Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Ma Real Estate L-2

Terms & Definitions L-2

TermDefinition
Lessee The Tenant in a Landlord (lessor) and Tenant (Lessee) relationship.
Lessor The Landlord in a Landlord (lessor) and Tenant (Lessee) relationship.
Letter of Compliance Under the Mass lead paint law (M. G. L chapter 111). 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 (M. G. H chapter 111), the letter allowing a property owner 1 year to fully meet the requirements of the law, after major hazards, such as peeling and chipping paint, have been taken care of.
License A use of property permitted by an owner for a specific purpose. Revocable at any time. Maybe verbal. Also a certification by the state to sell real estate.
Lien A right or interest that one party has in the property of another as security for a debt. EXAMPLE: A financial encumbrance; a mortgage.
Life Estate An interest in real or personal property, that is limited to the life of the owner or some other specified individual.
Lis Penden Latin meaning "Action Pending". Recorded legal document which gives notice that legal action is in process, that may effect the subject property.
Listing Agreement An agreement between a seller and the broker, to act as an agent for the sale of the property. Maybe written or verbal.
Littoral Rights Rights of land owners abutting oceans, or standing bodies of water (Riparian Rights deal with rivers, streams, flowing bodies of water).
Location Economic characteristics of real property, that indicates that value is affected by what exact site real property occupies; including abutters, neighborhood, and zoning.
Long Term Investment Economic characteristic of real property, that indicates real property will last along time; more than a mortgage, often more than a lifetime, as opposed to a short time like stocks and bonds.
Lot and Block Method of land description, that refers to a specific lot within a grouping of lots on a block on a map, or plat that has been recorded at the registry.
Low or Moderate Income Total prior 12 month income of all unit occupants is less than 80% of area median income, as set forth by H U D. Used in condominium conversion law in Mass, to set special condo conversion protection.
Loyalty That part of the law of agency that requires, that the agent must act in the best interest of the principal (even when it is not the best interest of the agent).
Created by: medct
Popular Real Estate sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards