FREE REAL ESTATE AND STUDY GAMES ABOUT MA REAL

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FREE REAL ESTATE AND STUDY GAMES ABOUT MA REAL

ESTATE M-1 EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -13 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Massachusetts Fair Housing (M. G. L chapter 151B)

Answer:

Mass state law that addresses discrimination in matters of housing. Covers similar areas as Federal Title VIII, but goes much further in who is protected under the law. More protected classes.

Question 2: Massachusetts Commission Against Discrimination (MCAD)

Answer:

The state agency responsible for the administration of Mass Fair Housing Law. This includes receiving any complements in the state regarding fair housing.

Question 3: Meridian

Answer:

An imaginary line running North and South used by surveyors in the Government (rectangular) survey method of property description.

Question 4: Massachusetts Association of Real Estate Appraisers

Answer:

State Association of real estate appraisers, which set standards, regulates membership, and issues professional designations of accomplishment.

Question 5: Mill Rate

Answer:

Tax rates expressed as a tax per $1 of assessed value (a mill is one tenth of one cent).

Question 6: Member Appraisal Institute (M A I)

Answer:

Professional designation issued to real estate appraisers, by the Appraisal Institute indicating competence, in appraisal of all types of real estate.

Question 7: Master Deed

Answer:

The deed recorded when a condominium development is created as required by M. G. L chapter 183A.

Question 8: Market Value

Answer:

The most probable price property will bring in assuming a knowledgeable seller and buyer, a fair and open market, and a reasonable time to market.

Question 9: M. G. I. C Mortgage Guaranty Insurance Corporation

Answer:

One of a number of Private Mortgage Insurance (P M I) companies that privately insure a portion of the mortgage risk, when a lending institution is not willing to assume it (typical with down payments of less than 20%).

Question 10: Market Approach

Answer:

Appraisal technique that compares the subject property to similar properties, that have sold recently to establish value.

Question 11: Master Insurance Policy

Answer:

Insurance policy covering the overall condominium structure and common area. Names all unit owners and lenders as loss payees. Must be updated to reflect new owner and loss payee, when individual unit changes ownership.

Question 12: Metes and Bonds

Answer:

Method of Land Description, that "walks" the perimeter of the property and describes the distances, compass points, and boundaries. Most common method of land description in Mass.

Question 13: M. G. L chapter 183A

Answer:

Mass General Law that regulates the formation, conversion, and management of condominiums, both commercial and residential.