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Massachusetts Real Estate: Pre-license Study Guide
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Massachusetts Real Estate: Pre-license Study Guide
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Massachusetts Real Estate: Pre-license Study GuideAcceleration Clause Correct Ans - 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 Correct Ans - Acquiring land from deposit of soil washed up
from a river, lake or ocean
Ad Valorem Tax Correct Ans - A tax levied "according to value". Refers
to real estate taxes in relation to value assessed on the property for tax
purposes
Alienation Correct Ans - The transferring of property to another.
Allodial system Correct Ans - Land ownership is held free of any rents
or services due to the government. Contrasting system is feudal system
Amortized Loan Correct Ans - A loan which applies both principal and
interest to the payment, made periodically
Antitrust Laws Correct Ans - 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 Correct Ans - Taking over existing mortgages(s) and
becoming personally liable for the debt, including all payments
Attachment Correct Ans - An involuntary lien against property as
action to secure payment for debt incurred
Avulsion Correct Ans - The sudden tearing away of the land affecting
the size and condition of the land
Balloon Payment Correct Ans - A final payment on the mortgage that
becomes due prior to full amortization of the loan
, Bargain and Sale Deed Correct Ans - 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 Correct Ans - A permanent reference point established for
use by land surveyors to measure elevations
Beneficiary Correct Ans - The person whom a trust is established, the
recipient of the activity in a trust
Bill of Sale Correct Ans - The mechanism to transfer personal property
Binder Correct Ans - Also known as "offer to purchase", places in
writing initial terms of a purchase
Blockbusting Correct Ans - 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
Boot Correct Ans - Money or property given to make up for value
inequities in an exchange of property
Breach Correct Ans - Violation of a term, or terms in a contract
Brokerage Correct Ans - The bringing together of parties in a real
estate transaction
Capital Gain Correct Ans - Profit from the sale if an asset
Capitalization Correct Ans - 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 Correct Ans - The net spendable income from an
investment. Income remaining after deducting all operating and fixed
expenses from the gross income
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