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Stack #4546210
| Question | Answer |
|---|---|
| Chapter 40B | Mass Law affordable housing required w/town with less than 10% affordable housing (most towns in MA) and housing dev. proposed must e 20-25% affordable |
| Federal Fair Housing | 13th amendment 1865 |
| civil rights act of 1866 | federal govt can not discriminate race only |
| 14th amendment 1868 | state could not discriminate based upon race |
| discriminatory covenants | clause in propertys legal documents that prohibits sale, lease or occupancy of property based on race, religion, sex etc |
| covenant | must have special house size, porch, no camper etc in yard |
| who enforces covenants | anyone that has to live by the same covenants |
| Shelly vs Kramer 1948 | outlawed discriminatory covenants |
| Jones vs Mayer 1968 | prohibited all racial discrimination, sale or rental, real or personal property |
| civil rights acts of 1968 | could not discriminate race, color, religion, nat. origin |
| 1974 civil rights | added gender/ sex |
| 1988 civil rights | added disability and family |
| accessibility req. for private and federal | rental or sale must meet req. if 4 or more units built after 3/13/1991 must be ADA compliant |
| ADA of 1990 | primarily deals with public facilities such as restaurants, hotels, parks |
| 3 family housing unit | does not need to comply with ADA |
| Equal Housing Opportunity ACT 1974 | education, house, car financing, prohibits credit discrimination on basis of race, color religion, nat origin, sex, martial status, age or if you get public assistance |
| steering | stay away from directing a member of protected class to a neighborhood based on their membership in a protected class |
| redlining | stay away from, loan terms by geography |
| blockbusted | stay away from, induced panic selling |
| Sherman Act 1890 | 2 or more people take group action and action restrains trade, limits consumer choice |
| anti trust no no's | price fix - market, market allocation (geography) limits consumer choice, group boycott, tying arrangements |
| what goes in escrow | deposits, proceeds, rent payments, loan funding |
| what doesn't go in escrow | real estate fees, some rent, security deposits, operating $ |
| reconciliation | shortage - conversion, overage - commingle |
| Truth in advertising | misrepresentation, non disclosures, puffing, fairhousing |
| misrepresentation | dileberate, intent, vicarious liability |
| technology and prospection | do not call registry, no junk fax, but can email |
| 1031 exahange | tax code, commercial real estate, defer, not tax free |
| tax depreciation | tax deduction against income = formula |
| Board of Reg. of real estate brokers and salespersons | state agency, police license, oversees license |
| Realtors - board of realtors | private trade group |
| MLS | $30 month, enter listings, search real estate |
| Board of registration of real estate brokers and salesperson | 5 members, 3 brokers/2 public, must have 7 years exp. as broker, appointed by govenor, 3 members quorum, 5 year term, no pay, 10 days written notice for hearing, 20 days appeal, 7 days surrender license |
| real estate broker | can hold clients funds and be a sole proprietorship, can be a broker of record at an agency |
| real estate agency | LLC - needs to hire agents |
| Continuing education | 12 hours every 2 years $50-$200, software tracks progress |
| how to become a broker | 40 hour class, good moral character, pass exam, $5000 bond, empoy9ing broker certification 25 hrs week/3 years, active salespersons license |
| how to give lockbox info | email or auto system, no texting or phone |
| purchase & Sale agreement | supercedes offer, escrow agent is not part of agreement |
| home inspectors | cannot be recommended unless exclusive buyer agent-always give fact sheet for home inspectors |
| person A grants an estate to B, When B dies, X takes over the estate, this is an example of | remainderman |
| X sells an estate to Y with no strings, this is an example of | fee |
| X and Y own property together, X dies and B inherits X share, thie real estate is owned in | tenancy in common |
| Uncle Bob gives ray a boat upon his death | bequest |
| Q buys property & receives deed protecting him against events during X's term of ownership but encroachment began before X owned the property. Q should have sought a | general warranty deed |
| not a lein, but notice of a possible lien in future | lis pendens |
| Mary is allowed to drive over Sues land to access a boat dock , Mary benefits from | easement in gross |
| brokers who serve on the board of registration must have how many years experience | 7 |
| how many days notice must an agent receive prior to a board hearing? | 10 days |
| if the board suspended a license, it must be surrendered within how many days | 7 |
| a net listing | is a conflict of interest |
| violations of mass fair housing law results in | immediate suspension |
| an agent tells a buyer the lowest price the seller would accept. Agent violated | confidentiality |
| homeowner lists home with broker, homeowner sells home but does not owe commission, this is an example of | exclusive agency |
| agent must present broker disclosure | at first meeting to discuss a house |
| when all parties agree but nothing is yet on paper | meeting of the minds |
| a contract must include the exahange of something of value which is also known as | consideration |
| a contract is completed but not closed | executory |
| if directed to complete a contract under court order | implied |
| optionee | can buy real estate in the future |
| a promissory note is | evidence of debt |
| if you don't pay your mortgage the lender may evoke | acceleration clause |
| a mortgage which covers multiple parcels allowing for partial release of legal title upon partial payment | blanket mortgage |
| a buyer acquires property using the existing mortgage and the original owner is responsible for the debt | subject to |
| an influence on value based upon future events | anticipation |
| finding comparable properties and adjusting for material differences | sales comparison |
| a landlord retains | reversionary right of possession |
| how many days must a landlord give before evicition starts | 14 |
| a tenant must pay for rent plus other factors of ownership like taxes, this is an example of | net lease |
| property condition statement | given by landlord w/i 10 days of tenancy |
| Gender discrimination was added to federal fair housing law in what year | 1968 |
| first violation of Fair housing law | 60 day suspension |
| an agency purposely fails to disclose a material fact of a property from a buyer, the buyer sues for triple damages under | 93A |
| an inn operates on a residential street, a new owner buys the inn and converts to a single family residence. The property lost its | non confirming use as an Inn |
| 40B is a state law that | promotes affordable housing |
| The CERCLA (comprehensive environmental response compensation and liability act) is overseen by | the EPA (environmental protection agency) |
| lead paint must be removed w/i how many days | 120 |
| the threat of radon gas that emanates from the ground and may be mitigated | a ventilation system |
| this type of home would be exempt from the law requiring CO detectors, but still requires smoke detector inspection | an electric home |
| Then new HUD is called | closing disclosure |
| lender fails to provide loan estimate of closing costs within 3 days of application, this is a violation of | TRID |
| an add from a mortgage co. touts "rates as low as 1.2%" but includes no representation of the APR. it is a violation of | TIL Truth in Lending |
| what might a renter be asked for | 1st month, security deposit (not to exceed one months rent), last months rent, cost of new lock and key (and possibly rental fee in MA) |
| w/in 30 days of occupancy | landlord must show receipt of payment |
| paperwork to rent apartment | lease, w9, condition statement, 1st and last receipt, security deposit receipt, lead paint paperwork |
| late fee | charged if 30+ days late |
| statement of condition | provide a time of security deposit or w/in 10 days after commencement of tenancy, whichever is later |
| when is security deposit returned by landlord | w/in 30 days after termination |
| just cause eviction | require automatic renewal of lease even if landlord doesn't want to as long as current with rent |
| freehold | not limited in time |
| non freehold | limited in time |
| verbal agreement | tenancy at sufference |
| written agreements | always contemplate at the onset the ways in which they may end |
| in MA when renting an apartment w/a rental fee | only need rental fee disclosure (notice that you will charge them)to find apartment tenant pays |
| State Sanitary code | separate meters, separate oil tank, facility to heat water, H20 separate meters and water conservation (tenant has to pay) |
| blind add | advertisement w/o a real estate broker |
| Tristans Landing vs Wait | established the rule that a real estate broker is only entitled to comm. if they produce a buyer that is ready, willing and able to purchase the owners terms, signs a binding contract and completes transaction by closing the title |
| Fair Housing in Ma | enforced by MA comm against discrimination race, color, religion, national origin, ancestry, sex, gender identity, age, disability, sexual orientation, marital status, children, past involvement in a disc. complaint, veteran status, public assistance |
| penalty of 1st fair housing violation in MA | 60 day suspension |
| penalty of 2nd fair housing violation in MA w/in 2 years | 90 day suspension |
| 2 family home when owners are occupants or 55+ communities | can exclude children but cannot advertise this and no real estate agent involved |
| Landlord must make reasonable accomodations | for person w/disability |
| constructive noties | should have known, available thru public record etc |
| adverse possession | gain title |
| prescriptive easement | gaining use, not title |
| homestead act | primary residence, 125,000 automatic protection w/o act. Must file declaration to be protected up to 500,000 |
| asbestos | naturally occuring mineral resistant to heat and fire. |
| asbestos contained | non friable |
| asbestos in air | friable |
| underground fuel tanks | not required by law to remove unless leaking |
| Brownsfield act (BRAC) | encourages private sector lending on contaminated sites in MA |
| M6L 21E | mostly commercial, does NOT require risk assessment (w/loan it does), holds all owners past and present liable |
| Radan | radio active gas that causes cancer , naturally occuring from ground, testing is a buyer option |
| Septic title V | must pass when selling, cannot close w/o, required unless immediate family buying, valid for 2 years |
| When is septic title V required | selling, dividing or combining property, or change in use |
| Carbon Monoxide & smoke detectors | Cannot sell home unless inspection done |
| Wetlands and River | abutting, buffer zone, subject to wetland and river protection act, no modification, dumping, clearing, if unclear ask conservation commission |
Created by:
LarissaTrox