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Real Estate Flashcards

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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
If someone dies is a house you must disclose if...
someone asks
25
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
26
There are ....... types of leases
5
27
The type of lease where the landlord pays all expenses, often used for rentals
gross
28
The type of lease where the tenant pays all expenses (commercial)
net or triple net
29
type of lease where the tenant pays a percentage of gross sales as rent in addition to a base rent.
percentage lease
30
lease type which calls for periodic stated changes in rent during lease term
graduated lease
31
long term lease used in commercial development for signature companies
99yr lease
32
There are .... types of deeds
3
33
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
34
2 types of deeds not used in MA
general (carries assurances)& special warranty(carries after grantee accepts ownership)
35
The type of lien which results from mortgage or city tax
specific lien
36
the type of lien which includes all of a persons property (irs)
general lien
37
lien for services or materials unpaid
mechanics lien
38
28 - 30 - 31 days
febr- SAJN (SEPT, APRIL, JUNE, NOV)-JMMJAOD
39
Entry only listing (acting as selling agent)
FSBO
40
the type of tenancy which 2 or more people own undivided ownership without rights to survivorship
tenancy in common
41
the type of tenancy including 2 or more people but includes rights to survivorship
joint tenancy
42
type of tenancy for married couples with rights to survivorship in which neither can sell independantly
tenancy by entirety
43
A squatter must be on a property "open and notoriously" for a matter of ........years
20
44
a common right-of-way to get to somewhere else, must be disclosed
easement
45
the act granting 125000 of protection
homestead act
46
if filed a person can get up to 250000 protection...
declaration of homestead
47
If someone dies with a will
testate
48
when someone dies without a will
intestate
49
the type of will willing personal property
bequest
50
The type of will willing real property
devise
51
title searched by land court, numbered certificate issued
torrens system
52
type of contract/deed in which 2 parties exchange promise to do (or not to do) something
bilateral
53
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
54
the basis for legal contracts in MA is old english law known as......
statute of frauds
55
chapter 93A MA consumer protection law prohibits.......
unfair and deceptive trade practices
56
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).
57
chapter 183 A
condos
58
this certificate must be present at closing of a condo sale to guarantee all fees have been paid
6 D certificate
59
this bill prioritizes that the condos fee take precedence over first mortgage holder
super lein bill
60
this form must be filled out when dealing with rental clients to disclose fees
rental brokerage fee disclosure form
61
1760 yards=???miles
1
62
5280 ft = ?? miles
1
63
144 sq in = ?? sf
1 sf
64
?? sf = 1 sq yard
9
65
1 acre = ?? sf?
43,560 sq ft
66
how many acres = 1 sq mile?
640 acres
67
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
68
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
69
to hold someone else liable for the actions of another, ie guilty by association
vicarous liability
70
the basis for property rights in the US allocating full property ownership rights to individuals.
allodial system
71
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
72
the type of estate ownership which is considered the highest form
fee simple ownership aka fee ownership and estate of inheritance
73
this law is also know as regulation Z and requires that lenders show their interest rates in their advertisements
Truth and lending law
74
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
75
CMA is short for
current market analyses
76
the max increase in interest for a mortgage with changing rates
CAP
77
the 3 appraisal approaches are
market data, income approach, and cost approach
78
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
79
the appraisal approach used for when a house produces income. To determine the value net income is divided by capitalization rate.
income approach
80
The appraisal approach method which is used for special buildings (churches, etc) and considers replacement/ reproduction costs and depreciation
cost approach
81
avm or automated value market is used by the banks to ........... after the appraisal
determine value
82
FHA and VA loans are ........... so their ......... can go to the new owner
assumable...... mortgage rates
83
a smoke certificate is good for ......days
30
84
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
85
the rights of a land owner whose property borders a non flowing body of water (lake, pond)
littor al rights
86
the gradual addition of land from the natural deposit of soil from streams, etc
accretion
87
the sudden loss/ transfer of land because water such as stream changes course
avulsion
88
the gradual loss of land by wind water or some other natural process
erosion
89
the gradual adding of land due to the withdrawal of water
reliction
90
soil carried by a moving body of water that is deposited on someones property
alluvion
91
the acquiring of land due to the deposit of soil by natural sources (wind water)
accession
92
commercial situation to avoid capital gains by buying a similar property
1031 exchanges

Real Estate (6 decks)

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