REAL ESTATE EXAM 2025 Flashcards

REAL ESTATE EXAM 2025 Flashcards COVENANT OF QUIET ENJOYMENTthe right of a tenant to enjoy rented premises in peace.FEE SIMPLEHighest form of ownership. There are no limitations.Indefeasible Estate RIGHT OF SURVIVORSHIPthe right one party has to claim the interests of another property owner if that owner died. Joint tenants have this right.PROJECT BROKERA broker designated to offer timeshares for sale. An office offering timeshares must be a separate real estate office.Residential sales and timeshare offerings can't be offered by the same office.CHATTELpersonal property DEBT SERVICEperiodic payments made on a loan. Usually principal and interest.TENANCY BY ENTIRETYThe joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property.FIXTUREan item that is permanently to real estate. Lights, built in bookcase, sink.REVERSIONARY INTERESTa future interest one has in a property. Could be via a life estate or the right to gain control of a leased property.TENANCY IN COMMONform of co-ownership in which the shares may be unequal and there is no right of survivorship COUNTER OFFERa rebuttal to an offer made on a property. It voids the original offer MCADThe Massachusetts Commission Against Discrimination; enforces Massachusetts fair housing laws AVULSIONa sudden loss of land that occurs from a sudden act of nature, such as wind or water.

CORPOREAL PROPERTYtangible property: garages, buildings, trees. Physical in

nature.JOINT TENANCYOwnership by two or more persons with the right of survivorship. Typically used by related persons.COOPERARTIVEa corporation that acquires a building for the purpose of providing housing. When purchasing you receive stock certificates and proprietary lease.REAL PROPERTYland and anything assoc. with the land. Building, trees and property rights.TRADE FIXTURESpersonal property that is used in the ordinary course of business. Although attached they are removable and considered personal property of the owner.

DISCLOSUREagents must disclose all defects associated with a property.SUBAGENTis an agent appointed by another agent with the knowledge and consent of the principal.LIFE ESTATEan Estate or interest that someone has during their lifetime or the lifetime of another. Non-inheritable and lowest form of freehold estates.AGENTA person or corp. that by authority is acting on someone's behalf to represent their interests in a real estate transaction.RELICTIONGradual recession of water leaving land permanently uncovered ASSIGNMENT OF LEASEa tenant transfers the rights to use a leased property.unless the landlord releases them the tenant remains liable.FIDUCIARYA person who holds a position of trust. (RE Agent, property Manager) EMBLEMENTSannual or semi-annual plantings such as corn. considered personal property DISCLOSURE STATEMENTA written statement provided by the lender to the borrower disclosing all finance charges.CAVEAT EMPTORlet the buyer beware STEERINGChanneling prospective buyers or tenants to particular neighborhoods based upon their race, religion, national origin, or ancestry.REDLININGA process by which banks draw lines on a map and refuse to lend money to purchase or improve property within the boundaries.ADDENDUMseparate document attached to the original contract to add new terms or information without changing the existing terms DOWER RIGHTSthe rights of a wife to share in the real estate of her husband if he dies and owned the property in his name.She is entitled to 1/3.FAIR HOUSING PENALTIES1st offense up to $10K, 2nd offense up to $25K, 3rd offense up to $50K ESTATE FOR YEARSA leasehold estate for any specific period of time. An estate for years is not automatically renewed.AIR RIGHTSownership or lease of airspace above real estate.REITReal Estate Investment trust. A method of pooling investment money using the trust form of ownership. An investor who puts money into a REIT only loses the money the invested.GENERAL AGENTAn agent with full authority over one property of the principal, such as a property manager.

CASH FLOWthe final amount after deducting all expenses and debt service(P&I) from the amount of income collected (Net Operating Income) MLSMultiple listing service-a membership-based database of shared property that lists information ASSIGNMENT OF CONTRACTa buyer may have an assignment clause that allows them to transfer their right to purchase to someone else. Does NOT relieve them of the original obligation.ABANDONMENTdeparture of premises by Lessee without approval of Lessor before expiration of lease. Action does not cancel obligations.UNITIESA joint tenancy carries four unities. Possession, Interest, Time and Title. (PITT) PERSONALTYPersonal property or chattels.SPECIAL AGENTOne limited in authority to transact a single business affair or a specific series of business affairs or to perform restricted acts for the principal. (Listing one property for sale) CONSTRUCTIVE EVICTIONOccurs when the tenant's use of the premises is substantially disturbed or interfered with by the landlord's actions or failure to act where there is a duty to act. The tenant is effectively forced to move out and terminate the lease without further liability for further rent.EXECUTED CONTRACTwhen the actions of the parties who entered into an executory contract have been fully completed. Closing table UNIVERSAL AGENTHas the authority to do all acts that can be lawfully delegated to a representative. (Power of attorney-attorney in fact) ESCALATOR CLAUSEa clause in the lease that calls for periodic rent increases.CIVIL RIGHTS ACT OF 1968 TITLE VIIIFederal Fair Housing Act. Increase coverage for Fair Housing to include race, color, creed, religion, or national origin.EXCLUSIVE RIGHT TO SELLStates the broker is the only party that can earn a commission if the property is sold while the contract is in place.LITTORAL RIGHTSThe right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.NET LISTINGIllegal commission. When the commission equals the amount over the specified asking price.EQUITABLE TITLEthe interest acquired by the buyer when entered into a P & S agreement

PROPRIETARY LEASEA lease utilized in an assoc. with a Co-op. The lease allows one to occupy space in the building and use of common areas.CONDO SUPER LIEN BILLgives Condo assoc. the authority to impose a "priority" lien (taking precedence over the mortgage on a condo unit) on owners who fail to make required common area payments.Signed into Mass law 1982.AGREEMENT OF SALEBilateral contract between a buyer and a seller to conduct a RE transaction. An executory contract.SELLER'S STATEMENT OF CONDITIONan information sheet completed by the seller detailing zoning, utility and structural info. Many agents solicit this information the seller is not required to do so.DATUMa reference or measuring point such as a line, surface, or point used to measure land elevation.MASTER DEEDDocument that creates a condominium and defines individual units and common areas. recorded at the Registry of Deeds. Units are conveyed in fee simple.ACCRETIONAddition of Real Estate gradually by deposit of soil through natural causes.DOCTRINE OF RESPONDENT SUPERVISORUtilized within the law of agency. Indicates that a principal is responsible for the actions of the agent that they hired as long as the agent is acting within the scope of the authority provided FREEHOLD ESTATEAn estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.CONTRACT ESSENTIALSOffer and AcceptanceConsiderationLegal CapacityLegality of AgreementRealty of Consent 1988 FAIR HOUSING AMENDMENTthis amendment increased coverage for persons with physical and/or mental disabilities and familial status.APPURTENANCEa right that accompanies a property. ie a right of way through a neighbor's property.RIPARIAN RIGHTSrights that govern the use of flowing water, such as rivers and streams that pass through or border a property DURESSforcing someone to do something or not do something against their will.AEOLIN SOILsand dunes that form at the shoreline PARTNERSHIPAn agreement by two or more persons. All parties are responsible for taxes and liabilities.QUARTER OWNERSHIPa form of timeshare ownership. owners hip rights extend to

• months a year.

CONDO DOCSA Master Deed and by-laws, rules and regulations that govern the Condo association.EXCLUSIVE RIGHT TO BUYan agreement for an agent to be the sole representative of a prospective buyer. If a buyer purchases a property through another agent or an owner directly during the