Massachusetts Real Estate Exam Already Passed

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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 [Show More]

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