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Massachusetts Real Estate Exam CORRECT QUESTIONS & ANSWERS|| 2024 LATEST UPDATE|| VERIFIED $12.49
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Exam (elaborations)

Massachusetts Real Estate Exam CORRECT QUESTIONS & ANSWERS|| 2024 LATEST UPDATE|| VERIFIED
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  • Course
  • Massachusetts Real Estate
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  • Massachusetts Real Estate

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...

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  • October 20, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • massachusetts real estate
  • massachusetts real estate exam correct questions
  • estoppel answer one promises to do something and
  • encroachment answer illegal intrusion or trespas

Written for

  • Massachusetts Real Estate
  • Massachusetts Real Estate

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Massachusetts Real Estate Exam CORRECT
QUESTIONS & ANSWERS|| 2024 LATEST UPDATE||
VERIFIED

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



Financing Procedure - ANSWER After P&S= Mortgage Application

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




Interest Rate - ANSWER risk=profitability

lower risk=lower interest



amount figured by computing the total yearly interest based on the balance of the loan divided by
payments per year



Appraisal - ANSWER supported estimate of defined value from physical, economic, social and political
influences affecting it.



4 elements of value - ANSWER utility, scarcity, demand, transfer-ability.



why get appraisals? - ANSWER transfer of ownership

financing/credit issues

compensation in condemnation proceedings

establishes a basis for taxes



Condominium - ANSWER community living with absolute ownership and access to facilities. purchaser
arranges his own fiancing, receives a deed to his unit when he takes title and makes mortgage/tax
payments.

owns from studs in



Condo Fee - ANSWER monthly to cover insurance/repair/maintenance

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