Massachusetts Real Estate Exam Study Guide with Complete Solutions
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Course
Massachusetts Real Estate
Institution
Massachusetts Real Estate
Massachusetts Real Estate Exam Study
Guide with Complete Solutions
Estoppel - Answer️️ -one promises to do something and another relies on
that promise and is harmed by them not following through
Encroachment - Answer️️ -illegal intrusion or trespass into or over the
property of anothe...
Massachusetts Real Estate Exam Study
Guide with Complete Solutions
Estoppel - Answer✔️✔️-one promises to do something and another relies on
that promise and is harmed by them not following through
Encroachment - Answer✔️✔️-illegal intrusion or trespass into or over the
property of another. such as a wall or fence
Nuisance - Answer✔️✔️-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 - Answer✔️✔️-system of rectangles to locate and
specify the boundaries for land parcels.
Baselines run EAST and WEST.
Meridians run NORTH and SOUTH.
this unit of land approx 24mi sq. is divided into areas 6 miles sq. called
townships. Townships are divided into 36 sections.
Primary Mortgage - Answer✔️✔️-lenders who originate funds to borrowers.
the lenders retain mortgage investments for themselves or sell them to
investors
Secondary Mortgage - Answer✔️✔️-firms/agencies who buy mortgages
from those lenders who originate them (FNMA-Fannie Mae).
Net Listing - Answer✔️✔️-illegal - get me $ and everything else is yours
Open Listing - Answer✔️✔️-listing with several brokers in which any of
them can sell. a seller may sell home himself without paying a commission
Exclusive Listing - Answer✔️✔️-1 broker can list and show the property.
usually given for a period of time during which the seller reserves right to
sell house himself without paying a commission.
Exclusive Right to Sell - Answer✔️✔️-a listing that gives the broker the right
to collect a commission no matter who sells the property during the listing
period
Disclosing Agency - Answer✔️✔️-first meet in person to discuss a specific
property
Bank Approval steps: appraisal, ability to pay, credit check, p&s financing
clause
Mortgage Contingency Clause - Answer✔️✔️-allows the buyer to secure
financing, and if the buyer cannot do so, the agreement of
sale terminates.
Truth in Lending - Answer✔️✔️-The name given to the federal statutes and
regulations (Regulation Z) which are designed primarily to insure that
prospective borrowers and purchasers on credit receive credit cost
information before entering into a transaction.
Air Rights - Answer✔️✔️-The rights to use the air above the land.
Subsurface Mineral Rights - Answer✔️✔️-Rights beneath the actual surface
of land, including rights to the minerals found there.
Real Property - Answer✔️✔️-land and anything attached to it
corporeal- land and physical items affixed to it
wall to wall carpeting
Personal Property - Answer✔️✔️-Portable
Tangible - physical
Intangible - rights /trademarks
Fixture - Answer✔️✔️-Personal property, which has been converted to real
property by method of attachment, character and adaptation or contractual
intent of the parties
Bundle of Rights - Answer✔️✔️-included in ownership of realty
control/posession/enjoyment/disposition
limitations:
eminent domain
police power
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