MA REAL ESTATE EXAM
QUESTIONS WITH COMPLETE
ANSWERS
intent to fixture - ANSWER-how permanent is it attached, is it being used as
personal or real property and have the parties agreed on whether the item is real or
personal property in an offer to purchase.
trade fixtures - ANSWER-real property used in the course of business
4 economic characteristics of real estate - ANSWER-scarcity,improvements,
permanence of investment, location.
3 physical characteristics of real estate. - ANSWER-Immobility, indestructibility,
uniqueness. This is also the definition of land.
nonhomogeneity - ANSWER-another word for uniqueness.
Zoning ordinances - ANSWER-Regulate and control how land is used. Permitted
uses, lot sizes, types of structures, building heights, setbacks, style, density,
protection of natural resources.
PUD - ANSWER-stands for planned unit development, this is where land is set aside
for mixed use purposes. such as residential, commerical, and public areas.
buffer zones - ANSWER-the use of parks and stuff to screen residential from non
residential areas
nonconforming use - ANSWER-when a lot or improvement doesnt comply with the
zoning because it existed before the enactment or amendment of the zoning
ordinance.
conditional use permit - ANSWER-also known as a special use permit is granted to a
property owner to allow a special use of property that is defined as an allowable
conditional use within that zone.
variance - ANSWER-a variance allows a landowner to use his or her property in a
manner that is strictly prohibited by the existing zoning.
plat - ANSWER-a detailed map that illustrates the geographic boundaries of
individual lots.
,restrictive covenants - ANSWER-set standards for all the parcels within a defined
sibdivision. They usually govern height, type, size, of the buildings that the owners
can errect.
deed restrictions - ANSWER-...
interstate land sales full disclosures act - ANSWER-admistered by HUD and
regulates the interstate sale of unimproved lots.
voluntary alienation - ANSWER-the legal term for the voluntary transfer of title.
arms length transaction - ANSWER-When both parties are protecting their best
interests
deed - ANSWER-the written instrument by which an owner of real estate intentionally
conveys the right, title, or interest in the parcel of real estate to someone else.
Statute of frauds require that all deeds be in writing
grantor - ANSWER-owner who transfers the title as well as signs it.
grantee - ANSWER-person who recieves the title.
Requirements of a valid deed - ANSWER-Grantor who signs, grantee named, recital
of consideration, words of conveyance, habendum clause (to have or to hold),
accurate legal description of property conveyed, any relevant exceptions or
reservations, delivery of the deed and acceptance by grantee to pass title.
General Warranty Deed - ANSWER-Has 5 covneants. covenant of seisin(grantor
owns property), covenant against encumberances(free from liens), covenant of quiet
enjoyment, covenant of further assurance(grantor promises to get anything needed
to make the title good), covenant of warranty forever.
special warranty deed - ANSWER-same as the ma statuatory quitclaim deed.
Warranty that the grantor received title, and warranty that the property was
unencumbered by the grantor.
Bargain of sale deed - ANSWER-no express warranties, implication that the grantor
holds title and posession, "as is" Usually in foreclsures or real estate owned.
Quitclaim Deed - ANSWER-No express or implied covenants or warranties. Used
primarily to convey less than fee simple to cure a title defect.
Deed of trust - ANSWER-When a trustor conveys title to the trustee for the benefit of
a beneficiary
Reconveyance deed - ANSWER-Conveyance from trustee back to trustor.
Trustee's deed - ANSWER-Conveyance from a trustee to a third party.
Transfer tax - ANSWER-a tax that is payable when the deed is recorded.
, Testate - ANSWER-when a person who dies has prepared a will
intestate - ANSWER-without a will
probate - ANSWER-the judicial process through which title and posession of
property is transfered from the will.
will - ANSWER-An instrument made by an owner to convey title to real or personal
property after the owner's death. Only takes effect after death. Must be wtinessed by
2 people and notarized.
testator - ANSWER-the person who makes the will while alive.
devise - ANSWER-the gift of real property by a will. the person who receives this
property is known as a devisee. gifts of personal property are called bequests and
gift of money is called a legacy.
probated - ANSWER-the legal process for validating the will and this must be done
for title to pass to the devisees.
codicil - ANSWER-a separate document in which the testator may alter a will at any
time before his or her death.
executor - ANSWER-the person who is in posession of the will, and must present it
for filing with the court.
Recording - ANSWER-the act of placing documents in a public record
notice - ANSWER-anyone who has an interest in a parcel of real estate can take
certain steps called giving notice, to ensure that the interest is available to the public.
constructive notice - ANSWER-the legal presumption that information may be
obtained by an individual through diligent inquiry.
actual notice - ANSWER-means that not only is information available, but someone
actually knows it
priority - ANSWER-refers to the order of rights in time.
unrecorded documents - ANSWER-in order for a deed to be valid it does not have to
be recorded.
chain of title - ANSWER-a record of a propertys ownership, a gap in this can produce
a cloud on title.
Title search - ANSWER-an examination of all public records to determine whether
any defects exist in the chain of title.
subrogation - ANSWER-to go after the respsponsible party
QUESTIONS WITH COMPLETE
ANSWERS
intent to fixture - ANSWER-how permanent is it attached, is it being used as
personal or real property and have the parties agreed on whether the item is real or
personal property in an offer to purchase.
trade fixtures - ANSWER-real property used in the course of business
4 economic characteristics of real estate - ANSWER-scarcity,improvements,
permanence of investment, location.
3 physical characteristics of real estate. - ANSWER-Immobility, indestructibility,
uniqueness. This is also the definition of land.
nonhomogeneity - ANSWER-another word for uniqueness.
Zoning ordinances - ANSWER-Regulate and control how land is used. Permitted
uses, lot sizes, types of structures, building heights, setbacks, style, density,
protection of natural resources.
PUD - ANSWER-stands for planned unit development, this is where land is set aside
for mixed use purposes. such as residential, commerical, and public areas.
buffer zones - ANSWER-the use of parks and stuff to screen residential from non
residential areas
nonconforming use - ANSWER-when a lot or improvement doesnt comply with the
zoning because it existed before the enactment or amendment of the zoning
ordinance.
conditional use permit - ANSWER-also known as a special use permit is granted to a
property owner to allow a special use of property that is defined as an allowable
conditional use within that zone.
variance - ANSWER-a variance allows a landowner to use his or her property in a
manner that is strictly prohibited by the existing zoning.
plat - ANSWER-a detailed map that illustrates the geographic boundaries of
individual lots.
,restrictive covenants - ANSWER-set standards for all the parcels within a defined
sibdivision. They usually govern height, type, size, of the buildings that the owners
can errect.
deed restrictions - ANSWER-...
interstate land sales full disclosures act - ANSWER-admistered by HUD and
regulates the interstate sale of unimproved lots.
voluntary alienation - ANSWER-the legal term for the voluntary transfer of title.
arms length transaction - ANSWER-When both parties are protecting their best
interests
deed - ANSWER-the written instrument by which an owner of real estate intentionally
conveys the right, title, or interest in the parcel of real estate to someone else.
Statute of frauds require that all deeds be in writing
grantor - ANSWER-owner who transfers the title as well as signs it.
grantee - ANSWER-person who recieves the title.
Requirements of a valid deed - ANSWER-Grantor who signs, grantee named, recital
of consideration, words of conveyance, habendum clause (to have or to hold),
accurate legal description of property conveyed, any relevant exceptions or
reservations, delivery of the deed and acceptance by grantee to pass title.
General Warranty Deed - ANSWER-Has 5 covneants. covenant of seisin(grantor
owns property), covenant against encumberances(free from liens), covenant of quiet
enjoyment, covenant of further assurance(grantor promises to get anything needed
to make the title good), covenant of warranty forever.
special warranty deed - ANSWER-same as the ma statuatory quitclaim deed.
Warranty that the grantor received title, and warranty that the property was
unencumbered by the grantor.
Bargain of sale deed - ANSWER-no express warranties, implication that the grantor
holds title and posession, "as is" Usually in foreclsures or real estate owned.
Quitclaim Deed - ANSWER-No express or implied covenants or warranties. Used
primarily to convey less than fee simple to cure a title defect.
Deed of trust - ANSWER-When a trustor conveys title to the trustee for the benefit of
a beneficiary
Reconveyance deed - ANSWER-Conveyance from trustee back to trustor.
Trustee's deed - ANSWER-Conveyance from a trustee to a third party.
Transfer tax - ANSWER-a tax that is payable when the deed is recorded.
, Testate - ANSWER-when a person who dies has prepared a will
intestate - ANSWER-without a will
probate - ANSWER-the judicial process through which title and posession of
property is transfered from the will.
will - ANSWER-An instrument made by an owner to convey title to real or personal
property after the owner's death. Only takes effect after death. Must be wtinessed by
2 people and notarized.
testator - ANSWER-the person who makes the will while alive.
devise - ANSWER-the gift of real property by a will. the person who receives this
property is known as a devisee. gifts of personal property are called bequests and
gift of money is called a legacy.
probated - ANSWER-the legal process for validating the will and this must be done
for title to pass to the devisees.
codicil - ANSWER-a separate document in which the testator may alter a will at any
time before his or her death.
executor - ANSWER-the person who is in posession of the will, and must present it
for filing with the court.
Recording - ANSWER-the act of placing documents in a public record
notice - ANSWER-anyone who has an interest in a parcel of real estate can take
certain steps called giving notice, to ensure that the interest is available to the public.
constructive notice - ANSWER-the legal presumption that information may be
obtained by an individual through diligent inquiry.
actual notice - ANSWER-means that not only is information available, but someone
actually knows it
priority - ANSWER-refers to the order of rights in time.
unrecorded documents - ANSWER-in order for a deed to be valid it does not have to
be recorded.
chain of title - ANSWER-a record of a propertys ownership, a gap in this can produce
a cloud on title.
Title search - ANSWER-an examination of all public records to determine whether
any defects exist in the chain of title.
subrogation - ANSWER-to go after the respsponsible party
