Real Estate Flashcards
One of the 2 property types that is considered affixed and must be replaced if removed, such as flat screen brackets
real property
Chattel is another word for…….. and it is considered property that is………
personal property….moveable like swing sets
brokers need a bond of……… and they pay ……….every…….years
$5000, $300, 5 years
Agents must receive additional post education of …….
12 hours every 2 years
The 6 parts of the real estate cycle are:
listing, qualifying, showing, offer-agreed/ signed b&s, financing, closing
The board which oversees agents and brokers is called…
Mass board of registration real estate broker and sales
This type of corporation is filed under your taxes under a schedule C
S-Corp
The account an agent uses to wait for the money to clear (limbo)
escrow account
the type of account the agent uses after funds clear out of his previous account is called….
operating account
the mishandling of accounts which causes the mixing of the two is called ……
commingling
The owner is called the….
grantor
the buyer is called the ……….
grantee
A title V septic certificate is good for……
2 years
8 necessary disclosures are:
lead paint, septic system, asbestos, radon, UFFI- Urea Formaldehyde foam insulation dissipated, mold, pests (like termites), & if the house takes on water.
You get …….days for a home inspection from the time an offer is accepted
10 days
Bundle of rights ownership includes……..
- right of possession 2. control 3. enjoyment 4. disposition
covers same as 1968 act, people receiving public assistance, & children
Chapter 151-B
Civil rights act
1866 based on race
federal fair housing act (1968) covers:
sex, race, color, religion, national origin, handicap, familial status
The disclosure form (for procurring cause) which must be signed during the first personal meeting is called the……
mandatory license consumer relationship disclosure (MLCR)
a valid deed needs these 8 things:
- 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
Purchase and sales agreement must contain these 6 things:
- 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
paid for by the seller at 4.56 per thousand this tax is called:
mass stamp tax
if there is known structural damage you must
disclose
If someone dies is a house you must disclose if…
someone asks
If someone previously living in a house has a health condition, such as aids is the agent supposed to disclose?
no, never any health information is disclosed
There are ……. types of leases
5
The type of lease where the landlord pays all expenses, often used for rentals
gross
The type of lease where the tenant pays all expenses (commercial)
net or triple net
type of lease where the tenant pays a percentage of gross sales as rent in addition to a base rent.
percentage lease
lease type which calls for periodic stated changes in rent during lease term
graduated lease
long term lease used in commercial development for signature companies
99yr lease
There are …. types of deeds
3
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.
quick-claim deed
2 types of deeds not used in MA
general (carries assurances)& special warranty(carries after grantee accepts ownership)
The type of lien which results from mortgage or city tax
specific lien
the type of lien which includes all of a persons property (irs)
general lien
lien for services or materials unpaid
mechanics lien
28 - 30 - 31 days
febr- SAJN (SEPT, APRIL, JUNE, NOV)-JMMJAOD
Entry only listing (acting as selling agent)
FSBO
the type of tenancy which 2 or more people own undivided ownership without rights to survivorship
tenancy in common
the type of tenancy including 2 or more people but includes rights to survivorship
joint tenancy
type of tenancy for married couples with rights to survivorship in which neither can sell independantly
tenancy by entirety
A squatter must be on a property “open and notoriously” for a matter of ……..years
20
a common right-of-way to get to somewhere else, must be disclosed
easement
the act granting 125000 of protection
homestead act
if filed a person can get up to 250000 protection…
declaration of homestead
If someone dies with a will
testate
when someone dies without a will
intestate
the type of will willing personal property
bequest
The type of will willing real property
devise
title searched by land court, numbered certificate issued
torrens system
type of contract/deed in which 2 parties exchange promise to do (or not to do) something
bilateral
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
unilateral contract
the basis for legal contracts in MA is old english law known as……
statute of frauds
chapter 93A MA consumer protection law prohibits…….
unfair and deceptive trade practices
4 types of listings are:
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).
chapter 183 A
condos
this certificate must be present at closing of a condo sale to guarantee all fees have been paid
6 D certificate
this bill prioritizes that the condos fee take precedence over first mortgage holder
super lein bill
this form must be filled out when dealing with rental clients to disclose fees
rental brokerage fee disclosure form
1760 yards=???miles
1
5280 ft = ?? miles
1
144 sq in = ?? sf
1 sf
?? sf = 1 sq yard
9
1 acre = ?? sf?
43,560 sq ft
how many acres = 1 sq mile?
640 acres
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
Tristams Landing rule
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..)
exculpatory clause
to hold someone else liable for the actions of another, ie guilty by association
vicarous liability
the basis for property rights in the US allocating full property ownership rights to individuals.
allodial system
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
Coorporative apartment
the type of estate ownership which is considered the highest form
fee simple ownership aka fee ownership and estate of inheritance
this law is also know as regulation Z and requires that lenders show their interest rates in their advertisements
Truth and lending law
enacted in 74 & requires disclosure by lenders including a HUD booklet 3 days from application submission
The real estate settlements and procedures act aka RESPA
CMA is short for
current market analyses
the max increase in interest for a mortgage with changing rates
CAP
the 3 appraisal approaches are
market data, income approach, and cost approach
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
market data
the appraisal approach used for when a house produces income. To determine the value net income is divided by capitalization rate.
income approach
The appraisal approach method which is used for special buildings (churches, etc) and considers replacement/ reproduction costs and depreciation
cost approach
avm or automated value market is used by the banks to ……….. after the appraisal
determine value
FHA and VA loans are ……….. so their ……… can go to the new owner
assumable…… mortgage rates
a smoke certificate is good for ……days
30
the rights referring to: on a navigable body of water the property owners boundary will extend to the waters edge or the accretion line
riparian rights
the rights of a land owner whose property borders a non flowing body of water (lake, pond)
littor al rights
the gradual addition of land from the natural deposit of soil from streams, etc
accretion
the sudden loss/ transfer of land because water such as stream changes course
avulsion
the gradual loss of land by wind water or some other natural process
erosion
the gradual adding of land due to the withdrawal of water
reliction
soil carried by a moving body of water that is deposited on someones property
alluvion
the acquiring of land due to the deposit of soil by natural sources (wind water)
accession
commercial situation to avoid capital gains by buying a similar property
1031 exchanges
