Massachusetts Real Estate Exam Questions and Answers Graded A

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Massachusetts Real Estate Exam Questions and Answers Graded A Bundle of Rights ✔✔An ownership concept describing all the legal rights that attach to the ownership of real property. ( posession,... control, enjoyment, exclusion, disposition) Personal Property ✔✔Chattel; movable/ portable; everything that "falls out" of a house that is turned upside down Riparian Rights ✔✔"R" ivers; rights along flowing waters such as rivers and streams; navigable ( to waters edge) non-navigable ( to middle) Literal Rights ✔✔"L" ake ; ownership rights along lakes and oceans; mA Law intertidal zone...all people have the right to fish, navigate (walk), and faul(birdwatch through intertidal zone Real Estate ✔✔Anything man or nature has put on earth; includes bundle of legal rights, air, water, and mineral rights; edge of property to center of earth and up to infinity (air rights) anything attached or put into the ground ( not on blocks) Three Legal Descriptions Used in America ✔✔Metes and Bounds, Rectangular Survey, Subdivision Lot and Block Metes and Bounds ✔✔A system of land surveying that used natural features t mark irregular parcels of land; Used in MA; oldest method used; always uses a POB (point of beginning); uses distances and compass directions to describe using N,S!E!W Rectangular Survey ✔✔Uses ranges, sections, and townships to describe, everything is rectangular shapes, FL not MA Subdivision Lot and Block ✔✔AKA: Subdivision Plan; uses subdivision Lot # and street name to describe; used in ALL states Personal Property ✔✔Chattels; movable ( furniture, lawn mower, fire wood, deck furniture, cows) Fixtures ✔✔An item that was personal property that is now affixed to the real Estate and has become permanent; ex. Wall/wall carpet; a hutch noted to wall; a new light by the front door Severance ✔✔Converting real property to personal property (ex. Cutting down a tree severing it from the land) Accession ✔✔Trade fixtures not removed by the end of th [Show More]

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