Real Estate Priciples And Peactices

Question 0

Cloud

Answer 0

Title not clear

Question 1

Planning board

Answer 1

The planning board surveys the needs of the community

Question 2

MGL chapter 21E

Answer 2

Also known as super lean priority lien on real estate from the presence of hazardous waste

Question 3

Codicil

Answer 3

Is the addition to the will that could transfer real and personal property

Question 4

Time of the essence

Answer 4

Means that all parties must abide by any deadline will be liable for nonperformance

Question 5

Bequest

Answer 5

Act of giving

Question 6

1031

Answer 6

Ability to defer the capital gains by investing in another like property

Question 7

Arms length

Answer 7

Not related

Question 8

Non-arm’s-length

Answer 8

Related

Question 9

Pyramiding

Answer 9

Is the process of reinvesting proceeds from refinanced properties which already owned into additional properties

Question 10

Pro forma statement

Answer 10

This is a projected annual operating statement

Question 11

Devise

Answer 11

Is when ownership is transferred by means of a well

Question 12

Allodial System

Answer 12

Gives individual the right to own land

Question 13

REIT

Answer 13

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

Question 14

Selling timeshare

Answer 14

A real estate license is not required to sell timeshare

Question 15

Probate

Answer 15

Probate is the judicial procedure to prove validated if the deed

Question 16

Title V

Answer 16

The owner is required by law to conduct a septic system assessment on or within two years of title transfer

Question 17

Nonconforming use

Answer 17

A new zoning law will not affect the use of any building which was being used before the adaption of the law

Question 18

In a cooperative, the buyer of the unit becomes the

Answer 18

Stock holder in the corporative. They have no individual ownership

Question 19

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

Answer 19

Mass law does not require any agent to split fees or cooperate with information

Question 20

Buyers agent

Answer 20

The buyers agent only can make recommendations of home inspectors for his own buyer client

Question 21

A listing agent is another name for

Answer 21

In agent representing A seller with property to sell

Question 22

What is required for A deed to be recorded

Answer 22

Only the grantor (s) sign the deed and the signature(s) must be Notarized for the deed to be recorded

Question 23

Useful life

Answer 23

Useful life is a period of years over which a building can’t be depreciated

Question 24

Interstate land sales full disclosure act

Answer 24

A Massachusetts Broko has been hired by a Colorado developer to sell his unimproved lots, sight unseen, in Massachusetts the broker must comply with

Question 25

Real estate

Answer 25

Real estate includes land structures and appurtenances real estate is in mobile but tangible

Question 26

Real property

Answer 26

Real property is the rights, interests, and benefits that come with the ownership of real estate

Question 27

The Massachusetts contract law statue of limitations for keeping real estate contracts is

Answer 27

The statue of limitations is six years