A husband's right in his wife's property at the time of her death. The rights granted to owners of land that are adjacent to flowing waters and/or land that has subsurface water. Lease for a fixed period of time. 3 objective facts w/ respect to contracts. A guarantee payment of rent that safeguards against a tenet's destruction of the property. California Real Estate Test 2. Once the board registers an out of state real property development the owner or developer of such development must note, in a form to be determined by the board, the fact of such registration in all its subsequent advertisements in the commonwealth. method of describing real estate using boundary lines with terminal points and angles, A method of describing real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as specified on a recorded subdivision plat. Most disclose all info to the buyer. A state established account created to protect consumers who have lost money in a transaction due to the negligence or illegal activities of a licensed real estate agent. Questions: 10 | Attempts: 90 | Last updated: Mar 21, 2022 Sample Question There is an apartment with a monthly rent of $330 and utilities average at about $70 per month. This factor determines the quantity and type of housing in demand in a particular area. Exam Prep Edge is an intuitive online study experience that will help you gain the edge in acing your exam and getting your real estate career off to the right start. The purchase agreement is primary and the lease is secondary. tenant has right to purchase home in 90days. In Boston, Massachusetts there are tons of options on how to take the course. the broker has no entitlement to a commission if the contract is not consummated because of lack of financial ability of the buyer to perform of because of any other default of his. such as a wall or fence, Interferes with quiet enjoyment and is an encroachment. Agents owes the seller undivided loyalty. Every state requires its own portion of real estate exam questions based on state laws and regulations. Profits from sale are also distributed back to the shareholders. An entitlement against a defaulted borrower caused when the proceeds from a foreclosure sale are not enough to satisfy the amount owed. A figure used as a multiplier of the gross monthly income of a property in order to estimate the property's value. is divided into areas 6 miles sq. A typical reduction is 1%-3% of the interest rate for a period of 1-3 years. A proposal of change made by either the buyer or seller during negotiation of a contract. A loan containing a clause which allows the mortgagor to borrow additional money without rewriting the mortgage. the fed will lower the rate to encourage increased economic activity and borrowing by member banks by increasing the supply of money in the market. Can be a seller, renter seeking a residence, a prospective buyer, or an owner wanting to lease their property. Complies with all essentials and is binding and enforceable by all parties. A loan in which the regular, periodic payments will not fully amortize the amount of the loan by the time the final payment is due, so the final payment must be larger to complete repayment. The accumulation of soil, rock, and other materials on the edge of a property that are deposited by the movement of water. It replaced the Farmers Home Administration (FmHA), and is operated under the Dept. It is sometimes called market rent. An occupation of space for an indefinite period which can be terminated by either the lessor or lessee at any time. Oral agreements, promises, and inducements that are made by parties prior to entering into a written contract. enacted to give buyer estimate of costs.. payment made as evidence of a persons good faith. This term refers to both a physical article and the rights and interests involved in its use of ownership. Words of a deed that state the grantor's intention to convey the property at the present time. May be valid on the surface, but may be rejected by one of the parties, Unenforceable contract ..ex. Ex: visible water stains, broken stairs, stained carpeting, etc. For instance, a small convenience store or playground being allowed on a property zoned for residential uses. There are four acceptable documents: abstract of title and lawyer's opinion, title insurance policies, a Torrens certificate, or a certificate of title. A person who is prepared to buy on the seller's terms and is ready to take positive steps towards finalization of the transaction. the lenders retain mortgage investments for themselves or sell them to investors Secondary Mortgage Sign up for practice Massachusetts real estate exams here The board may inspect any out of state real property developments seeking registration or registered with it. It is illegal in Massachusetts and many other states. They may be natural (trees, lakes, etc.) The Board also protects consumers by investigating and disciplining licensee who violate the laws and regulations governing the practice of real . Examine Records B. The tenet legally obtained the property, but continued to hold possession after the lease's expiration. A title insurance policy that protects the interest in collateral property of a mortgage lender who originates a new real estate loan. Additions to property that increase its value or enhance its appearance. physical deterioration, lack of desirability, loss of value from economic obsolence, when there is no valid will, law governing distribution to heirs, 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, drawing of the deed or certificate of title to buyer, right in another land which benefits and attaches to the owners land and runs with the land. A loan that meets the minimum standards set by Fannie Mae and Freddie Mac. There are no restrictions on its use or its transfer. It provides a wide range of protections for individuals entering or called to active duty in the military, and deployed servicemembers. Please do not send any documentation to this email address: A tract of land that is owned and occupied as the family home. This document is usually recorded with the county. lenders who originate funds to borrowers. A specific written document assigning an attorney-in-fact authority to execute and sign legal documents on behalf of a grantor. You'll need a 60-75% or better, depending on your state. A legal process in which a court determines who will inherit a decedent's property and what the estate's assets are. A beneficiary controls the trustee's use of these powers under the provisions of the trust agreement. A federal law that requires individuals convicted of certain sex offenses (especially those involving minors) to register their home addresses so that community members may protect themselves and their children from child molesters. This section of the Real Estate License Exam makes up approximately 17% of the whole exam and covers knowledge of real estate trends and developments, fair practice laws, math calculations, and real estate forms. A law that states any buildings that provide public goods or services must be free of architectural barriers that would impede access to disabled persons. A protected class consisting of one or more adults that have minor children, are pregnant, or are in the process of seeking legal custody. A deliberate misstatement of material fact with the intent to deceive. Absolute ownership. 10 day notice in writing to all parties, A. Properties that are held for an indefinite time, or that exist for a lifetime or more. Resident licensees must maintain a place of business in Massachusetts, 1. Business name = A business or a tradename must be registered with the board and a copy of the business cert issued by the town or city where the business is located must be sent to the board, Brokers are required to maintain accurate records of all escrow deposits and withdrawals and other pertinent information concerning each transaction, 1.inducing a party to break a real estate contract or lease for personal gain, Brokers and salespersons are not permitted to give legal advice and are forbidden to advise against the use of the services of an attorney in real estate transaction, 1. These rights include police power, eminent domain, taxation, and escheat (PETE). Sudden removal of soil by action and of water, Increase Value of Property = Mortgage Reduction + Appreciation, Four Unities: Time, title, interest, possession; survivorship, Transfer of grantors rights to real estate without warranties and covenants of title, deed is limited to his or her period of ownership, Best Guarantee ontitle, protects against claims before ownership by title holder, Short form deed, wording has been determined by statute, A life Estate based on the life of a person other than the life owner, title held by two or more ppl or an organization, Possession for an unspecified period of time w. the landlords consent, Taxing real estate according to its value, Delay or negligence in asserting ones rights, 1. This is one of the principals of value. A broad term for a person or company hired to maintain and manage a property on behalf of its owners, and who are to maximize the owner's returns. This is one of the principals of value. In all cases, the government is responsible for justly compensating the property owner. Please also see my set of *Real Estate Acronyms* that complements this set. STATUTORY REQUIREMENTS GOVERNING THE ACTIVITES OF LICENSEES: Display of license, 1. Real estate tax lien, A lien against the real Estate only; ex. large payment bigger than period payments, In order to avoid foreclosure, bank accepts the deed from the mortgagor in full payment, Maximizes use of land to produce a high density of dwelllings, area of land separating differently zoned areas, MARIA - Method, Adaptability, Realationship, Intent, Agreement, PETE, police power, eminent domain, taxation, escheat, Taking money from one property and putting into another. The types of properties that include warehouses, factories, power plants, and other manufacturing areas, even if the property has a storefront attached. indicates market value of the subject from similar houses rented. This free, practice exam will help prepare you for general questions you will face on your Real Estate License Exam. Persons/employees dealing with own property, Licensing Requirement: Qualifications for licensing 87SS, 1. This program covers the complete PSI national portion of your real estate licensing exam. These loans can be conforming (meaning they meet the standards set by Fannie Mae and Freddie Mac) or non-conforming. An inspection of private, on-site sewage disposal systems, often required in title transfers. We hope you'll find these topic-based quizes, Massachusetts Law specific exams, and general real estate questions a good test of your knowledge in advance of taking the exam. Growing crops or flowers that are produced annually on a property and are referred to as fructus industriales, meaning "fruits of industry.". It usually has a higher interest rate and may require a larger down payment or shorter term. These criteria stipulate that all parties must have acquired the property at the same time and by the same instrument of conveyance, and they must all hold equal, undivided ownership interests. The process of conveying a property to an investor, and then leasing it back from them. It allows the conveyance of real estate out of a trust. furniture, tv, swings, artificial plants Types of Property: Real property This can also be the result of deteriorating local economics. The physical location at which a metes and bounds legal description starts. Investment Company Act of 1940-The Investment Company Act of 1940 allows a majority vote of outstanding shares of a registered investment company to authorize the fund to: A partner can sue another partner directly or the partnership itself under". Verify 3 years of working as a salesperson full-time in MA (Brokers Only) Get a $5,000 bond (Brokers Only) Take the state exam. obtained at local tax collectors office. A loan for which the payments for the first few years (usually 5) are lower, and then increase with the expectation that the borrower's income will also have increased by then. Brokers are required to display license in place of business or branch office to general public, 1. The right to cancel a credit transaction within three days. The lease has expired and the lessee is now possessing the property illegally, having been given proper notice to vacate. An action taken by a taxing body that authorizes the expenditure of funds and provides for the sources of the money. Development An organization that provides flood insurance for properties in FEMA-designated flood zones. 29 Practice Simulations. PMI; insurance provided by private carrier that protects a lender against loss if a foreclosure and deficiency; usually insures top 10 - 20 percent of the loan. Hearings are conducted in a manner similar to a legal trial, Suspension, Revocation, Refusal to Renew License, 1. Certain conditions that must be met before the contract is binding (subject to; financing, home inspection), Offer and Acceptance meeting of the mind where buyer and seller agree to the terms of the sale, Money cannot be commingled in personal account, A contract between the property owner (lessor) and the tenant (leasee), Leasehold estates are chattels real.personal property and governed by laws as personal property ; 4 types are estate for years, estate from period to period, estate at will, and estate at sufferance, Most common, definite period, automatic ending (ex. fire chief must inspect, An owner of a waterfront property owns to. It is similar to a partnership in that it is created by an agreement to share in the profits and losses of the project, but unlike a partnership, it is created for one specific project and not for an ongoing business relationship. Employment contracts that establish the relationship between the broker and the consumer. A loan characterized by a fluctuating interest rate. It is included in a general warranty deed. This is one of the principals of value. It is paid at closing by the seller. In this type of agreement, sellers have the right to . A form of depreciation that results from negative factors outside of the subject property that are incurable because they are beyond the property owner's control. equal opportunities in fair housing and requires every real estate office to post fair housing practicies. It is often used to finance furnished condominiums in resort areas. The gradual, permanent withdrawal of water from the shore line, which uncovers more land and therefore increases the size of a specific property. Townships are divided into 36 sections. Meridians run NORTH and SOUTH. The person who employs a real estate broker. It is a short-term loan that often bears a higer-than-average interest rate because of the high risk associated with it. Each one contains 36 1-acre sections. not liable if didn't have knowledge/werent responsible for cleanup. A method of evidencing title by registration with the proper public authority (generally called the registrar). A source of funds for homeowners that wish to finance the purchase of expensive items, consolidate existing installment loans on credit card debt, or pay for other large expenses such as home improvement, medical, or educational costs. A set of ordinances that specifies minimum standards of construction for buildings in order to protect public health and safety. 1 broker can list and show the property. The right that allows an existing tenet to be offered the purchase of a property first if the owner decides to sell at a future date. A group of rights that supersede a property owner's rights. community living with absolute ownership and access to facilities. Sometimes done to remove clouds on a title. You don't get brownie points if you finish early. $4000 $4800 $480 $3960 Key Benefits (6/13 Test For Associate Members) Key Benefits (6/13 Test for Associate Members) Established by English common law. allows for periodic adjustment of the interest rate according to a pre-selected index. All property, both real and personal, that has been acquired by either a husband or his wife during the duration of their marriage. A document issued by the lender when the buyer is assuming the seller's existing loan. The name for an FHA reverse-annuity mortgage. It is similar to trespassing except that the lessee, at one time, held a legal ease. lender assumes payment of an existing mortgage and gives a new and larger mortgage at a higher rate, missing 1 or more components. They publish a packet that presents information regarding lead-based paint and lead poisoning. Pass the Massachusetts Real Estate Exam - $49.95 Massachusetts Real Estate Salesperson License Requirements 18 years old. This is an illegal practice unless such statements are offered only as a matter of opinion and not as facts. The actual texting amount depends on the price of the property purchased. rate charged by the federal reserve board to its member banks. Anything that is used with land for its benefits. A term that states the seller will convey the property in its current condition and is under no obligation to repair any patent or latent defects. printmaking etching press cloverleaf apartments login kennedy space center visitor complex itchy skin no rash cancer 2p coin pusher arcade machine criminalmodz . Also called a certificate of no defense. The principal of value that occurs if money spent on an improvement does not produce a proportionate increase in the property's income or value. The principal of value that states the value of a property will increase if the number of available properties decreases (as in a seller's market), and the value will decrease if the number of available properties increases (as in a buyer's market). Think of it as flash cards all on several easy-to-read sheets of paper. Required to make a document legal. Ownership remains with the landlord, but the tenet has rights of exclusive possession and use during the period of contract. The grantee pays rent to the grantor, who then pays the landlord. A type of real estate ownership in which two or more parties have been named in one conveyance. Depending on your state, the process of getting your real estate license will look slightly different. law referred to as superfund/superlien. Occurs when a tenet terminates their lease because a landlord's neglect has made the property uninhabitable. A setting for the purchase and sale of existing mortgages. It increases the broker's responsibility for their statements and omissions, who can be held responsible for. A legal life estate that provides the nonowning wife (dower) or husband (curtesy) a lifetime right to one-half or one-third interest in the real estate of the owning spouse even if the owning spouse wills the estate to others. A type of agricultural lease in which the landlord, in lieu of a regular rent payment, accepts a preset percentage of the profits from the sale of the crops. This warranty is included in a general warranty deed. constant payment will pay off the principal sum loaned in full by the maturity date. They are also called revenue stamps or excise tax stamps. Per month. Michael GosselinReal Estate Agent from Boxborough, Massachusetts. A painters bill. An illegal act of frightening homeowners in an area to sell their homes by stating that members of another race or class are going to be moving into the area. A document that lists all costs and credits associated with a property purchase. title5 requires inspection within 2 years before the sale of a home or title transfer or when a home is being worked on. Month/month or one week rental; continues for an indefinite time until either side gives notice. A substance that is hazardous to a homeowner's health and that was banned in 1978. A part of a deed that describes what interest in the property is being conveyed. Buyer= cash for difference between purchase price less deposit and mortgage, financing of industrial and commercial properties involves a large loan and several lenders, sherman law enacted to encourage free and open competition and unfair business practices, landlord wants to sell property. This substance is particularly hazardous to children under the age of 6. basis of race only. For help with the national portion we have our n ational portion practice exam. This results when depreciation of property is the result of outdated function or poor design. How Many Questions Can You Miss on the New Jersey Real Estate Exam? A formal or informal definition of a specific property that unquestionably describes one property and cannot be applied to any other property. repair and removal by board of health. And when those students leave, we give them our "Potpourri Quiz," a 135-question sheet that allows you to quickly study every area that the state exam will cover. Type of ownership where property is owned by a single person or company. duration is limited to the life of the person holding it, when the grantor conveys a life estate he designates another to receive the balance. Occurs when the value of a lower-quality property is increased due to the presence of higher-quality properties in the area. Bass River Golf Story; a property owner who does not use or inspect the property for a number of years loses their rights to another person; MA LAW; 20 year requirement; "owners unknown" on assessores map; attny does Title exam, horse attny, surveyor, file petition with land court, land court judge decides, Several Claimants poses the property at different but continuous times they tack in in order to reach the 20 years, Also called witnessed will; typed with Legal council, Co-Ownership (tenancy in common, joint tenancy, tenancy by the entirety), Two or more companies or people; AKA : concurrent owners, A parcel of real estate is owned by two or more people; offers undivided interest; is inheritable; OFFERS THE RIGHT TO PARTITION; can transfer into trust; one dies can transfer to heirs ; offered undivided interest, Offers a distinct right of survivorship; last surviving owner has Title in severalty; offers the right to petition the court; includes 4 unities of ownership, Unity of Time , Unity of Title, Unity of Interest; Unity of Possession, Special Joint tenancy between a HUSBAND AND WIFE ; offers the right of survivorship has no right to partition, You own house and pass away" 1/2 goes to wife and 1/2 goes to children, Business Trust ( REIT) AKA: Real Estate Investment Trust, Requires 100 or more investors ; 95% of profits go to investors, Not real estate, but is personal property; owners receive stock shares in the corporation; lifetime lease (proprietary lease ; has Common area, Own air lot (horizontal property rights); controlled by association bylaws; can be residential, commercial, or industrial real estate; offers fee simple Title; a type of real estate; common area; created with a master deed ; elevator, common area, lobby owned; HO6 condo policy covers inside of unit 3 day right of recision, Weekly condo ownership ; AKA "Interval Ownership"; may be fee simple or "lifetime", "right to use ownership", Shows a written record of ownership over a period of time; usually completed by a title examiner AKA; a rundown, A more detailed title search includes Alan actual copy of all recorded instruments, The policy that protects the lenders interest; buyer may purchase and own this policy; two types of coverage standard and extended, The system required to register property through the land court; the mA, Owner receives certificate of Title after coming from the land court, The business of bringing people together in a real Estate transaction, Doesn't have a real Estate license; cannot show or sit in an open house; cannot discuss real estates with customers or clients; cannot have customer interactions; CLERICAL support ONLY, The person who hires you; buyer or renter, Coverage for mistakes ; most brokers ask you to contribute to the policy, Agents Fiduciary Responsibilities to Client, COALD Care, Obedience, Accounting, Loyalty, Disclosure, OLD offers out 3% subagency to another broker ; still represent the seller ( hire two principal agents) only offer buyer agency now, subagency is OLD, MA LAW. must make this Disclosure at the first face to face meeting AND WHEN DISCUSSING A PROPERTY MUST make consumer aware of who you are representing, Property is psychologically impacted; ex. Salesperson applicant must take 24 credit hours of classes. This is usually done so a title company can acquire the rights of an injured party to sue and recover any claims the insurers may have paid. List to last.listing is the name of the game. comparing it with similar properties in similar areas sold in last 3-6 mnths. Capitalization Capitalization is the conversion of assets or income into capital. A disclosure form that identifies the settlement costs the borrower is likely to incur at closing. the lenders retain mortgage investments for themselves or sell them to investors. A term that encompasses both the acquisition of private property by the government through eminent domain and the negative impact on a property by either excessive government regulations, or through government-approved changes to adjacent properties. the appraisers either have knowledge or use a service to figure out the cost. Cutting down a tree severing it from the land), Trade fixtures not removed by the end of the lease become the landlords by accession, Considered personal property; can be removed before the lease ends; must fish holes in wall and take signs, Police Power, Eminent Domain, Taxation, Escheat, Governments right to regulate property use ( building codes, property laws, zoning, town bylaws), Governments right to seize property; must be for public use and the owner paid a fair price, When an owner abandons or dies with no heirs the state claims the property through the power of " escheat", You actually own it; the degree and extent of ones ownership, 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, When ownership is subject to a condition ; is inheritable; offers automatic reversion rights; can last forever; ex. Real Estate Practice Exam 5. Board of Registration of Real Estate Brokers and Salespersons oversees the licensing and education of real estate professionals. conventional va and fha are direct. The value of any component of a property in terms of what it adds or detracts to the property's whole value. Real Estate Practice Exam 1. Agents get paid in this type of agreement only if they sell the property. It is usually only done when public opinion is in favor. A brokerage contract in which a real estate broker is hired to legally represent a seller or landlord. The borrower is expected to arrange for permanent financing that will pay off this loan when the work is completed. Each party has basic implied responsibilities, such as loyalty and disclosure. Properties that are owned by multiple owners that each have an undivided interest and right to use the facility for a fixed or variable period. Committed any act expressly prohibited by license law. The National portion of the exam consists of 80 questions to be answered within 150 minutes. It insures lenders against losses in case a borrower defaults on their loan. MA law states that all residential dwellings containing fuel-burning equipment or that have enclosed parking must have detectors in place to check for this gas. This warranty is included in a general warranty deed. A setting for the origination of loans. Each party owns half of the property, and their half is conveyed to their heirs at the time of their death. one promises to do something and another relies on that promise and is harmed by them not following through, illegal intrusion or trespass into or over the property of another. The amount of income a leaseable property would command in a fully informed competitive marketplace, based upon the going rate for leased spaces in the area.
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