Real Estate Priciples And Peactices Flashcards
Cloud
Title not clear
Planning board
The planning board surveys the needs of the community
MGL chapter 21E
Also known as super lean priority lien on real estate from the presence of hazardous waste
Codicil
Is the addition to the will that could transfer real and personal property
Time of the essence
Means that all parties must abide by any deadline will be liable for nonperformance
Bequest
Act of giving
1031
Ability to defer the capital gains by investing in another like property
Arms length
Not related
Non-arm’s-length
Related
Pyramiding
Is the process of reinvesting proceeds from refinanced properties which already owned into additional properties
Pro forma statement
This is a projected annual operating statement
Devise
Is when ownership is transferred by means of a well
Allodial System
Gives individual the right to own land
REIT
is also known as real estate investment trusts which is the vehicle by which at least 100 persons who can’t acquire and develop real estate
Selling timeshare
A real estate license is not required to sell timeshare
Probate
Probate is the judicial procedure to prove validated if the deed
Title V
The owner is required by law to conduct a septic system assessment on or within two years of title transfer
Nonconforming use
A new zoning law will not affect the use of any building which was being used before the adaption of the law
In a cooperative, the buyer of the unit becomes the
Stock holder in the corporative. They have no individual ownership
To cooperate means to compensate and all real estate agents are required to cooperate in real estate transactions to increase the marketability of property for a consumer
Mass law does not require any agent to split fees or cooperate with information
Buyers agent
The buyers agent only can make recommendations of home inspectors for his own buyer client
A listing agent is another name for
In agent representing A seller with property to sell
What is required for A deed to be recorded
Only the grantor (s) sign the deed and the signature(s) must be Notarized for the deed to be recorded
Useful life
Useful life is a period of years over which a building can’t be depreciated
Interstate land sales full disclosure act
A Massachusetts Broko has been hired by a Colorado developer to sell his unimproved lots, sight unseen, in Massachusetts the broker must comply with
Real estate
Real estate includes land structures and appurtenances real estate is in mobile but tangible
Real property
Real property is the rights, interests, and benefits that come with the ownership of real estate
The Massachusetts contract law statue of limitations for keeping real estate contracts is
The statue of limitations is six years
