MA Real Estate Exam Study Guide 2024; Questions and Answer 100% Solved
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Course
MA Real Estate
Institution
MA Real Estate
MA Real Estate Exam Study Guide 2024;
Questions and Answer 100% Solved
Appraisal An estimation of a property's value, usually prepared by a
professional who is
licensed in this field.
Brokerage The business of bringing people together in a real estate
transaction.
Commerical The types of...
MA Real Estate Exam Study Guide 2024;
Questions and Answer 100% Solved
Appraisal ✔✔An estimation of a property's value, usually prepared by a
professional who is
licensed in this field.
Brokerage ✔✔The business of bringing people together in a real estate
transaction.
Commerical ✔✔The types of properties that include office spaces, shopping
centers, stores,
theaters, hotels, parking facilities, etc.
Development ✔✔The term for the construction of improvements upon the land.
Elevation Certificate ✔✔Insurance agents are required to obtain one of these on
any property
before issuing quotes for flood insurance.
Financing ✔✔The pledging of real property and collateral for the repayment of a
loan through a
mortgage or deed of trust.
, MA Real Estate Exam Study Guide 2024;
Questions and Answer 100% Solved
Federal Deposit Insurance Corporation ✔✔This agency can fine and withdraw its
insurance from
lenders that do not carry flood insurance on required mortgages.
Flood Insurance ✔✔This type of homeowner's insurance policy covers "rising
water" problems
such as a burst water main, overloaded drains, and melting snow. It is usually an
optional add-on
policy that becomes effective 30 days after purchase, unless the property is in a
specific area and
is collateral for a federal loan, in which case it is a mandatory policy and
effective immediately.
HO1 ✔✔This is the basic form of a homeowner's hazard insurance policy, and
the default policy
when a property has been empty for any length of time. It covers fire, lightning,
hail, and other
perils.
, MA Real Estate Exam Study Guide 2024;
Questions and Answer 100% Solved
HO2 ✔✔This form of a homeowner's hazard insurance policy covers more than
the basic form,
but not as much as the special form. It is often available for second homes.
HO3 ✔✔This special form homeowner's hazard insurance policy offers the most
coverage for
the most reasonable price, and is the preferred policy on primary residences. It
covers both real
and personal property.
HO6 ✔✔This form of a hazard insurance policy is designed for condominiums
and can be
customized to comply with the condo association's bylaws.
HO4 ✔✔This renter's insurance policy is similar to the homeowner's insurance
policy carried on
primary residences, but doesn't include coverage on real property owned by
someone else.
, MA Real Estate Exam Study Guide 2024;
Questions and Answer 100% Solved
Improvements ✔✔Additions to property that increase its value or enhance its
appearance. It can
include buildings, fixtures, and landscaping.
Landlord's policy ✔✔This insurance policy is the reverse of a renter's policy and
covers only the
real property.
Property Management ✔✔A broad term for a person or company hired to
maintain and manage a
property on behalf of its owners, and who are to maximize the owner's returns.
Real Estate Counsellors ✔✔These people provide clients with competent,
independent real estate
advice without representing them as an agent.
Special Flood Hazard Area ✔✔Properties in this area are required by federal law
to have special
insurance as part of any federally-backed mortgages.
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