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

Cloud

A

Title not clear

1
Q

Planning board

A

The planning board surveys the needs of the community

2
Q

MGL chapter 21E

A

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

3
Q

Codicil

A

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

4
Q

Time of the essence

A

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

5
Q

Bequest

A

Act of giving

6
Q

1031

A

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

7
Q

Arms length

A

Not related

8
Q

Non-arm’s-length

A

Related

9
Q

Pyramiding

A

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

10
Q

Pro forma statement

A

This is a projected annual operating statement

11
Q

Devise

A

Is when ownership is transferred by means of a well

12
Q

Allodial System

A

Gives individual the right to own land

13
Q

REIT

A

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
Q

Selling timeshare

A

A real estate license is not required to sell timeshare

15
Q

Probate

A

Probate is the judicial procedure to prove validated if the deed

16
Q

Title V

A

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

17
Q

Nonconforming use

A

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

18
Q

In a cooperative, the buyer of the unit becomes the

A

Stock holder in the corporative. They have no individual ownership

19
Q

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

A

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

20
Q

Buyers agent

A

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

21
Q

A listing agent is another name for

A

In agent representing A seller with property to sell

22
Q

What is required for A deed to be recorded

A

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

23
Q

Useful life

A

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

24
Q

Interstate land sales full disclosure act

A

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
Q

Real estate

A

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

26
Q

Real property

A

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

27
Q

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

A

The statue of limitations is six years