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MA real estate salesperson exam > Abby MA RE BROKER EXAM > Flashcards

Abby MA RE BROKER EXAM Flashcards

1
Q

What does it mean to have land ownership, what do you own

A

The surface of the earth all the mineral rights to the center of the earth and air rights to the highest heavens

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2
Q

What are physical rights of ownership

A
  1. surface rights: rights of lateral support
  2. Subsurface rights
  3. Air rights
  4. Water rights or riparian rights (Stream or river)
  5. Littoral Right (Ocean, Sea)
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3
Q

Definition of real estate and realty

A

The land plus all the natural and man-made improvements which are permanently attached or affixed to the land

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4
Q

Law of Affixation (Annexation)

A
  • ownership of real estate includes everything permanently affixed or attached to the land
  • selling property includes all buildings and improvements UNLESS there is a written agreement between the parties to the contrary
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5
Q

Fixtures defined as

A

An item of personal property which now has become permanently attached to the real estate

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6
Q

What is a fixture

A
  • sale agreement should mention fixtures included
  • legal Test:
  • manner of attachment
  • intention of the parties
  • type and adaptability to the real estate
  • relation of the parties
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7
Q

Trade fixtures defined as

A

Items of personal property attached of the real estate and necessary to carry on a business.

May be removed by Tenant and he end of tenancy or pasta landlord within reasonable time by accession

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8
Q

Accession

A

It is a mode of acquiring property that involves the addition of value to the property through labor or an addition of new materials.

For example a person as a property and past tenant leaves trade fixtures after a certain amount of time as trade fixtures would then be the owners

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9
Q

Personal property or chattels

A
  • movable items not fix to realty
  • includes all property except land and improvements
  • corporeal or tangible, incorporeal intangible
  • severance
  • title passed by bill of sale
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10
Q

Personal property

A
  • annual crops or emblements
  • trees and perennials

If permanently rooted they are no longer considered personal property but part of the real estate

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11
Q

ACOLD will help you remember your duties in a fiduciary relationship.

A

Accountable

Care and skill

Obey legal instructions

Loyal to your client

Disclose all pertinent information.

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12
Q

Universal agent

A

A universal agent is one who has been given full power to act on behalf of a person or business.

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13
Q

General agent

A

A general agent is authorized by the principal to perform any and all acts associated with the on-going operation of the job or business. A real estate licensee acting in the capacity of a property manager is a general agent to the owner.

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14
Q

Special agent

A

A special agent is one who has limited authority granted to him or her through a principal. The relationship with the principal is not expected to be continuous. The listing contract creates a special agency relationship with the seller. The authority is limited to the duties given in the listing contract, and the relationship ends when the terms have been fulfilled.

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15
Q

Attorney in fact

A

An attorney in fact is a person authorized to perform certain acts for another person, under power of attorney.

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16
Q

Riparian rights

A

allow a property owner to use water from water course such as a river stream or creek. Non navigable

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17
Q

Littoral rights

A

concern properties abutting an ocean, sea or lake rather than a river or stream. Littoral rights are usually concerned with the use and enjoyment of the shore.

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18
Q

Correlative use

A

allows a property owner the use of underground water. Or water from a river for irrigation purposes.

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19
Q

Accretion occurs when

A

soil is deposited by the natural action of water.

And may increase the size of the property

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20
Q

When water recedes new land is acquired by

A

reliction.

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21
Q

Erosion is the wearing away of land or soil by the action of

A

wind, water, currents or ice.

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22
Q

Sudden tearing away of land by violent action of natural causes such as a river or other watercourse is called

A

Avulsion. A damn breaking or an earthquake is an example of avulsion.

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23
Q

PETE (Government Rights)

A

P for Police Power
E for Eminent Domain
T for Taxation
E for Escheat

24
Q

Police Power

A

Police power is the state’s inherent right to regulate an individual’s conduct or property to protect the health, safety, welfare, and morals of the community.

Unlike the exercise of eminent domain, no compensation need be paid. Common examples of police power are Zoning, Building codes and rent control.

25
Q

Eminent domain

A

Eminent domain is the inherent power of the state to seize a citizen’s private property, or seize a citizen’s rights in property with due monetary compensation, but without the consent of the owner. The property is taken either for government use or by delegation to third parties who will devote it to public or civic use or, in some cases, economic development. The most common uses of property taken by eminent domain are for railroads, public utilities and highways.

26
Q

Taxation

A

Taxation is a charge on real estate that is used to pay for services provided by the government.

27
Q

Escheat

A

Escheat occurs when Property reverts to state ownership when an individual dies without a will and without heirs. When you die without a will you would have died “intestate”

28
Q

Inverse condemnation

A

is used in the law to describe a situation in which the government takes private property but fails to pay the just compensation required by the Constitution. In order to be compensated, the owner must then sue the government.

In such cases the owner is the plaintiff and that is why the action is called inverse – the order of parties is reversed, as compared to the usual procedure in direct condemnation where the government is the plaintiff who sues a defendant-owner to take his or her property.

29
Q

Personal property

A

is a type of property are generally that things that are movable, it is not real estate. Personal property may also be called chattels or personalty.

30
Q

What is distinguished from real property, or real estate. because personal property is generally movable property or movables - any property that can be moved from one location to another.

A

Personal Property

31
Q

Annexation

A

Annexation is the addition to property by the act of attaching a smaller item to the larger property, as in attaching personal property to real property, thereby creating a fixture. For example, a sink becomes a fixture when it is annexed to the plumbing outlet.

32
Q

Appurtenances

A

Appurtenance is a term for what belongs to and goes with something else, with the appurtenance being less significant than what it belongs to. Appurtenance is something belonging to something else, either attached or not, such as a barn to a house, or an easement to land. The appurtenance is part of the property and passes with it upon sale or other transfer.

33
Q

Fixtures

A

A fixture is personal property that becomes real property, when attached in a permanent manner to real estate, and is incorporated into the land. this comes up on the real estate exam allot.

34
Q

Trade Fixture

A

is a piece of equipment on or attached to the real estate which is used in a trade or business. Trade fixtures differ from other fixtures in that they may be removed from the real estate (making it personal property even if attached) at the end of the tenancy of the business.

35
Q

Emblements

A

Emblements are annual crops produced by cultivation legally belonging to the tenant with the implied right for its harvest, and are treated as the tenant’s property. They are considered personal property.

36
Q 
If you see words like 
Give
Convey
Sell
is it the "OR" or "EE"

(Grantor/Grantee)

A

That is an “OR”

Grantor 
Lessor 
Vendor 
Optionor 
Trustor 
Mortgagor 
Offoror
37
Q 
If you see words like 
Receive
Purchase
Acquire
is it the "OR" or "EE"
A

This is the “EE”

Grantee
Lessee
Vendee
Optionee
Trustee
Mortgee
Offeree
38
Q

Freehold Estate

A

A freehold estate is an estate in which ownership is for an undefined length of time.

39
Q

What are the 3 types of freehold estates are

A

Fee simple absolute.
Fee Simple deafesable
And a life estate

40
Q

Fee simple absolute

A

A fee simple (or fee simple absolute) is an estate in land. This form of ownership can not be defeated by the previous owner or the previous owner’s heirs; however it is not free from encumbrances. Fee simple absolute is the greatest interest in a parcel of land that one can possibly own.

41
Q

Fee simple Defeasible

A

(or fee simple determinable) estates. A defeasible estate is created when a grantor places a condition on a fee simple estate (in the deed). Upon the happening of a specified event, the estate may become void or subject to annulment. Two types of defeasible estates are the fee simple determinable and the fee simple subject to a condition subsequent.

42
Q

fee simple subject to a condition subsequent

A

If the grantor uses language such as “but if alcohol is served” then the grantor or the heirs have a right of entry, but the estate does not automatically revert to the grantor; this is a fee simple subject to a condition subsequent.

43
Q

Life estate

A

A life estate is an interest in real property, which is held for the duration of the life of a designated person. It may be limited by the life of the person holding it or by the life of another person.

For example, Anne can give a property to Dan for the life of Anne. Dan would be the life tenant.

44
Q

Can a life estate tenant commit waste?

A

A life tenant receives the property and is responsible for maintenance of the property and paying taxes. If a life tenant allows a property to deteriorate it would be committing waste, a life tenant cannot commit waste.

45
Q

Can a life estate tenant leave a property to anyone in their will

A

No, but they can sell, mortgage or lease the property for the duration of the estate. Thus all contracts would be terminated upon the death of the life tenant

46
Q

Less than freehold estate

A

A Less than freehold estate is an estate held by one who rents or leases property.
It is also known as a leasehold estate.

47
Q

What is a Leasehold

A

A leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord.

48
Q

A reversionary right means what

A

the owner has the right to regain possession of the property after the lease has expired.
Just like in any other contract a valid lease must contain Mutual agreement, Consideration, capable parties and lawful object

49
Q

The lessee has the right of

A

quiet enjoyment and possession of property which is the assurance that their possession will not be disturbed by anybody with superior title

50
Q

What type of contract is Lease

A

a bilateral contract because both the landlord and tenant have obligations to perform.

51
Q

Will death terminate the lease

A

Death does not usually terminate the lease, upon death of one of the parties; the responsibilities as stated in the agreement could pass on to the heirs of the deceased.

52
Q

constructive eviction

A

term used in the law of real property to describe a circumstance in which a landlord either does something or fails to do something that he has a legal duty to provide.

An example would be if the landlord refuses to provide heat or water to the apartment as a tenant can not live without water, thus they need to vacate the premise, this would be constructive eviction.

53
Q

Classification of a less-than-freehold estate includes

A

estate for years,
periodic tenancy,
estate at will, and
estate at sufferance.

54
Q

Estate for Years

A

is a leasehold interest in land for a fixed period of time it is often called a tenancy for years. An example of an estate for years would be a summer rental, as it has a defined beginning and end date. No notice to be terminated is need as the end of lease is established at the conception of the rental.

55
Q

Periodic Tenancy

A

Periodic tenancy which is also known as an estate from years to years is a tenancy that is not bound to a lease with a fixed period like an estate for years. A periodic tenancy follows a period such as a month-to-month, week-to-week or year to year. Proper notice must be given to terminate this lease.

56
Q

Estate at will

A

Estate at will means that it can be ended at any time. An estate at will gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite.

57
Q

Estate in sufferance

A

An estate in sufferance arises when the tenant wrongfully holds over after the expiration of his term; often called a tenancy at sufferance.

ex: tenant not paying rent

MA real estate salesperson exam (7 decks)

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