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Massachusetts Real Estate 2024,2025 Exam Rated A+
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Massachusetts Real Estate 2024,2025 Exam Rated A+
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Massachusetts Real Estate 2024,2025Exam Rated A+
1866 Civil Rights Act - ANSWER-1st fair housing law. basis of race only.
unlimited damages. all housing covered no exemptions.
1968 Act - ANSWER-&1988 ammendment prohibits discrimination against sex, race,
color, religion, national origin, handicapped, familial status. reported within 1 year to
HUD. file in US district court.
4 elements of value - ANSWER-utility, scarcity, demand, transfer-ability.
adjustable rate mortgage - ANSWER-allows for periodic adjustment of the interest rate
according to a pre-selected index. start lower than current fixed rates.
affirmitive Easement - ANSWER-allows access
Air Rights - ANSWER-The rights to use the air above the land.
Alienation - ANSWER-the transfer of title and right to possession
Americans with Disabilities Act - ANSWER-design and accomodate disabled
1st time $50,000
2nd time $100,000
amoritzation - ANSWER-reduction of a loan by equal periodic payments
An owner of a waterfront property owns to - ANSWER-the mean low water line
antitrust - ANSWER-sherman law enacted to encourage free and open competition and
unfair business practices
Appraisal - ANSWER-supported estimate of defined value from physical, economic,
social and political influences affecting it.
appurtenances - ANSWER-right to use the property to which it is connected and
intended to be a permanent accession to the property and which will pass with the title
to a new owner
asbestos - ANSWER-asbestos materials are harmful if they are friable. must be
disclosed before p&s is signed. repair and removal by board of health
Assignment - ANSWER-transfer for the entire balance of the term of the lease of the
whole or a part of the leased premises
, Assumed Mortgage - ANSWER-ex. VA mortgage
someone could take it over
benchmark - ANSWER-marker indicating elevation above sea level
Bilateral Contract - ANSWER-Reciprocal contract between 2 parties such as a P&S
Bundle of Rights - ANSWER-included in ownership of realty
control/posession/enjoyment/disposition
limitations:
eminent domain
police power
taxation
escheat
buyer closing statements - ANSWER-Buyer= cash for difference between purchase
price less deposit and mortgage,
3mo taxes paid in advance
adjustments
FEES: for title examination, recording deed, bank app, mortgage placement, inspection
cost/appraisal
Survey/plot plan
insurance: private mortgage, title/homeowners
use and occupanyc charge
municipal lien certificate
credit report
Chapter 151B - ANSWER-equal opportunities in fair housing and requires every real
estate office to post fair housing practicies. divides protected classes into 3 categories:
1.sex/race/color/religion/national origin/handicapped/familial status/sexual
orientation/ancestry/age/military status/govtassistance.
2. rental assistance recipents
3. children
must be reported within 6 months to MCAD.
Chapter 93A - ANSWER-The MA consumer protection act. outlaws unfair and deceptive
acts or practices in the conduct of any trade including advertising, offering for sale,
lease, rent or distribution and services and property real or personal. no liability for a
salesperson if wasnt knowledgeable of facts to be disclosed.
Community Propery - ANSWER-married couple acquiring property = partners
Concurrent Estates - ANSWER-2 or more persons hold title together
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