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124 Cards in this Set
- Front
- Back
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ADR |
Alternative Dispute Resolution |
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CRV |
Certificate of Reasonable Value (VA LOAN) |
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LTV |
Loan to Value Ration |
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FNMA |
Federal National Mortgage Association (Fannie Mae) |
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FHLMC |
Federal Home Loan Mortgage Corporation ( Freddie Mac) |
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GNMA |
Government National Mortgage Association (Ginnie Mae) |
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FHA |
Federal Housing Administration |
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APR |
Annual Percentage Rate (Points+Interest Rate) |
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HUD |
Department of Housing and Urban Development |
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ARM |
Adjustable Rate Mortgage |
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VA |
Veteran’s Administration |
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RESPA |
Real Estate Settlement Procedures Act |
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RAM |
Reverse Annuity Mortgage |
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MLC |
Municipal Lien Certificate |
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TILA |
Truth in Lending Act |
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HELOC |
Home Equity Line of Credit |
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ECOA |
Equal Credit Opportunity Act |
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PITI |
Principal Interest Taxes and Insurance |
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PMI |
Private Mortgage Insurance |
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GDP |
Gross Domestic Product |
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FSBO |
For Sale By Owner |
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NAR |
National Association of Realtors |
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MLS |
Multiple Listing Service |
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E&O |
Errors and Omissions Insurance |
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ALJ |
Administrative Law Judge |
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FEMA |
Federal Emergency Management Agency |
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ADA |
Americans with Disabilities Act |
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CMA |
Comparative Market Analysis |
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BPO |
Broker Price Opinion |
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USPAP |
Uniform Standards of Professional Appraisal Practice |
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URAR |
Uniform Residential Appraisal Report |
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GLA |
Gross Living Area |
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DUST |
• Demand • Utility • Scarcity • Transferability
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GRM |
Gross Rent Multiplier |
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GIM |
Gross Income Multiplier |
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TAW |
Tenant at Will |
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NNN |
Triple Net-Taxes, Utilities and Insurance |
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UCC |
Uniform Commercial Code |
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HOA |
Homeowners Association |
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CC&R |
Covenants, Condition and Restrictions |
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REI |
Real Estate Investment Trust |
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LLC |
Limited Liability Corporation |
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PITT |
Possession, Interest, Time and Title |
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PILOT |
Payment in lieu of taxes |
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PETE |
Police Power, Eminent Domain, Taxation, Escheat |
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MCAD |
Massachusetts Commission Against Discrimination |
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CERCLA |
Superfund Law |
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MGL 21E |
Mass Oil and Hazardous Material Prevention and Response Act |
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MGL 40A |
Zoning Act |
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MGL 40B |
Comprehensive Permit Law (Anti-Snob) |
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MGL 93A |
Massachusetts Consumer Protection Act |
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MGL 111 |
Massachusetts Lead Paint Law |
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MGL 151B |
Massachusetts Fair Housing Law |
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MGL 183A |
Massachusetts Condominium Law |
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DPH |
Department of Public Health Lead Paint |
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AG |
Attorney General 93A |
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MCAD |
Massachusetts Commission Against Discrimination |
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DPL |
Department of Professional Licensure Board of Registration |
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Feet in an Acre |
43,560 |
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Feet in a mile |
5,280 |
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Miles in the United States |
2,797 Million |
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ROD |
5.5 yards |
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Yard |
3*3 =9 Square feet |
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Assessment/Documentary Tax Stamps |
Per thousand dollars |
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Land Section |
1 Square Mile |
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Government Rectangular Survey |
6 Miles by 6 Miles |
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Means |
divide by one thousand and multiply by base number |
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Land Section |
1 Square Mile |
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1 |
One year to file a complaint with MCAD or HUD One person is appointed Chairperson of the Board by the Governor A board members term expires every year |
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0 |
The board gets paid nothing, only reimbursed for expenses |
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3 |
Loan estimate- good faith estimate provided to buyer 3 business days after applying Closing disclosure- must be in buyers hands 3 days before closing. Lender sends 3 day right of rescission for a refinance of an owner occupied property Lender must keep a copy of loan estimate for 3 years |
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How many members from the public serve on the Board of Registration |
2 |
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When are licenses renewed? |
Biennially every 2 years on your birthday |
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Title V (Septic System) |
Inspection good for 2 yrs Good for 3 years if you pump every year |
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When does property lose it’s non-conforming status? |
After it has been abandoned for 2 years |
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How long does it take to get a property back that was sold at a tax sale? |
2 years |
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How many members of the board are licensed brokers, and how many years of experience do they have? |
3 members are licensed brokers with 7 years experience |
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How many board members need to be present for a quorum? (Valid Meeting) |
3 |
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How long does the broker need to keep copies of forms, advertisements, escrow records, and checks? |
3 years |
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How many years of experience does it take for an agent to become a broker? |
3 years |
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How many hours of activity does an agent need to become a broker? |
25 Hours a week |
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How many miles to the shore is the territorial limit? |
3 miles |
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How many times does the board meet a year, and where? |
4 times a year Anywhere they want to |
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How many board members are there, and who selects them |
5 board members Selected by the governor |
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How many years does each board member serve? |
5 years |
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How much is the bond to become a broker |
5,000 surety bond |
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How long do copies of contracts need to be retained |
6 years |
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How long should you wait before notifying the board for loss or lapse in insurance in LLC or LLP |
5 business days |
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How long must a lender keep a closing disclosure on file? |
5 years |
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How long do you have to notify the board after accepting an out of state land sales client? |
7 days |
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How long do you have to get a mutually agreed upon inspection for lead? |
10 days |
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How many days do you have to respond to a complaint from the Real Estate Board? |
10 days |
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How many days does a landlord have to provide a tenant with an apartment condition statement? |
10 days after accepting security deposit |
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How long does a tenant have to return the Apartment Condition Statement? |
15 days |
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How long does a tenant have to remit money to cure tenancy |
14 days |
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How long do you have to appeal the board decision to superior court? |
20 days |
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How many days after sending a 93A demand letter can a suit be filed? |
30 days |
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How long does a property owner have to respond to a 93A demand letter? |
30 days |
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How long does it take to vacate a Tenancy at Will? |
30 days |
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How long do you have to report any misdemeanors of felonies to the board? |
30 days |
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How many days does a landlord have to return a security deposit after rental ends? |
30 days |
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How long does a landlord have to notify a tenant that they are going to keep security deposit? |
30 days Must provide an itemized list of costs and repairs |
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How long does a contractor have to file a mechanics lien |
30 days from the completion of work |
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How long does a property owner have after the termination of tenancy to pay interest to the tenant? |
30 days |
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How long does a property owner have to inform a tenant of the bank and location where security deposit is being held? |
30 days |
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How long is the suspension for a first fair housing violation, by a real estate agent? |
60 days |
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How long does a property owner have to remove the presence of lead if a child under six is present? |
90 days |
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How old do you have to be to become a salesperson? |
18 |
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How many hours is the salespersons class? |
40 |
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How many hours is the brokers class? |
40 |
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What it takes to become a Broker |
25 hours a week 3 years as a Salesperson |
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In order to keep your license active you must |
Complete 12 hours of continuing education within the prior 24 months to your license having expired |
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How many years of experience is required for brokers on the board? |
7 years |
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How much is the daily fine for failing to post an Equal Opportunity Housing Poster? |
10-100 per day |
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What is the fine for practicing without a license? |
500.00 |
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What is the cost of a lead paint violation? |
1,000.00 |
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What is the fine for Blockbusting? |
1,000-2,500 |
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What is the fine for a civil penalty with MCAD? |
2,000.00 |
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What is the fine for violating the Federal Lead Paint Law? |
10,000.00 |
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What is the fine for 1st Violation of Fair Housing? |
10,000.00 |
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2nd Violation Fair Housing |
25,000.00 |
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3rd Violation of Fair Housing |
50,000.00 |
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Anti-Trust Violation Individual |
1,000,000 |
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Anti-Trust Violation Corporate |
100,000,000 |
