Exam (elaborations)
Massachusetts Real Estate Exam|146 Questions and Answers
Massachusetts Real Estate Exam|146 Questions and Answers
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Massachusetts Real Estate Exam|146Questions and Answers
Estoppel - -one promises to do something and another relies on that promise
and is harmed by them not following through
- Encroachment - -illegal intrusion or trespass into or over the property of
another. such as a wall or fence
- Nuisance - -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 - -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 - -lenders who originate funds to borrowers. the lenders
retain mortgage investments for themselves or sell them to investors
- Secondary Mortgage - -firms/agencies who buy mortgages from those
lenders who originate them (FNMA-Fannie Mae).
- Net Listing - -illegal - get me $ and everything else is yours
- Open Listing - -listing with several brokers in which any of them can sell. a
seller may sell home himself without paying a commission
- Exclusive Listing - -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 - -a listing that gives the broker the right to collect
a commission no matter who sells the property during the listing period
- Disclosing Agency - -first meet in person to discuss a specific property
- Financing Procedure - -After P&S= Mortgage Application
Bank Approval steps: appraisal, ability to pay, credit check, p&s financing
clause
, - Mortgage Contingency Clause - -allows the buyer to secure financing, and
if the buyer cannot do so, the agreement of
sale terminates.
- Truth in Lending - -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 - -The rights to use the air above the land.
- Subsurface Mineral Rights - -Rights beneath the actual surface of land,
including rights to the minerals found there.
- Real Property - -land and anything attached to it
corporeal- land and physical items affixed to it
wall to wall carpeting
- Personal Property - -Portable
Tangible - physical
Intangible - rights /trademarks
- Fixture - -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 - -included in ownership of realty
control/posession/enjoyment/disposition
limitations:
eminent domain
police power
taxation
escheat
- Investment Calculations - -PART divided by WHOLE= rate
- Riparian Rights - -rights of an owner of land bordering on a flowing stream
or river
- Littoral Land - -land abutting standing bodies of water. surface water of
lakes and great ponds 10 acres or more are under control of the STATE
unless fully contained within 1 owners property.
ownership is usually to the shore
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