Massachusetts Real Estate Exam
Already Passed
Estoppel ✔✔one promises to do something and another relies on that promise and is harmed by
them not following through
Encroachment ✔✔illegal intrusion or trespass into o
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Massachusetts Real Estate Exam
Already Passed
Estoppel ✔✔one promises to do something and another relies on that promise and is harmed by
them not following through
Encroachment ✔✔illegal intrusion or trespass into or over the property of another. such as a wall
or fence
Nuisance ✔✔Interferes with quiet enjoyment and is an encroachment. Private nuisance= small
area and can take court action
Public Nuisance = large area and takes city action
Rectangular Survey System ✔✔system of rectangles to locate and specify the boundaries for
land parcels.
Baselines run EAST and WEST.
Meridians run NORTH and SOUTH.
this unit of land approx 24mi sq. is divided into areas 6 miles sq. called townships. Townships
are divided into 36 sections.
Primary Mortgage ✔✔lenders who originate funds to borrowers. the lenders retain mortgage
investments for themselves or sell them to investors
Secondary Mortgage ✔✔firms/agencies who buy mortgages from those lenders who originate
them (FNMA-Fannie Mae).
Net Listing ✔✔illegal - get me $ and everything else is yours
Open Listing ✔✔listing with several brokers in which any of them can sell. a seller may sell
home himself without paying a commission
Exclusive Listing ✔✔1 broker can list and show the property. usually given for a period of time
during which the seller reserves right to sell house himself without paying a commission.
Exclusive Right to Sell ✔✔a listing that gives the broker the right to collect a commission no
matter who sells the property during the listing period
Disclosing Agency ✔✔first meet in person to discuss a specific property
Financing Procedure ✔✔After P&S= Mortgage Application
Bank Approval steps: appraisal, ability to pay, credit
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