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Massachusetts Real Estate Exam questions and answers (verified for accuracy).
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Massachusetts Real Estate Exam questions and answers (verified for accuracy).
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Massachusetts Real EstateExam questions and answers
(verified for accuracy)
Real Estate Definition - answer is defined as land at, above, and
below the earth's surface, plus all things permanently attached to
it, whether natural or artificial. Land is defined as the the earth's
surface, down to the center of the earth and upward to infinity,
including natural objects.
Used to transfer only real property is: - answer Deed
Personal property is transferred by a: - answer Bill of Sale
Elements of Personal Property - answer Also known as Chattels -
personal property is any property that is not real property. Personal
property is considered moveable.
Tangible Property Examples - answer Chairs, tables, etc
Intangible Property Examples - answer Money, trademarks, etc
Mobile homes on wheels - answer Are considered personal
property
Fructus Naturales - answer Natural growing plants, perennial
crops, and trees are considered real property. Orchards/Vineyards
,Fructus Industriales - answer Also known as Emblements -
Cultivated annual crops are considered personal property. The
former owner or tenant is entitled to harvest the fruits of his labor
at harvest time.
Real Property Elements - answer Includes land and the
improvements, rights and benefits that transfer or go with the land,
such as buildings, fences, trees, water rights, surface, sub surface,
air rights, mineral rights, and easements. These benefits are known
as Appurtenances. Mobile homes on permanent foundations,
regarded as real property.
Real Property Characteristics - answer 7 basic characteristics of
land that define its nature and affect its use:
Economic: Scarcity, improvements, permanence of investment, area
preference (location, location, location)
Physical: Immobility, indestructibility, uniqueness
Bundle of Rights - answer The beneficial right to use, exclude
others, lease, encumber, transfer, and inherit.
Right of possession
Right to control within framework of law
Right to enjoy (legally)
Right of exclusion
Right of disposition
Real property can become personal property and personal property
can become real property - answer Examples:
A dishwasher in the box is personal until it becomes installed when
it becomes real. This is known as Annexation.
A growing tree is real property, but when it is cut down for fire wood
it becomes personal. This is known as Severance.
, Test of Fixture - answer Courts require that at least one of the
following four tests be met to determine an item is a fixture:
Intent: did owner intend to make it permanently part of the
structure
Attachment: is it permanently attached by nails, bolts, pipes or can
it easily be removed without causing damage
Adaptability: is it custom built to fit a particular space of a custom
match
Agreement: have the parties agreed on whether the item is real or
personal property in an offer to purchase
Trade Fixtures - answer attached and used in the ordinary course
of business considered personal property. By written agreement
(lease) in advance the tenant shall remove trade fixtures at the
expiration of lease.
-or - answer give, convey, sell
-ee - answer Receive, purchase, acquire
There are three methods of describing real property - answer Lot,
block, and tract
Metes and Bounds
Government (Rectangular) Survey
Lot, block, and tract - answer State and/or local subdivision law
requires recording of a subdivision map or plat map. This legal
description uses the parcel's designation on the recorded map as
well as recording information. Example: Lot 12 Block 1 of Pacific
Heights recorded in the Middlesex Registry of Deeds Book 39 pages
888 to 901
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