
Standard title insurance protects against defects in title that existed prior to closing and were not discovered in the public record. Covered risks include:
Forged deeds or signatures.
Fraud in the chain of title.
Undisclosed heirs.
Mistakes in recording.
Therefore, if a seller forged a co-owner's (ex-partner's) signature on the deed, title insurance would cover the buyer.
B: Post-closing liens (such as new HOA liens) are not covered.
C: Known defects or issues (shed violating setbacks) are not covered.
D: Occupancy issues are outside the scope of standard title coverage.
Thus, the correct answer is A.
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Transfer of Title; Title Insurance.
NEW QUESTION # 92
Based on the common law of agency, which of the following would always be an agent's duty?
A. placing the interests of the principal above all others, including the agent's own interests
B. hiring a contractor to repair a listing with a leaky roof
C. disclosing that the reason a client is selling is an impending divorce
D. analyzing the preliminary title report and advising the buyer regarding exceptions listed
Answer: A
Explanation:
The common law of agency requires real estate licensees to act in the best interests of their principal (the client). The six fiduciary duties are: obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care/diligence.
The most fundamental of these is loyalty - meaning the agent must always place the client's interests above all others, including their own.
Hiring a contractor (A) goes beyond the agent's authority unless authorized.
Disclosing divorce (B) would breach confidentiality, not fulfill a duty.
Analyzing legal title exceptions (C) constitutes unauthorized legal practice.
Thus, the correct answer is D: placing the principal's interests first.
Reference: Massachusetts Real Estate Salesperson Candidate Handbook - Agency Law; Common Law Fiduciary Duties.
NEW QUESTION # 93
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