Massachusetts Real Estate: Exam Updated 2024/2025 Actual Questions and answers with complete solutions
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Course
Massachusetts Real Estate
Institution
Massachusetts Real Estate
Bundle of Rights - included in ownership of realty
Assignment - transfer for the entire balance of the term of the lease of the whole or a part of the
leased premises
4 elements of value - utility, scarcity, demand, transfer-ability.
adjustable rate mortgage - allows for periodic adjustment of ...
Massachusetts Real Estate : Exam Bundle of Rights - included in ownership of realty Assignment - transfer for the entire balance of the term of the lease of the whole or a part of the leased premises 4 elements of value - utility, scarcity, demand, transfer -ability. adjustable rate mortgage - allows for periodic adjustment of the interest rate according to a pre -
selected index. start lower than current fixed rates. affirmitive Easement - allows access Air Rights - The rights to use the air above the land. Alienation - the transfer of title and right to possession Americans with Disabilities Act - design and accomodate disabled 1st time $50,000 2nd time $100,000 amoritzation - reduction of a loan by equal periodic payments An owner of a waterfront property owns to - the mean low water line antitrust - sherman law enacted to encourage free and open competition and unfair business practices Appraisal - supported estimate of defined value from physical, economic, social and political influences affecting it. 1866 Civil Rights Act - 1st fair housing law. basis of race only. unlimited damages. all housing covered no exemptions. appurtenances - right to use the property to which it is connected and intended to be a permanent accession to the property and which will pass with the title to a new owner asbestos - asbestos materials are harmful if they are friable. must be disclosed before p&s is signed. repair and removal by board of health Assignment - transfer for the entire balance of the term of the lease of the whole or a part of the leased premises 1968 Act - &1988 ammendment prohibits discrimination against sex, race, color, religion, national origin, handicapped, familial status. reported within 1 year to HUD. file in US district court. Assumed Mortgage - ex. VA mortgage someone could take it over benchmark - marker indicating elevation above sea level Bilateral Contract - Reciprocal contract between 2 parties such as a P&S control/posession/enjoyment/disposition limitations: eminent domain police power taxation escheat buyer closing statements - Buyer= cash for difference between purchase price less deposit and mortgage, 3mo taxes paid in advance adjustments FEES: for title examination, recording deed, bank app, mortgage placement, inspection cost/appraisal Survey/plot plan insurance: private mortgage, title/homeowners use and occupanyc charge municipal lien certificate credit report Chapter 151B - equal opportunities in fair housing and requires every real estate office to post fair housing practicies. divides protected classes into 3 categories: 1.sex/race/color/religion/national origin/handicapped/familial status/sexual orientation/ancestry/age/mi litary status/govtassistance. 2. rental assistance recipents 3. children must be reported within 6 months to MCAD. Chapter 93A - The MA consumer protection act. outlaws unfair and deceptive acts or practices in the conduct of any trade including advertising, offering for sale, lease, rent or distribution and services and property real or personal. no liability for a salesperson if w asnt knowledgeable of facts to be disclosed. Community Propery - married couple acquiring property = partners
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