Massachusetts State Real Estate Exam

Front 1

Environmental site inspection

Back 1

21e site inspection. Shows due care was exercised in determining in whether any environmental impairments exist

Front 2

CERCLA

Back 2

Comprehensive environmental response compensation and liability act

The superfund to clean up uncontrolled hazardous waste sites and respond to spills

Front 3

Liability

Back 3

A landowner is liable to cleanup hazardous substances under cercla

Front 4

Underground storage tanks

Back 4

UST

Requires Title V- septic tank inspection

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Title V

Back 5

Septic tank inspection

Front 6

Mold

Back 6

Always encourage a mild inspection.

Front 7

Chlorofluorocarbons

Back 7

Nontoxic nonflammable chemicals found in air conditioners, refrigerators, and freezers.

Front 8

Carbon monoxide

Back 8

Colorless, odorless, and tasteless gas. By product of natural gas such as oil

Fire department must come and check all fire/cm alarms

Carbon sensors are 10ft from every bedroom. One on every floor.

Front 9

Radon

Back 9

Colorless, odorless, and tasteless RADIOCATIVE gas produced by the decay of other RADIOCATIVE substances

If radon level gets to 4 you must do something about it.

Front 10

Radon

Back 10

Colorless, odorless, and tasteless RADIOCATIVE gas produced by the decay of other RADIOCATIVE substances

If radon level gets to 4 you must do something about it.

Front 11

Formaldehyde

Back 11

Colorless chemical with a strong odor. Used widely in building materials for its preservative characteristics

Front 12

Radon

Back 12

Colorless, odorless, and tasteless RADIOCATIVE gas produced by the decay of other RADIOCATIVE substances

If radon level gets to 4 you must do something about it.

Front 13

Formaldehyde

Back 13

Colorless chemical with a strong odor. Used widely in building materials for its preservative characteristics

Front 14

Urea-formaldehyde foam insulation

Back 14

Uffi

Front 15

Lead

Back 15

Laws protect children under 6.

Landlords must disclose knowledge

Buyers have up to 10 days to test for lead

If landlord does nothing, it is strict liability and they are guilty.

Front 16

Lead

Back 16

Laws protect children under 6.

Landlords must disclose knowledge

Buyers have up to 10 days to test for lead

If landlord does nothing, it is strict liability and they are guilty.

Front 17

Abatement

Back 17

Full removal of lead

Front 18

Lead

Back 18

Laws protect children under 6.

Landlords must disclose knowledge

Buyers have up to 10 days to test for lead

If landlord does nothing, it is strict liability and they are guilty.

Front 19

Abatement

Back 19

Full removal of lead

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Encapulate

Back 20

Cover/contain lead

You are given a certificate good for one year.

Front 21

Asbestos

Back 21

Fire resistant mineral.

They can create airborne contaminants that may result in respiratory diseases.

Highly friable- it ages

Encapsulation or removal by the gov.

Front 22

Interstate land sales full disclosure act

Back 22

A developer must provide each purchaser or lessee of the property a printed report before they sign the contract.

Report includes

Type of title

Number of homes currently occupied

Availability of recreation facilities

Distance to nearby communities

Utility service and charges

Soil conditions and foundation or contraction problems

Front 23

Conditional use permit

Back 23

Granted to A property owner to allow special use for a property within that zone. I.e. Daycare or house of worship

Front 24

Variance

Back 24

Provides relief if a zoning regulation deprived an owner of the reasonable use of the property

Front 25

No confirming use

Back 25

A lot or improvement is allowed to continue to exist even if it does not conform to zoning regulations because it existed before the ordinance was put in place

Front 26

No confirming use

Back 26

A lot or improvement is allowed to continue to exist even if it does not conform to zoning regulations because it existed before the ordinance was put in place

Front 27

Buffer zone

Back 27

A strip of land separating land dedicated to one use from land dedicated to another

Front 28

zoning ordinances

Back 28

Implement the comprehensive plan and regulate and control the use of land and structures within designated land use districts.

All zoning laws are local

Affects

Permitted uses of each parcel of land

Lot sizes

Types of structures

Builing heights

Setbacks

Style and appearance

Density

Protection

Front 29

Comprehensive plan/master plan

Back 29

Development goals for a city. Included land use, housing needs, community facilities, energy conservation

Front 30

Multiperil policy

Back 30

Includes standard coverage and special coverage for terrorism, earthquakes, and fliods

Front 31

Four alternative risk management teqhniques

Back 31

Avoid

Control

Transfer

Or

Retain

Front 32

HUD-1

Back 32

Requires that the settlement statement itemize all charges that are normally Paid by the owner and a seller in connection with settlement.

Front 33

RESPA's consumer protections

Back 33

CLO regulation

CBA disclosure

Settlement cost booklet

Good faith estimate of settlement costs

HID-1

Prohibition of kickbacks and unearned fees

Front 34

Face to face closing

Back 34

Parties meet face to face. Attorneys are present. Most common in mass

Front 35

Escrow closing

Back 35

Disinterested third party is authorized to act as escrow agent and coordinate closing activities.

Front 36

Community reinvestment act of 1977

Back 36

Financial institutions need to reinvest in the community

Front 37

Equal credit opportunity act prohibits:

Back 37

Discrimination based on

Race, color, religion, national origin,

Sex,

Marital status, age, receipt of public assistance

Front 38

Judicial foreclosure

Back 38

Allows property to be sold by court order after the mortgage has given sufficient public notice

Front 39

Judicial foreclosure

Back 39

Allows property to be sold by court order after the mortgage has given sufficient public notice

Front 40

Nonjudicialal foreclosure

Back 40

No court action required. Beneficiary is given power of sale.

Front 41

Judicial foreclosure

Back 41

Allows property to be sold by court order after the mortgage has given sufficient public notice

Front 42

Nonjudicialal foreclosure

Back 42

No court action required. Beneficiary is given power of sale.

Front 43

Strict foreclosure

Back 43

Court established a deadline for the balance of the defaulted debt to be paid in full. Title is awarded to lend or if not paid

Front 44

Judicial foreclosure

Back 44

Allows property to be sold by court order after the mortgage has given sufficient public notice

Front 45

Nonjudicialal foreclosure

Back 45

No court action required. Beneficiary is given power of sale.

Front 46

Strict foreclosure

Back 46

Court established a deadline for the balance of the defaulted debt to be paid in full. Title is awarded to lend or if not paid

Front 47

Friendly foreclosure/deed in lieu

Back 47

Does not eliminate junior liens. Carried out my mutual agreement rather than lawsuit.

Front 48

Judicial foreclosure

Back 48

Allows property to be sold by court order after the mortgage has given sufficient public notice

Front 49

Nonjudicialal foreclosure

Back 49

No court action required. Beneficiary is given power of sale.

Front 50

Strict foreclosure

Back 50

Court established a deadline for the balance of the defaulted debt to be paid in full. Title is awarded to lend or if not paid

Front 51

Friendly foreclosure/deed in lieu

Back 51

Does not eliminate junior liens. Carried out my mutual agreement rather than lawsuit.

Front 52

Reverse mortgage

Back 52

Allows homeowner 62+ to borrow against equity in home

Front 53

Balloon payment loan

Back 53

Partially amortized loan. Principal is paid at end of loan but some money is still owed

Front 54

Growing equity mortgage

Back 54

Uses fixed interest rates principal payments are increased according to. An index or schedule

Front 55

Growing equity mortgage

Back 55

Uses fixed interest rates principal payments are increased according to. An index or schedule

Front 56

Adjustable rate mortgage

Back 56

Begins at one rate of interest then fluctuates during loan term based on economic indicator

Front 57

Amortized lian

Back 57

Partially pays off both principal and interst

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A mill

Back 58

1/1000 of a dollar or $0.001

Front 59

Specific lib

Back 59

Affects only the property it is secured upon

Front 60

Specific lib

Back 60

Affects only the property it is secured upon

Front 61

General lien

Back 61

Affects all property of a debtor.

Front 62

Fiduciary responsibilities

Back 62

Care

Obedience

Loyalty

Disclosure

Accounting

Confidentiality

Front 63

Antitrust laws

Back 63

Violations include

Price fixing

The group boycott

Allocation of customers

Allocations of market

Tie in agreement a

External prohibited

Front 64

Special warranty deed

Back 64

Contains warranty

That the grantor received title

That the property was not encumbered during the time the grantor held title except as otherwise noted in the deed

Front 65

Acre

Back 65

43,560 square feet

Front 66

Acre

Back 66

43,560 square feet

Front 67

Mile

Back 67

5,280 feet

Front 68

Joint tenancy

Back 68

Right of survivorship.

Possession

Interest

Time

Title

Each person owns fractions based on investment

Front 69

Joint tenancy

Back 69

Right of survivorship.

Possession

Interest

Time

Title

Each person owns fractions based on investment

Front 70

Tenancy by the entirety

Back 70

For married couple. Both own same amount, not based on investment.

Front 71

Redlining

Back 71

Refusing to make mortgage loans for reasons other than economic qualifications

Front 72

Redlining

Back 72

Refusing to make mortgage loans for reasons other than economic qualifications

Front 73

Steering

Back 73

Steering people towards certain neighborhoods

Front 74

Redlining

Back 74

Refusing to make mortgage loans for reasons other than economic qualifications

Front 75

Steering

Back 75

Steering people towards certain neighborhoods

Front 76

Blockbusting

Back 76

Encouraging to sell. "There goes the neighborhood"

Front 77

Americans with disabilities act

Back 77

Requires reasonable accommodations in employment and access to goods, services, and public building.

Front 78

Americans with disabilities act

Back 78

Requires reasonable accommodations in employment and access to goods, services, and public building.

Front 79

Housing for older persons act HOPA

Back 79

Certain properties can be restricted to occupancy by older persons. Is exempt from familial status protection

Front 80

Familial status

Back 80

One or more individual under age 18 living with a parent.

Front 81

Familial status

Back 81

One or more individual under age 18 living with a parent.

Front 82

Title VIII of the civil rights act of 1968 and fair housing amendments act of 1988. Fair housing act (1968)

Back 82

Can't discriminate based on

Race, color, national origin, religion, sex, familial status, disability

Front 83

Civil rights at 1866

Back 83

Prohibits discrimination based on race.

Front 84

Four economic characteristics of real estate

Back 84

Scarcity

Improvements

Permanence of investment

Situs/area preference

Front 85

Four economic characteristics of real estate

Back 85

Scarcity

Improvements

Permanence of investment

Situs/area preference

Front 86

3 physical characteristics of land

Back 86

Immobility

Indestructible ry

Uniqueness

Front 87

Bundle of rights

Back 87

Passion

Control

Enjoyment

Exclusion

Disposition