Massachusetts Real Estate Salesperson License Flashcards

Massachusetts Real Estate Salesperson License Flashcards Annexation?When property was personal and is now real, planting a sapling...What is the most common deed in MA?In Massachusetts, there are three types of deeds: a quitclaim deed, a warranty deed, and a release deed. By far the most common deed used in Massachusetts is the quitclaim deed Littoral Rights?Ownership rights of property bordering lakes and oceans.Land owners own up to the accretion line (edge of the water, most often high tide) in most states.When was the RE Board of Registration founded? 1960 Legal Life Estate?Life Estate created by low often in cases of Dower rights (surviving spouse is grated a lie estate for real property that was not willed to them but that was owned by their spouse at their spouse's time of death). Dower Rights have been abolished in MA. Many states entitle up to a 1/3 interest in deceased spouse's RE in lieu of what was in the will. The right is inchoate before the spouse's death.Types of RE Advertising?MLS, Open House, Trulia, Zillow, Neighbors, etc.Easement?Right of Access What is Real Property?The land, anything attached to the land, and all of the

various rights associated with ownership of the land. aka:

Real Estate(just the land and property attached) , Realty or Immovable Property.Attorney in Fact?A person who is authorized to perform business-related transactions of behalf of someone else. The principal must sign a Power of Attorney.Tenancy in Common?Default form of Co-ownership. Co-owners who purchase property w/out specifying type of ownership own in common. Ownership may be equal or unequal, bu all have an interest in th entire property that cannot be compromised. It is inheritable.The tax rate in a town is $50 per $1000 of assessed value.How much would tax be on a home assessed at $223,400?Since we already know the assessed value of the home, we can calculate the tax bill based on the rate of $50 per

$1000 like so: $223,400 / $1,000 = 223.4 x $50 = $11,170

tax bill (rounded up to $11,200 in answer A, which they sometimes do on the real estate test - watch out for that!).Severance?When property was real and is now personal, digging up a tree...Life Estate in Reversion?In a Life Estate in Reversion the grantee's death title passes back to the original grantor. The duration of ownership is thus limited by the grantee's life. Freeholds

and Ownership in Severalty are unlimited by default, and Estates for Years are leaseholds (and thus not a form of ownership).Blind Advertising?Real estate licensees (both brokers and salespersons) may not advertise under their own name only; this is known as

blind advertising and is prohibited. Salespersons must include their broker affiliation, and brokers must note that they are a broker.

Severalty?Ownership held by one person. Ownership of RE severed from any co-owners.Who can recommend an Inspector?Agents representing the seller may not recommend specific home inspectors, but must instead provide the state provided list of all inspectors since it is a potential conflict of interest. Exclusive buyer's agents are allowed to recommend specific inspectors to their clients.Essential Elements of a Real Estate Contract? COLICTo remember elements of a valid and enforceable

real estate contract:C Competent parties. O Offer and

acceptance (meeting of the minds)L Legal purpose.I In writing and signed (statute of fraud)C Consideration (valuable or good) COLIC Who has present interest?Life Tenant/owner. May not commit waste (property damage, legally compromised or risk of foreclosure) which would compromise the remainderman's future interest.Co-Ownership?Ownership shared by two or more persons, including corporations.Life Estates?Freehold Interests that exist as long as the owner of the property (the "life tenant") is alive. The life tenant's deed will state who receives the life estate (usually "remainderman") upon their death in a habendum clause.When must a real estate agent provide a prospective tenant with a fee notice?Agents renting real estate must provide each tenant with a written notice at their first meeting which states whether the prospective tenant will pay any fee, the amount, manner, and time the fee is to be paid, and whether any fee will be payable if a tenancy is not created.Riparian Rights?Ownership rights for land owners whose property borders a river or other waterway. Property bordering a navigable river has rights up to the accretion line (the edge). Those adjoining non-navigable rivers have rights to the midpoint of the water. Mostly used by Eastern States.What is MLS?Multiple Listing Service. It's a marketing tool used by Salespeople to show their listings.Broker's License requirements?3 years salesperson experience, 40 hour class, pass the exam, $5,000 bond and pay a fee.Non-freehold Interests?Possessory rights that don't include ownership, ie rentals.Who is required to disclose known facts that materially affect the property?Both seller's and buyer's agents are required to inform the buyer of any material defects impacting the subject property, even if the seller wants to keep the defects confidential.Gross Lease?A gross lease is a type of commercial lease where the tenant pays a flat rental amount, and the landlord pays for all property charges regularly incurred by the ownership, including taxes, utilities and water.?