Massachusetts real estate - Study guides, Class notes & Summaries

Massachusetts Real Estate Exam Questions and Answers Graded A Bundle of Rights An ownership concept describing all the legal rights that attach to the ownership of real property. ( posession, control, enjoyment, exclusion, disposition) Personal Property Chattel; movable/ portable; everything that "falls out" of a house that is turned upside down Riparian Rights "R" ivers; rights along flowing waters such as rivers and streams; navigable ( to waters edge) non-navigable ( to middle) Literal...

Massachusetts Real Estate Exam Already Passed Estoppel one promises to do something and another relies on that promise and is harmed by them not following through Encroachment illegal intrusion or trespass into or over the property of another. such as a wall or fence Nuisance Interferes with quiet enjoyment and is an encroachment. Private nuisance= small area and can take court action Public Nuisance = large area and takes city action Rectangular Survey System system of rectangles to locate and ...

MASSACHUSETTS REAL ESTATE EXAM

Emma, a Massachusetts licensed salesperson, wants to place an advertisement in Brookline's local real estate magazine. What must she be sure to include? A. A fair housing statement B. Her broker's complete information C. Her email address D. Her license number - B Evan bought into a Massachusetts housing cooperative that's focused on cultural exchange. Each month the co-op residents have dinner meetings and share food and culture from their respective regions. When Evan made his purch...

Bundle of Rights - included in ownership of realty Assignment - transfer for the entire balance of the term of the lease of the whole or a part of the leased premises 4 elements of value - utility, scarcity, demand, transfer-ability. adjustable rate mortgage - allows for periodic adjustment of the interest rate according to a preselected index. start lower than current fixed rates. affirmitive Easement - allows access Air Rights - The rights to use the air above the land. Alienation - the...

MASSACHUSETTS REAL ESTATE TEST DEFINITIONS: COMPLETE EXAM REVIEW 4C's - -Capacity, capital, collateral, and credit which are used by a lender to assess a buyer's ability to repay a loan 6D Certificate - -Certifies that all condo fees have been paid up to the date of closing; required for all condo closings in Massachusetts 21E Certificate - -Certifies that property is free from contamination 203(b) - -FHA financing program for anyone purchasing a primary 1-4 family, owner-occupied r...

Massachusetts Real Estate Test Definitions Correctly Answered 2024.21E Certificate - ANSWER Certifies that property is free from contamination 203(b) - ANSWER FHA financing program for anyone purchasing a primary 1-4 family, owner-occupied residence 1031 Exchange - ANSWER 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 - ANSWER Independent contractor status according to th...

Massachusetts Real Estate Salesperson License Questions and Answers 100% Pass RE Salesperson License requirements? 18 years old, 40 hour class, pass the exam, must affiliate with a broker to practice and may not accept direct client payments Broker's License requirements? 3 years salesperson experience, 40 hour class, pass the exam, $5,000 bond and pay a fee. What is MLS? Multiple Listing Service. It's a marketing tool used by Salespeople to show their listings. Difference between RE Salesp...

Massachusetts Real Estate Test 1 Questions and Answers Rescent - Answer-Acquisition of an estate by inheritance in which an heir succeeds to the property by operation of law. Devise - Answer-A gift of real property by will. The donor is the divisor, and the recipient is the devisee. Eminent domain - Answer-The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a pu...

Massachusetts Real Estate Exam Questions and Answers 2024