MA Real Estate Pre-license Study Guide; Questions and Answer 100% Solved
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Course
MA Real Estate
Institution
MA Real Estate
MA Real Estate Pre-license Study Guide;
Questions and Answer 100% Solved
Acceleration Clause The clause in a mortgage that can be enforced to make
the entire debt
due if the mortgage defaults on any covenant in the mortgage
Accession Acquiring land from deposit of soil washed up from a river...
MA Real Estate Pre-license Study Guide;
Questions and Answer 100% Solved
Acceleration Clause ✔✔The clause in a mortgage that can be enforced to make
the entire debt
due if the mortgage defaults on any covenant in the mortgage
Accession ✔✔Acquiring land from deposit of soil washed up from a river, lake or
ocean
Ad Valorem Tax ✔✔A tax levied "according to value". Refers to real estate taxes
in relation to
value assessed on the property for tax purposes
Alienation ✔✔The transferring of property to another.
Allodial system ✔✔Land ownership is held free of any rents or services due to
the government.
Contrasting system is feudal system
Amortized Loan ✔✔A loan which applies both principal and interest to the
payment, made
periodically
, MA Real Estate Pre-license Study Guide;
Questions and Answer 100% Solved
Antitrust Laws ✔✔Laws designed to preserve free enterprise in the marketplace
by making
certain activities illegal. "Price fixing" is one such illegal activity where
companies conspire to
set prices to create unfair competition
Assumption ✔✔Taking over existing mortgages(s) and becoming personally
liable for the debt,
including all payments
Attachment ✔✔An involuntary lien against property as action to secure
payment for debt
incurred
Avulsion ✔✔The sudden tearing away of the land affecting the size and
condition of the land
Balloon Payment ✔✔A final payment on the mortgage that becomes due prior
to full
, MA Real Estate Pre-license Study Guide;
Questions and Answer 100% Solved
amortization of the loan
Bargain and Sale Deed ✔✔A deed that carries no warranties but implies that the
grantor has the
power and right to transfer title. Similar to a quitclaim deed
Benchmark ✔✔A permanent reference point established for use by land
surveyors to measure
elevations
Beneficiary ✔✔The person whom a trust is established, the recipient of the
activity in a trust
Bill of Sale ✔✔The mechanism to transfer personal property
Binder ✔✔Also known as "offer to purchase", places in writing initial terms of a
purchase
Blockbusting ✔✔An illegal practice of inducing an owner to sell based upon the
fear of the entry
into the neighborhood of persons of a particular race or nation origin
, MA Real Estate Pre-license Study Guide;
Questions and Answer 100% Solved
Boot ✔✔Money or property given to make up for value inequities in an
exchange of property
Breach ✔✔Violation of a term, or terms in a contract
Brokerage ✔✔The bringing together of parties in a real estate transaction
Capital Gain ✔✔Profit from the sale if an asset
Capitalization ✔✔The estimation of value based upon the use of a mathematical
formula in
which the net operating income of a property is divided by the expected rate of
return on a
similar type of investment
Cash Flow ✔✔The net spendable income from an investment. Income remaining
after deducting
all operating and fixed expenses from the gross income
Chain of Title ✔✔The succession of title changes of a property
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