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Massachusetts Real Estate Test Definitions (2024/2024); Questions and Answer 100% Solved $23.99   Add to cart

Exam (elaborations)

Massachusetts Real Estate Test Definitions (2024/2024); Questions and Answer 100% Solved

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  • Course
  • MA Real Estate
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  • 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...

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  • August 26, 2024
  • 133
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MA Real Estate
  • MA Real Estate
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TheeGrades
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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