Massachusetts Real Estate Test Definitions (2024/2024); Questions and Answer 100% Solved
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Course
MA Real Estate
Institution
MA Real Estate
Massachusetts Real Estate Test Definitions
(2024/2024); Questions and Answer 100%
Solved
21E Certificate Certifies that property is free from contamination
203(b) FHA financing program for anyone purchasing a primary 1-4 family,
owner-occupied
residence
1031 Exchange Way to defer capital...
Massachusetts Real Estate Test Definitions
(2024/2024); Questions and Answer 100%
Solved
21E Certificate ✔✔Certifies that property is free from contamination
203(b) ✔✔FHA financing program for anyone purchasing a primary 1-4 family,
owner-occupied
residence
1031 Exchange ✔✔Way to defer capital gains tax; property owner must re-invest
profits from
the sale of an investment property into another investment property within 6
months
1099 ✔✔Independent contractor status according to the IRS tax classifications
ABAs ✔✔Affiliated Business Arrangements; service providers, such as mortgage
brokers and
real estate attorneys, package their services together as an offering to their
clients
, Massachusetts Real Estate Test Definitions
(2024/2024); Questions and Answer 100%
Solved
Abandonment ✔✔When the tenant leaves the property before the lease
expires, without consent
Abatement ✔✔A reduction of municipal property taxes; must file taxes before
requesting
Abstract of title ✔✔A history of property ownership (title), summarizing all
instruments in chain
of ownership; provided by lender's attorney and paid by borrower
Abutting ✔✔Neighboring land with a common boundary
Acceleration Clause ✔✔A clause in the note protecting the lender by permitting
them to demand
the loan balance be paid immediately in the event of a default
Acceptance ✔✔Indication by the offeree (most often by signature) that they are
willing to be
bound by terms of offer from offeror
, Massachusetts Real Estate Test Definitions
(2024/2024); Questions and Answer 100%
Solved
Accretion ✔✔Increase of property by gradual natural additions (usually wind or
water)
Accretion line ✔✔The water's edge; often the mean high tide line
Accrued depreciation ✔✔Difference between cost of replacing property new as
of date of
appraisal and present value; already occurs when property is purchased
Acknowledgement ✔✔An act of executing a legal instrument such as a deed,
mortgage or
discharge before a lawyer or other officer of state such as a notary public; this
act declares
signing to be free and voluntary; this is necessary before recording at registry
Acre ✔✔43,560 square feet
Act of Waste ✔✔Unreasonable or improper use of land by an individual in
rightful possession of
, Massachusetts Real Estate Test Definitions
(2024/2024); Questions and Answer 100%
Solved
the land
Action of law ✔✔A way in which a lease can be terminated; includes eminent
domain taking,
tax sale, etc.
Active income ✔✔Income generated from active activities, such as a salary;
cannot deduct
depreciation from this income unless you are a real estate professional
Actual Eviction ✔✔Legal action originated by lessor whereby lessee in default is
physically
ousted pursuant to a court order (unlawful detainer).
Actual Notice ✔✔Specific notice of something (e.g. being served a lawsuit)
Adjacent ✔✔Nearby or abutting
Adjoining ✔✔Touching and contiguous
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