MA Real Estate Pre-license Study Guide
Rated A+
Acceleration Clause ✔✔The clause in a mortgage that can be enforced to make the entire debt
due if the mortgage defaults on any covenant in the mortgage
Accession ✔✔Acquiring land from deposit of soil washed up from a river, lake or ocean
Ad Valorem Tax ✔✔A tax levied "according to value". Refers to real estate taxes in relation to
value assessed on the property for tax purposes
Alienation ✔✔The transferring of property to another.
Allodial system ✔✔Land ownership is held free of any rents or services due to the government.
Contrasting system is feudal system
Amortized Loan ✔✔A loan which applies both principal and interest to the payment, made
periodically
,Antitrust Laws ✔✔Laws designed to preserve free enterprise in the marketplace by making
certain activities illegal. "Price fixing" is one such illegal activity where companies conspire to
set prices to create unfair competition
Assumption ✔✔Taking over existing mortgages(s) and becoming personally liable for the debt,
including all payments
Attachment ✔✔An involuntary lien against property as action to secure payment for debt
incurred
Avulsion ✔✔The sudden tearing away of the land affecting the size and condition of the land
Balloon Payment ✔✔A final payment on the mortgage that becomes due prior to full
amortization of the loan
Bargain and Sale Deed ✔✔A deed that carries no warranties but implies that the grantor has the
power and right to transfer title. Similar to a quitclaim deed
, Benchmark ✔✔A permanent reference point established for use by land surveyors to measure
elevations
Beneficiary ✔✔The person whom a trust is established, the recipient of the activity in a trust
Bill of Sale ✔✔The mechanism to transfer personal property
Binder ✔✔Also known as "offer to purchase", places in writing initial terms of a purchase
Blockbusting ✔✔An illegal practice of inducing an owner to sell based upon the fear of the entry
into the neighborhood of persons of a particular race or nation origin
Boot ✔✔Money or property given to make up for value inequities in an exchange of property
Breach ✔✔Violation of a term, or terms in a contract
Brokerage ✔✔The bringing together of parties in a real estate transaction
Rated A+
Acceleration Clause ✔✔The clause in a mortgage that can be enforced to make the entire debt
due if the mortgage defaults on any covenant in the mortgage
Accession ✔✔Acquiring land from deposit of soil washed up from a river, lake or ocean
Ad Valorem Tax ✔✔A tax levied "according to value". Refers to real estate taxes in relation to
value assessed on the property for tax purposes
Alienation ✔✔The transferring of property to another.
Allodial system ✔✔Land ownership is held free of any rents or services due to the government.
Contrasting system is feudal system
Amortized Loan ✔✔A loan which applies both principal and interest to the payment, made
periodically
,Antitrust Laws ✔✔Laws designed to preserve free enterprise in the marketplace by making
certain activities illegal. "Price fixing" is one such illegal activity where companies conspire to
set prices to create unfair competition
Assumption ✔✔Taking over existing mortgages(s) and becoming personally liable for the debt,
including all payments
Attachment ✔✔An involuntary lien against property as action to secure payment for debt
incurred
Avulsion ✔✔The sudden tearing away of the land affecting the size and condition of the land
Balloon Payment ✔✔A final payment on the mortgage that becomes due prior to full
amortization of the loan
Bargain and Sale Deed ✔✔A deed that carries no warranties but implies that the grantor has the
power and right to transfer title. Similar to a quitclaim deed
, Benchmark ✔✔A permanent reference point established for use by land surveyors to measure
elevations
Beneficiary ✔✔The person whom a trust is established, the recipient of the activity in a trust
Bill of Sale ✔✔The mechanism to transfer personal property
Binder ✔✔Also known as "offer to purchase", places in writing initial terms of a purchase
Blockbusting ✔✔An illegal practice of inducing an owner to sell based upon the fear of the entry
into the neighborhood of persons of a particular race or nation origin
Boot ✔✔Money or property given to make up for value inequities in an exchange of property
Breach ✔✔Violation of a term, or terms in a contract
Brokerage ✔✔The bringing together of parties in a real estate transaction
