Strictly Defenitions Flashcards
1
Q
What is the M.G.L. 93A Massachusetts consumer protection statue?
A
This law regulates the practice of all those engaged in business practices withing mass. It mandates that businesses be fair when dealing with consumers and prohibits them from engaging in deceptive and unfair practices.
2
Q
What is the M.G.L. 93A Demand Letter?
A
If a consumer feels they are not being treated fairly. They have the option of court action.
Prior to court action they seek remedy via the 93A demand letter.
The person receiving the letter has 30 days to respond/remedy the complaint
3
Q
What is Fiscal Tax?
A
Policy is the use of government revenue collection (taxesortaxcuts) and expenditure (spending) to influence a country’s economy.
4
Q
When is fiscal tax due?
A
Taxes due Annually
July 1 thru June 30
Taxes due Semi Anually
Nov 1 and May 1
Taxes Due Quarterly
Aug 1, Nov 1, Feb 1, and May 1
5
Q
What is commission?
A
Commissions are a form of variable-pay remuneration for services rendered or products sold
6
Q
In order to earn a commission you must be hired to sell the property…TRUE/FALSE
A
TRUE
7
Q
What are Stigmatized Properties?
A
These are properties that have been inpacted by a natural or unexpected occurence.
Ex. Death, Ghosts, homocide, suicide.
8
Q
If a suicide or homocide occur in a property the agent is not allowed to disclose any info surrounding the incident unless they are specifically asked about it. TRUE or FALSE
A
True, Stigmatized Properties
9
Q
Carbon monoxide detectors are required as of March 31 2012. True or False?
A
False, March 31, 2006
10
Q
What does the Declaration of homestead do?
A
Protects equity
11
Q
What are Mineral Rights?
A
The right one has within the enrichments offered in there soil.
Ex: gas, oil..
12
Q
What is Personalty?
A
Personal Property, usually items that are movable
13
Q
What are two words interchangeable of Personal Property?
A
Personalty and Chattals
14
Q
What is Real Property?
A
Land and anything associated with the land. Ex. Pool, Trees, or bushes
15
Q
Who is a Remainderman?
A
A person named to recieve an interest in a property in the future
16
Q
What are Riparian Rights?
A
The rights of a property owner who has land that borders a waterway
17
Q
What is Tenancy by the Entirety?
A
A form of ownership reserved for husbands and wives
18
Q
What is Tenancy in Common?
A
Ownership of one property by different people. They all have equal rights and it is inheritable
19
Q
What does P.I.T.T stand for?
A
- Possession
- Interest
- Time
- Title
20
Q
What are the four things needed to create joint tenancy?
A
P.I.T.T Possession Interest Time Title
21
Q
What is P.I.T.T used for?
A
To create joint tenancy
22
Q
What are Dower Rights?
A
Rights of a surviving spouse
23
Q
What is a Life Estate?
A
An interest one has in a property that only lasts for a persons lifetime
24
Q
When was the Condo Super Lien Bill Established?
A
In 1993
25
What is the purpose of the Condo Super Lien Bill?
It permits a condo association to put a lien against a unit for unpaid fees
26
What is a 6D Certificate?
A 6D Certificate is a one-page notarized document from an office that states you have paid your condominium fees in full up to the current month.
27
M.G.L Ch. 183A, sec, 6D Requires?
For all sales of Massachusetts condominiums, Mass. General Laws Ch. 183A, sec. 6(d) requires that the condo trustees sign a certificate verifying the outstanding condo fees assessed against the unit, if any. The term “6d” certificate refers to that statutory section of the Condominium Act, section 6(d). Lenders and their closing attorneys will require a “clean” 6d which states there are no unpaid fees.
28
What are cooperatives?
This is when a corporation holds title to the property and the cooperative members recieve stock certificates and a proprietary lease as evidence of ownership
29
What is Blockbusting?
Making/Utilizing False Statments or Remarks as fear tactics to persuade someone to sell their property
30
What is Redlining?
A process where certain communities are discriminated against by lenders.
Lenders refuse to loan money and offer unusual financing terms for anything other than sound economic reason
31
What is steering?
When an agent corals or maneuvers potential renters/buyers towards a particular neighborhood or component of a neighborhood.
Can also be a way to discriminate from a unit/house/neighborhood based on color, ethnicity, racial background, religion or sexual orientation
32
What is a Special Agent?
An agent who is authorized to perform a specific task.
Very limited authority, and tasked to find a willing/able buyer, or a buyer for a property
33
What is a Sellers Agent?
The person that represents the seller, and they usually list the property
34
What is a buyers agent?
The person that represents the buyer
35
What is A Facilliator (Non-Agent)?
A middle person that does not get a commision but just helps both partys come to a mutual agreement.
A facilitator gets payed a flat fee for there services. Roughly $1000 or so is the flat rate.
36
What does the O.L.D.C.A.R Theory stand for?
1. O is for Obideience
2. L is for Loyalty
3. D is for Disclosure
4. C is for Confidentiality
5. A is for Accountability
6. R is Reasonable Care and Skill
37
Obedience is...?
Must obey lawful instructions of client
38
Loyalty is...?
Put clients interests above others, even your own
39
Disclosure is...?
Disclose all material facts pertinent to transaction
40
Confidentiality is...?
Keep client info confidential, even after closing
41
Accountability is....?
Acount for all funds and property; property entrusted to you by client
42
Reasonable Care and Skill is...?
Provide clients quality, knowledgable and prudent service
43
What are the Federal Fair Housing Laws?
1. Civil Rights Acts of 1866 (Civil War Era)
2. Civil Rights Acts of 1968 ( Title VIII)
3. 1974 Fair Housing Amendment
4. 1988 Fair Housing Amdement
44
From the Federal Fair Housing Laws, the Civil Rights Act of 1866?
This act prohibited discrimination on the basis of race
45
From the Federal Fair Housing Act, what is the Civil Rights Act of 1968, Title VIII?
This is known as the federal fair housing act and covers only issues pertaining to housing. This act increased coverage to include race,color, national orgin and religion.
46
From the Federal Fair Housing Act, what is the Fair Housing Amendment of 1974?
Increased protection to make it illegal to discriminate on basis of gender of sex
47
From the Federal Fair Housing Act, the Fair Housing Amendment of 1988?
This amendment was effective in March of 1989, and this increased covergage for persons with physical/mental disabilities and Familial status (Households with minor children)
48
What are the Exemptions to Fair Housing Laws?
1. Non Familial Status-Housing designed for older people
2. Religious Organizations
3. Private clubs
4. Owners of Single-Family property who own 3 or fewer units and individuals who own and occupy a 2 unit property
5.
49
What are the Penalties for Violating Federal Fair Housing Laws?
First Offense: $10,000
Second Offense: $25,000
Third Offense: $50,000
50
What is the Lead Paint Law?
That any house built before 1978 you must keep all copyright of lead paint forms on each property for 3 years, and property transfer notification certification forms are required.
If there will be a child under 6, you need this paperwork to be filled out
51
What is an Excutory Contract?
Another name for a Purchase and Sales Aggreement.
Generally 2 parties agree to enter into an action
52
What is another name for Exectutory Contract?
Purchase and Sales Aggreement
53
What is an Executed Contract?
When both parties have completed the purchase and sales process!!
It has been done aka executed
54
What is a Graduated Lease?
A lease agreement that call for periodic increases in rent overtime
55
What is a Ground Lease?
Also Known as a Land Lease.
When a property owner leases land to someone who desires the location or wants to build specifications.
The building becomes part of the security of the lease
56
A Ground Lease can also be called a...?
Land Lease
57
What is a Holdover Tenant?
A tenant who remains in possession of an apartment after their lease is up
58
What is a Specific Performance?
A court decision that orders one party to comply with terms and fulfill the obligations of a contract
59
What is the Statue of Frauds?
A law that requires real estate contracts to be in writing in order to be valid and enforceable in court of law
60
What is the Statue of Frauds?
A law that requires real estate contracts to be in writing in order to be valid and enforceable in court of law
61
What is Legal Capacity?
The parties involved in the transaction must be legally competent to conduct transaction.
A minor, drunk or insane person can null the transaction
62
What is the Percentage Lease?
An agreement that calls for the tenant to pay a base amount for rent and additional rent payments based on the percentage of gross sales
63
What is a Sale/Lease Back?
An agreement when someone conveys their property to another party and then signs a tenant rental agreement
64
What is an Attachment?
When a property is legally seized to enforce the payment of a debt
65
What does Conditions, Covenants, and Restrictions Do?
They are a set of rules established by a developer or homeowner associations that governs residences in a particular neighborhood or condominium
66
What is Condemenation?
The process of taking property by law of eminent domain
67
What is Defeasible Estate?
If a seller placed a restriction on the buyers ownership and the buyer violated this restriction, the grantor or their heirs could reclaim the property.
This restriction runs with the land.
68
What is a Domiant Tenant?
This is the owner of a property who has the right to cross the lot of the other when there is an easement
69
What is an Easement?
The right someone has in the land of another!
It runs with the land
70
What is an Easement Appurtenant?
Two adjoining lots that gives one owner the right to cross over the adjoining lot
71
What is Egress?
Access out of easment
72
What is Eminent Domain?
This is the right that the government has to take private property for the public good
73
What is Encroachment?
This is when a neighboring property is intruding on the subject property for public good
74
What is Encumbrances?
A lien against the title ( outstanding loan balance)
75
What is an Equitable Title?
The interest acquired by the buyer when the buyer and seller enter into a purchase and sale contract
76
What is Escheat?
The right that the state has to take property of or when someone dies without a will and did not have any heirs
77
What is an Ingress?
An entrance forward
78
What is a license?
The permission to use the property of another
79
What is a Servient Tenement?
This is the owner of a property whose land has a burden!! Aka encumbrance
80
What is a setback?
A distance that must be maintained from neighbiring properties in order to build
81
What is a Tax Rate?
The tax rate charged by a city or town
82
What is a Variance?
The permission from town/city to utilize a property in exception to the current zoning regulations
83
What is a Legal Title?
refers to the responsibilities and duties the owner has in maintaining, using, and controlling a property. Legal title is the actual ownership of the property. The documented name of the property owner, as visible through the public records, typically describes the person with legal title.
84
What is an Equitable Title?
is the benefits the buyer will get to use and enjoy when he or she becomes the legal owner.
85
How do you determine the Tax Rate?
Annual Budget of the town/city ÷ Total Assessed value of the taxable property within that city/town
86
How are individual property taxes calculated?
Individual Assessment of the property (Assessd Value) by the tax rate of the city/town
87
What are Batterment Assessments?
Charges added to a homeowners
88
What are Mechanic Liens?
A lien on the property by a contractor to make sure that they get their payment
89
What is a General Lein?
This is a lien that includes more than one parcel of property.
Ex: An IRS lien
90
What is a Lis Pendens?
A notice that a lien is coming?
91
What is an Easement?
The right someone has to use land that belongs to another owner
92
What is an Easment by Prescription?
When openly, continously and notoriously using the land of another without permission for 20 yrs
93
What is an Encroachment?
An Encroachment is an unauthorized intrusion and must be addressed when identified
Ex: Shed
94
What are Convenants?
These are recorded restrictions placed on lots of land or on houses that were built within a sub division
95
What are Public Relations?
The state of the relationship between the public and a company or other organization or a famous person.
96
What is a Variance?
This is when the owner of a property seeks to use the property in a manner inconsistent with the current zoning
97
What are Setbacks?
This is the linear distance required from the street, rear and side lot lines before the footing of a building can be poured
98
What is Conditional Use?
To use a property inconsistent with the zoning
99
What is a Deed?
A deed is used to display a proof of ownership someone has in real property
100
What is a Seller Known as?
The Grantor
101
What is the Buyer known as?
The Grantee
102
Who is the only person that signs the Deed?
Grantor or Seller
103
What is a Quitclaim Deed?
The seller or grantor does not make any warranties.
This deed is the least risk to the Grantor
104
What is the Land Description?
The property and everything included within the square footage
105
What are the Metes and Bounds Description?
The boundaries in a series of directions and distances from a specific point
106
What is a Metes?
Refered to as the number of feet from one point to another!!
107
What is a Bounds?
Refers to the compass direction N,S,E, and W
108
What is a Plot Plan?
A plan of a specific parcel of property and displays the improvements included with a property
109
What is a Title Search?
An attorney or title company that researches the title to a property to ensure it stands in the owner and that all past liens against the property have been discharged or Satisfied
110
What is Chain of Title?
A report conducted by the attorney/title company that traces the history of the property and the owner of that property back toward the original land grant
111
What is a Marketable Title?
This refers to a title that is beyond question and acceptable to a lender to be used as collateral for a loan
112
What is a Cloud A Title?
A claim, a shadow on you, reflection of you. Someone is making a claim on a title
113
What is a Certificate of Title?
Certificate from Attorney, stating that the title is clean
114
What is Action to Quiet Title?
Legal Action in land court to determine the true owner of the property or to remove a cloud on a title
115
What is a Testate?
This is when you die and and you leave a will
116
What is a Testator?
Is the person who died and left the will to be probated
