Massachusetts Real Estate Test Definitions (2024/2024); Questions and Answer 100% Solved
3 views 0 purchase
Course
MA Real Estate
Institution
MA Real Estate
Massachusetts Real Estate Test Definitions
(2024/2024); Questions and Answer 100%
Solved
21E Certificate Certifies that property is free from contamination
203(b) FHA financing program for anyone purchasing a primary 1-4 family,
owner-occupied
residence
1031 Exchange Way to defer capital...
Massachusetts Real Estate Test Definitions
(2024/2024); Questions and Answer 100%
Solved
21E Certificate ✔✔Certifies that property is free from contamination
203(b) ✔✔FHA financing program for anyone purchasing a primary 1-4 family,
owner-occupied
residence
1031 Exchange ✔✔Way to defer capital gains tax; property owner must re-invest
profits from
the sale of an investment property into another investment property within 6
months
1099 ✔✔Independent contractor status according to the IRS tax classifications
ABAs ✔✔Affiliated Business Arrangements; service providers, such as mortgage
brokers and
real estate attorneys, package their services together as an offering to their
clients
, Massachusetts Real Estate Test Definitions
(2024/2024); Questions and Answer 100%
Solved
Abandonment ✔✔When the tenant leaves the property before the lease
expires, without consent
Abatement ✔✔A reduction of municipal property taxes; must file taxes before
requesting
Abstract of title ✔✔A history of property ownership (title), summarizing all
instruments in chain
of ownership; provided by lender's attorney and paid by borrower
Abutting ✔✔Neighboring land with a common boundary
Acceleration Clause ✔✔A clause in the note protecting the lender by permitting
them to demand
the loan balance be paid immediately in the event of a default
Acceptance ✔✔Indication by the offeree (most often by signature) that they are
willing to be
bound by terms of offer from offeror
, Massachusetts Real Estate Test Definitions
(2024/2024); Questions and Answer 100%
Solved
Accretion ✔✔Increase of property by gradual natural additions (usually wind or
water)
Accretion line ✔✔The water's edge; often the mean high tide line
Accrued depreciation ✔✔Difference between cost of replacing property new as
of date of
appraisal and present value; already occurs when property is purchased
Acknowledgement ✔✔An act of executing a legal instrument such as a deed,
mortgage or
discharge before a lawyer or other officer of state such as a notary public; this
act declares
signing to be free and voluntary; this is necessary before recording at registry
Acre ✔✔43,560 square feet
Act of Waste ✔✔Unreasonable or improper use of land by an individual in
rightful possession of
, Massachusetts Real Estate Test Definitions
(2024/2024); Questions and Answer 100%
Solved
the land
Action of law ✔✔A way in which a lease can be terminated; includes eminent
domain taking,
tax sale, etc.
Active income ✔✔Income generated from active activities, such as a salary;
cannot deduct
depreciation from this income unless you are a real estate professional
Actual Eviction ✔✔Legal action originated by lessor whereby lessee in default is
physically
ousted pursuant to a court order (unlawful detainer).
Actual Notice ✔✔Specific notice of something (e.g. being served a lawsuit)
Adjacent ✔✔Nearby or abutting
Adjoining ✔✔Touching and contiguous
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 TheeGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $23.99. You're not tied to anything after your purchase.