MA Real Estate Exam Study Guide 2/5/2026
MA Real Estate Exam Study Guide
Save
Terms in this set (400)
An estimation of a property's value, Appraisal
usually prepared by a professional
who is licensed in this field.
The business of bringing people Brokerage
together in a real estate transaction.
The types of properties that include Commerical
office spaces, shopping centers,
stores, theaters, hotels, parking
facilities, etc.
The term for the construction of Development
improvements upon the land.
Insurance agents are required to Elevation Certificate
obtain one of these on any property
before issuing quotes for flood
insurance.
The pledging of real property and Financing
collateral for the repayment of a
loan through a mortgage or deed of
trust.
This agency can fine and withdraw Federal Deposit Insurance Corporation
its insurance from lenders that do
not carry flood insurance on
required mortgages.
MA Real Estate Exam Study Guide Page 1 of 65
,MA Real Estate Exam Study Guide 2/5/2026
This type of homeowner's insurance Flood Insurance
policy covers "rising water"
problems such as a burst water
main, overloaded drains, and
melting snow. It is usually an
optional add-on policy that
becomes effective 30 days after
purchase, unless the property is in a
specific area and is collateral for a
federal loan, in which case it is a
mandatory policy and effective
immediately.
This is the basic form of a HO1
homeowner's hazard insurance
policy, and the default policy when
a property has been empty for any
length of time. It covers fire,
lightning, hail, and other perils.
This form of a homeowner's hazard HO2
insurance policy covers more than
the basic form, but not as much as
the special form. It is often available
for second homes.
This special form homeowner's HO3
hazard insurance policy offers the
most coverage for the most
reasonable price, and is the
preferred policy on primary
residences. It covers both real and
personal property.
This form of a hazard insurance HO6
policy is designed for
condominiums and can be
customized to comply with the
condo association's bylaws.
MA Real Estate Exam Study Guide Page 2 of 65
,MA Real Estate Exam Study Guide 2/5/2026
This renter's insurance policy is HO4
similar to the homeowner's
insurance policy carried on primary
residences, but doesn't include
coverage on real property owned
by someone else.
Additions to property that increase Improvements
its value or enhance its appearance.
It can include buildings, fixtures, and
landscaping.
This insurance policy is the reverse Landlord's policy
of a renter's policy and covers only
the real property.
A broad term for a person or Property Management
company hired to maintain and
manage a property on behalf of its
owners, and who are to maximize
the owner's returns.
These people provide clients with Real Estate Counsellors
competent, independent real estate
advice without representing them as
an agent.
Properties in this area are required Special Flood Hazard Area
by federal law to have special
insurance as part of any federally-
backed mortgages.
The process of splitting a single Subdivision
property into smaller parcels.
The type of properties that include Residential
single and multi-family homes.
The types of properties that include Industrial
warehouses, factories, power plants,
and other manufacturing areas,
even if the property has a storefront
attached.
MA Real Estate Exam Study Guide Page 3 of 65
, MA Real Estate Exam Study Guide 2/5/2026
The types of properties that include Agricultural
farmlands, timberlands, orchards,
and ranches.
The types of properties that include Special Purpose
churches, schools, cemeteries, and
government-held lands.
The setting where real property is Real Estate Market
bought and sold and prices are
established.
A real estate market defined by Submarket
property type and/or geographic
location.
A professional real estate National Association of Realtors
organization that requires members
to uphold a specific set of ethics
and pay dues. In turn, the members
can call themselves Realtors.
The situation where demand for real Seller's Market
property is greater than the supply,
which causes sale prices to rise and
builders to become more motivated
to build.
This characteristic of real property is Location
important because a parcel's value
is impacted by surrounding land
uses.
This factor determines the quantity Demographics
and type of housing in demand in a
particular area. It evaluates family
sizes, ratio of adults to children,
number of senior citizens, family
incomes, lifestyles, etc.
This term refers to both a physical Property
article and the rights and interests
involved in its use of ownership.
MA Real Estate Exam Study Guide Page 4 of 65
MA Real Estate Exam Study Guide
Save
Terms in this set (400)
An estimation of a property's value, Appraisal
usually prepared by a professional
who is licensed in this field.
The business of bringing people Brokerage
together in a real estate transaction.
The types of properties that include Commerical
office spaces, shopping centers,
stores, theaters, hotels, parking
facilities, etc.
The term for the construction of Development
improvements upon the land.
Insurance agents are required to Elevation Certificate
obtain one of these on any property
before issuing quotes for flood
insurance.
The pledging of real property and Financing
collateral for the repayment of a
loan through a mortgage or deed of
trust.
This agency can fine and withdraw Federal Deposit Insurance Corporation
its insurance from lenders that do
not carry flood insurance on
required mortgages.
MA Real Estate Exam Study Guide Page 1 of 65
,MA Real Estate Exam Study Guide 2/5/2026
This type of homeowner's insurance Flood Insurance
policy covers "rising water"
problems such as a burst water
main, overloaded drains, and
melting snow. It is usually an
optional add-on policy that
becomes effective 30 days after
purchase, unless the property is in a
specific area and is collateral for a
federal loan, in which case it is a
mandatory policy and effective
immediately.
This is the basic form of a HO1
homeowner's hazard insurance
policy, and the default policy when
a property has been empty for any
length of time. It covers fire,
lightning, hail, and other perils.
This form of a homeowner's hazard HO2
insurance policy covers more than
the basic form, but not as much as
the special form. It is often available
for second homes.
This special form homeowner's HO3
hazard insurance policy offers the
most coverage for the most
reasonable price, and is the
preferred policy on primary
residences. It covers both real and
personal property.
This form of a hazard insurance HO6
policy is designed for
condominiums and can be
customized to comply with the
condo association's bylaws.
MA Real Estate Exam Study Guide Page 2 of 65
,MA Real Estate Exam Study Guide 2/5/2026
This renter's insurance policy is HO4
similar to the homeowner's
insurance policy carried on primary
residences, but doesn't include
coverage on real property owned
by someone else.
Additions to property that increase Improvements
its value or enhance its appearance.
It can include buildings, fixtures, and
landscaping.
This insurance policy is the reverse Landlord's policy
of a renter's policy and covers only
the real property.
A broad term for a person or Property Management
company hired to maintain and
manage a property on behalf of its
owners, and who are to maximize
the owner's returns.
These people provide clients with Real Estate Counsellors
competent, independent real estate
advice without representing them as
an agent.
Properties in this area are required Special Flood Hazard Area
by federal law to have special
insurance as part of any federally-
backed mortgages.
The process of splitting a single Subdivision
property into smaller parcels.
The type of properties that include Residential
single and multi-family homes.
The types of properties that include Industrial
warehouses, factories, power plants,
and other manufacturing areas,
even if the property has a storefront
attached.
MA Real Estate Exam Study Guide Page 3 of 65
, MA Real Estate Exam Study Guide 2/5/2026
The types of properties that include Agricultural
farmlands, timberlands, orchards,
and ranches.
The types of properties that include Special Purpose
churches, schools, cemeteries, and
government-held lands.
The setting where real property is Real Estate Market
bought and sold and prices are
established.
A real estate market defined by Submarket
property type and/or geographic
location.
A professional real estate National Association of Realtors
organization that requires members
to uphold a specific set of ethics
and pay dues. In turn, the members
can call themselves Realtors.
The situation where demand for real Seller's Market
property is greater than the supply,
which causes sale prices to rise and
builders to become more motivated
to build.
This characteristic of real property is Location
important because a parcel's value
is impacted by surrounding land
uses.
This factor determines the quantity Demographics
and type of housing in demand in a
particular area. It evaluates family
sizes, ratio of adults to children,
number of senior citizens, family
incomes, lifestyles, etc.
This term refers to both a physical Property
article and the rights and interests
involved in its use of ownership.
MA Real Estate Exam Study Guide Page 4 of 65
