100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Massachusetts Real Estate Exam CORRECT 100% $14.99   Add to cart

Exam (elaborations)

Massachusetts Real Estate Exam CORRECT 100%

 5 views  0 purchase
  • Course
  • Massachusetts Real Estate
  • Institution
  • Massachusetts Real Estate

Bundle of Rights - ANSWER An ownership concept describing all the legal rights that attach to the ownership of real property. ( posession, control, enjoyment, exclusion, disposition) Personal Property - ANSWER Chattel; movable/ portable; everything that "falls out" of a house that is turned upsi...

[Show more]

Preview 3 out of 21  pages

  • October 20, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • massachusetts real estate
  • Massachusetts Real Estate
  • Massachusetts Real Estate
avatar-seller
shantelleG
Massachusetts Real Estate Exam CORRECT 100%

Bundle of Rights - ANSWER An ownership concept describing all the legal rights that attach to the
ownership of real property. ( posession, control, enjoyment, exclusion, disposition)



Personal Property - ANSWER Chattel; movable/ portable; everything that "falls out" of a house that is
turned upside down



Riparian Rights - ANSWER "R" ivers; rights along flowing waters such as rivers and streams; navigable ( to
waters edge) non-navigable ( to middle)



Literal Rights - ANSWER "L" ake ; ownership rights along lakes and oceans; mA Law intertidal zone...all
people have the right to fish, navigate (walk), and faul(birdwatch through intertidal zone



Real Estate - ANSWER Anything man or nature has put on earth; includes bundle of legal rights, air,
water, and mineral rights; edge of property to center of earth and up to infinity (air rights) anything
attached or put into the ground ( not on blocks)



Three Legal Descriptions Used in America - ANSWER Metes and Bounds, Rectangular Survey, Subdivision
Lot and Block



Metes and Bounds - ANSWER A system of land surveying that used natural features t mark irregular
parcels of land; Used in MA; oldest method used; always uses a POB (point of beginning); uses distances
and compass directions to describe using N,S!E!W



Rectangular Survey - ANSWER Uses ranges, sections, and townships to describe, everything is
rectangular shapes, FL not MA



Subdivision Lot and Block - ANSWER AKA: Subdivision Plan; uses subdivision Lot # and street name to
describe; used in ALL states



Personal Property - ANSWER Chattels; movable ( furniture, lawn mower, fire wood, deck furniture, cows)

, Fixtures - ANSWER An item that was personal property that is now affixed to the real Estate and has
become permanent; ex. Wall/wall carpet; a hutch noted to wall; a new light by the front door



Severance - ANSWER Converting real property to personal property (ex. Cutting down a tree severing it
from the land)



Accession - ANSWER Trade fixtures not removed by the end of the lease become the landlords by
accession



Trade Fixtures - ANSWER Considered personal property; can be removed before the lease ends; must fish
holes in wall and take signs



Emblements (fractus industriales) - ANSWER



Governmental Powers (PETE) - ANSWER Police Power, Eminent Domain, Taxation, Escheat



Police Power - ANSWER Governments right to regulate property use ( building codes, property laws,
zoning, town bylaws)



Eminent Domain - ANSWER Governments right to seize property; must be for public use and the owner
paid a fair price



Codemnation Lawsuit - ANSWER State filed action



Taxation - ANSWER To support government operations



Escheat - ANSWER When an owner abandons or dies with no heirs the state claims the property through
the power of " escheat"



Freehold Estate - ANSWER You actually own it; the degree and extent of ones ownership

, Free Simple Absolute - ANSWER A type of freehold Estate, a type of ownership; highest and most
common; can last forever; is inheritable; realtor asks for a copy of deed and grants you the "fee simple
title", even if you have a mortagage




No Money Encumbrances ( easements, easement in gross) - ANSWER A type of encumbrance offers a
legal right to use; has no ownership interest



Easement - ANSWER A right acquired by one party to use the land of another party; must be recorded in
the last 50 years



Easement in Gross - ANSWER Utility company interest, electric, water, gas, town sewer



Easement by prescription - ANSWER MA LAW: 20 year requirement; path/osprey story; openly and.
Continuously using the path for 20+ years; prescriptive period 20+ years



CC&R Covenants, Conditions, and Restrictions - ANSWER AKA: Restrictive Covenants; private land
controls; must be on the public record to be enforceable; ex. No clotheslines, no doghouses, no
commercial vehicles



Licenses - ANSWER Licensed letter; offers temporary permission to use; no automatic transfer to a new
owner



Encroachments - ANSWER Invading a neighbors property; may be at ground level, at or below the earth;
limbs going into yard, drainage, leach fields, dog kennel



Grantor - ANSWER Signs deed



Deed - ANSWER Written instrument; grantOR conveys the rights of ownership to grantEE, all deeds must
be recorded in the county where the property lies; name and date are the only things that will change

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller shantelleG. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

84866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$14.99
  • (0)
  Add to cart