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Real Estate > Real Estate > Flashcards

Real Estate Flashcards

0
Q

One of the 2 property types that is considered affixed and must be replaced if removed, such as flat screen brackets

A

real property

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1
Q

Chattel is another word for…….. and it is considered property that is………

A

personal property….moveable like swing sets

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2
Q

brokers need a bond of……… and they pay ……….every…….years

A

$5000, $300, 5 years

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3
Q

Agents must receive additional post education of …….

A

12 hours every 2 years

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4
Q

The 6 parts of the real estate cycle are:

A

listing, qualifying, showing, offer-agreed/ signed b&s, financing, closing

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5
Q

The board which oversees agents and brokers is called…

A

Mass board of registration real estate broker and sales

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6
Q

This type of corporation is filed under your taxes under a schedule C

A

S-Corp

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7
Q

The account an agent uses to wait for the money to clear (limbo)

A

escrow account

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8
Q

the type of account the agent uses after funds clear out of his previous account is called….

A

operating account

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9
Q

the mishandling of accounts which causes the mixing of the two is called ……

A

commingling

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10
Q

The owner is called the….

A

grantor

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11
Q

the buyer is called the ……….

A

grantee

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12
Q

A title V septic certificate is good for……

A

2 years

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13
Q

8 necessary disclosures are:

A

lead paint, septic system, asbestos, radon, UFFI- Urea Formaldehyde foam insulation dissipated, mold, pests (like termites), & if the house takes on water.

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14
Q

You get …….days for a home inspection from the time an offer is accepted

A

10 days

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15
Q

Bundle of rights ownership includes……..

A
  1. right of possession 2. control 3. enjoyment 4. disposition
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16
Q

covers same as 1968 act, people receiving public assistance, & children

A

Chapter 151-B

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17
Q

Civil rights act

A

1866 based on race

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18
Q

federal fair housing act (1968) covers:

A

sex, race, color, religion, national origin, handicap, familial status

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19
Q

The disclosure form (for procurring cause) which must be signed during the first personal meeting is called the……

A

mandatory license consumer relationship disclosure (MLCR)

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20
Q

a valid deed needs these 8 things:

A
  1. must be in writing 2. must be of sound mind 3. must identify all parties 4. must identify property with full legal description 5. must contain granting clause (I hereby grant) 6. Must state consideration ($$) 7. signed by grantor 8. delivered to and accepted grantee
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21
Q

Purchase and sales agreement must contain these 6 things:

A
  1. name all parties in the transaction 2. description of land 3. sales price 4. amount of buyers earnest money deposit 5. date of contract 6. signatures of buyers and sellers
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22
Q

paid for by the seller at 4.56 per thousand this tax is called:

A

mass stamp tax

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23
Q

if there is known structural damage you must

A

disclose

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24
Q

If someone dies is a house you must disclose if…

A

someone asks

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25
Q

If someone previously living in a house has a health condition, such as aids is the agent supposed to disclose?

A

no, never any health information is disclosed

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26
Q

There are ……. types of leases

A

5

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27
Q

The type of lease where the landlord pays all expenses, often used for rentals

A

gross

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28
Q

The type of lease where the tenant pays all expenses (commercial)

A

net or triple net

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29
Q

type of lease where the tenant pays a percentage of gross sales as rent in addition to a base rent.

A

percentage lease

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30
Q

lease type which calls for periodic stated changes in rent during lease term

A

graduated lease

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31
Q

long term lease used in commercial development for signature companies

A

99yr lease

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32
Q

There are …. types of deeds

A

3

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33
Q

this deed transfers any interest the grantor may own, but does not guarantee that they have any interest in the property & is Used in MA.

A

quick-claim deed

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34
Q

2 types of deeds not used in MA

A

general (carries assurances)& special warranty(carries after grantee accepts ownership)

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35
Q

The type of lien which results from mortgage or city tax

A

specific lien

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36
Q

the type of lien which includes all of a persons property (irs)

A

general lien

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37
Q

lien for services or materials unpaid

A

mechanics lien

38
Q

28 - 30 - 31 days

A

febr- SAJN (SEPT, APRIL, JUNE, NOV)-JMMJAOD

39
Q

Entry only listing (acting as selling agent)

A

FSBO

40
Q

the type of tenancy which 2 or more people own undivided ownership without rights to survivorship

A

tenancy in common

41
Q

the type of tenancy including 2 or more people but includes rights to survivorship

A

joint tenancy

42
Q

type of tenancy for married couples with rights to survivorship in which neither can sell independantly

A

tenancy by entirety

43
Q

A squatter must be on a property “open and notoriously” for a matter of ……..years

A

20

44
Q

a common right-of-way to get to somewhere else, must be disclosed

A

easement

45
Q

the act granting 125000 of protection

A

homestead act

46
Q

if filed a person can get up to 250000 protection…

A

declaration of homestead

47
Q

If someone dies with a will

A

testate

48
Q

when someone dies without a will

A

intestate

49
Q

the type of will willing personal property

A

bequest

50
Q

The type of will willing real property

A

devise

51
Q

title searched by land court, numbered certificate issued

A

torrens system

52
Q

type of contract/deed in which 2 parties exchange promise to do (or not to do) something

A

bilateral

53
Q

the type of contract in which 1 person promises and another does not, but, can become binding by taking action such as lost dog/ reward flyer

A

unilateral contract

54
Q

the basis for legal contracts in MA is old english law known as……

A

statute of frauds

55
Q

chapter 93A MA consumer protection law prohibits…….

A

unfair and deceptive trade practices

56
Q

4 types of listings are:

A

open (if procuring cause of sale a commission will be paid to the broker office), exclusive (the seller retains right to sell), exclusive right to sell (best for agent), net listing (illegal in MA, set price, agent gets everything extra).

57
Q

chapter 183 A

A

condos

58
Q

this certificate must be present at closing of a condo sale to guarantee all fees have been paid

A

6 D certificate

59
Q

this bill prioritizes that the condos fee take precedence over first mortgage holder

A

super lein bill

60
Q

this form must be filled out when dealing with rental clients to disclose fees

A

rental brokerage fee disclosure form

61
Q

1760 yards=???miles

A

1

62
Q

5280 ft = ?? miles

A

1

63
Q

144 sq in = ?? sf

A

1 sf

64
Q

?? sf = 1 sq yard

A

9

65
Q

1 acre = ?? sf?

A

43,560 sq ft

66
Q

how many acres = 1 sq mile?

A

640 acres

67
Q

the court ruling which states a broker is only entitled to their commission after they have done the following 3 things: produced ready purchaser, buyer enters contract with owner, purchaser completes transaction and closing

A

Tristams Landing rule

68
Q

a provisional contract in which 1 person is relieved of blame or liability from the other party’s wrongdoing or freed from liability arising from performance of the contract (ie : dry cleaner tag not responsible for damages..)

A

exculpatory clause

69
Q

to hold someone else liable for the actions of another, ie guilty by association

A

vicarous liability

70
Q

the basis for property rights in the US allocating full property ownership rights to individuals.

A

allodial system

71
Q

type of apartment which is owned liked stock and has a con being if someone doesnt pay, it falls on the entire entity and everyone

A

Coorporative apartment

72
Q

the type of estate ownership which is considered the highest form

A

fee simple ownership aka fee ownership and estate of inheritance

73
Q

this law is also know as regulation Z and requires that lenders show their interest rates in their advertisements

A

Truth and lending law

74
Q

enacted in 74 & requires disclosure by lenders including a HUD booklet 3 days from application submission

A

The real estate settlements and procedures act aka RESPA

75
Q

CMA is short for

A

current market analyses

76
Q

the max increase in interest for a mortgage with changing rates

A

CAP

77
Q

the 3 appraisal approaches are

A

market data, income approach, and cost approach

78
Q

the essential appraisal approach used to determine the value of a house which compares at least 3 sales in an area within the last 6 months

A

market data

79
Q

the appraisal approach used for when a house produces income. To determine the value net income is divided by capitalization rate.

A

income approach

80
Q

The appraisal approach method which is used for special buildings (churches, etc) and considers replacement/ reproduction costs and depreciation

A

cost approach

81
Q

avm or automated value market is used by the banks to ……….. after the appraisal

A

determine value

82
Q

FHA and VA loans are ……….. so their ……… can go to the new owner

A

assumable…… mortgage rates

83
Q

a smoke certificate is good for ……days

A

30

84
Q

the rights referring to: on a navigable body of water the property owners boundary will extend to the waters edge or the accretion line

A

riparian rights

85
Q

the rights of a land owner whose property borders a non flowing body of water (lake, pond)

A

littor al rights

86
Q

the gradual addition of land from the natural deposit of soil from streams, etc

A

accretion

87
Q

the sudden loss/ transfer of land because water such as stream changes course

A

avulsion

88
Q

the gradual loss of land by wind water or some other natural process

A

erosion

89
Q

the gradual adding of land due to the withdrawal of water

A

reliction

90
Q

soil carried by a moving body of water that is deposited on someones property

A

alluvion

91
Q

the acquiring of land due to the deposit of soil by natural sources (wind water)

A

accession

92
Q

commercial situation to avoid capital gains by buying a similar property

A

1031 exchanges

Real Estate (6 decks)

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