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Flashcards in Real Estate Priciples And Peactices Deck (28):
0

Planning board

The planning board surveys the needs of the community

1

Cloud

Title not clear

2

MGL chapter 21E

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

3

Codicil

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

4

Time of the essence

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

5

Bequest

Act of giving

6

1031

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

7

Arms length

Not related

8

Non-arm's-length

Related

9

Pyramiding

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

10

Pro forma statement

This is a projected annual operating statement

11

Devise

Is when ownership is transferred by means of a well

12

Allodial System

Gives individual the right to own land

13

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

14

Selling timeshare

A real estate license is not required to sell timeshare

15

Probate

Probate is the judicial procedure to prove validated if the deed

16

Title V

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

17

Nonconforming use

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

18

In a cooperative, the buyer of the unit becomes the

Stock holder in the corporative. They have no individual ownership

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

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

20

Buyers agent

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

21

A listing agent is another name for

In agent representing A seller with property to sell

22

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

23

Useful life

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

24

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

25

Real estate

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

26

Real property

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

27

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

The statue of limitations is six years