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Chapter 10

Chapter 10 Mass Real Estate

TermDefinition
Caveat Emptor A principal in law that means "let the buyer beware".
Demand Letter Under MGL 93A Consumer Protection Law, the letter sent to the individual against whom the action is to be taken. Begins a 30 day response cycle that precedes any further legal action.
Lead Paint Notification Form Mass lead paint law MGL 1 1 1 requires the real estate broker, or salesperson, needs to notify prospective purchaser of residential real estate of the dangers of lead paint, and to obtain their signature on a form documenting this action.
Letter of Compliance Under the Mass lead paint law (MGL 1 1 1) the letter issued to a residential property owner indicating the property, met the requirements of the law.
Letter of Interim Control Under the Mass lead paint law (MGL 1 1 1) a letter allowing a property owner, one year to fully meet the requirements of the law after major hazards, such as peeling, and chipping paint have been taken care of.
Smoke Detector A piece of equipment, that sounds an alarm when the presence of smoke is detected. Can be battery powered or “hard wired” to the main source of electricity.
Triple Damages The Mass Consumer Protection Law MGL 93A. allows penalties of three times the actual damages in certain instances.
“Underwood” Case A Mass. court case “Underwood vs. Risman”, which substantially altered the interpretation of lead paint, and agency law. Major impact to the real estate profession.
Created by: sunaecm4
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