MA Real Estate Pre-license Study Guide Rated A+

MA Real Estate Pre-license Study Guide Rated A+ Acceleration Clause The clause in a mortgage that can be enforced to make the entire debt due if the mortgage defaults on any covenant in the mortgage Accession Acquiring land from deposit of soil washed up from a river, lake or ocean Ad Valorem Tax A tax levied "according to value". Refers to real estate taxes in relation to value assessed on the property for tax purposes Alienation The transferring of property to another. Allodial system Land ownership is held free of any rents or services due to the government. Contrasting system is feudal system Amortized Loan A loan which applies both principal and interest to the payment, made periodically Antitrust Laws Laws designed to preserve free enterprise in the marketplace by making certain activities illegal. "Price fixing" is one such illegal activity where companies conspire to set prices to create unfair competition Assumption Taking over existing mortgages(s) and becoming personally liable for the debt, including all payments Attachment An involuntary lien against property as action to secure payment for debt incurred Avulsion The sudden tearing away of the land affecting the size and condition of the land Balloon Payment A final payment on the mortgage that becomes due prior to full amortization of the loan Bargain and Sale Deed A deed that carries no warranties but implies that the grantor has the power and right to transfer title. Similar to a quitclaim deed Benchmark A permanent reference point established for use by land surveyors to measure elevations Beneficiary The person whom a trust is established, the recipient of the activity in a trust Bill of Sale The mechanism to transfer personal property Binder Also known as "offer to purchase", places in writing initial terms of a purchase Blockbusting An illegal practice of inducing an owner to sell based upon the fear of the entry into the neighborhood of persons of a particular race or nation origin Boot Money or property given to make up for value inequities in an exchange of property Breach Violation of a term, or terms in a contract Brokerage The bringing together of parties in a real estate