| Enforceable listing agreement does not have to be in writing because | the statue of frauds applies to conveyances of property but not to employment agreements, listing agreement is considered an employment agreement |
| Tristams Landing vs. Wait | Mass Supreme Court ruled that a broker produces a ready willing and able buyer who enters into a binding contract with the seller and the transaction is closed in accordance with the provisions. a signed listing agreement is not necessary. the broker is entitled a commission |
| OLDCAR | obedience, loyalty., disclosure, confidentiality, accountability, and reasonable care |
| a written agency relationship can be terminated | only by agreement of both parties or by operation of law. |
| an oral or implied agency relationship can be terminated | at will |
| most common agency relationships practiced in MA | are seller, buyer, discolosed dual and designated agency |
| Massachusetts Consumer protection Act | MCPA - requires that a broker disclose any known material defects regarding a property a property to a buyer |
| if the buyer does not ask a question do you still have to disclose | yes you still have to disclose to the buyer any known material defects |
| a broker can be held liable | for any untrue claim and ommissions |
| Mass Consumer Protection Act is known as | Mass general laws chatper 93A or MGL 93A |
| MGL 93A does not apply to | (Mass Consumer Protection Act) to owners who sell their homes privately |
| a listing agreement | defines the responsibilites and rights of the parties |
| a net listing agent is illegal in | MA MGL 112 87AAA - to sell real estate for a stated price that authorizes a broker to keep a specific commission |
| open listing agreement | allows owner of property to hire as many brokers as she wishes and can sell the property herself |
| cobroker agreement | cooperating broker has no conttactural relationship with the seller and must look solely to the listing broker |
| the sale price of a home should be determined by | the seller. the broker provides a CMA to assisnt in etermining a price range |
| Appraisers | massachisetts requires them to be certified and license by the state |
| dower rights become effective | at the death of a spouse |
| a homestead exemption | does not need to be filed to automatically receive $125,000 homestead protection. to increase the expemtion to the max of $500,000 per household the owner must file the additional exeption agt the apprpriate registry of deeds |
| one of five factors use to establish an easement by prescription | is that a benefited parcel of land usually abutting or adjacent must exist |
| easement by necessity | right to cross ones land to reach their own, both deeds should refernce the easement |
| a license is | permission for a certain right of usage and not a grant of ownership. smallest right a person can have in real estate |
| prupose of a homestead | is to protect a famoly against eviction by general creditors and to protect each spouse individually by requiring both to exectue any deed |
| when a valid deed is delivered the law presumes | that a fee simple estate has been conveyed |
| riperian/ river rights with an owner whose property is adjacent to a large pond | owns the property only to the shore, and the owners use of the water must be approved under the state environmental laws |
| an estate in common unless a particular form of ownership is specified | a deed conveying ownership in MA is presumed to be |
| the surviving spouse will be the sole owner in | tenants by the entirety |
| a cooperative owners interest | is treated as personal property because they do not own the unit. purchases shares in exchange for a proprietary lease granting occupancy of a specific unit |
| In Ma, common/community property | is not recognized in MA |
| a tenant residing in a building that is being converted to condos | shall be given the chance to purchase the unit she occupied at terms equal to or better than those offered to the general public |
| condo ownerships combine mixed form of ownership | such as joint tenancy with an estate in common |
| in a deed a street address | is not considered a sufficient description of a parcel of land |
| a metes and bound decsription starts | at a well marked point of beginning follows the boundaries of the land and returns to the point of beginning so that the parcel of land is completely enclosed |
| a licensed surveyor is the only one qualified | to provide the data for a metes and bounds decsription |
| The MA Oil & Hazardous Material Release Prevention & Response Act is the state level | implementation of the federal Comprehensive Enviornmental Response compensation and liability act CERCLA |
| A lead disclosure form must be signed when a home was built | before 1978 |
| The brownfield legsilation is a federal law that | provides funds to states and localties to clean up polluted industrial sites and became effective in 2002 |
| The brownfield legsilation is a federal law that | provides funds to states and localties to clean up polluted industrial sites and became effective in 2002 |
| The brownfield legsilation is a federal law that | provides funds to states and localties to clean up polluted industrial sites and became effective in 2002 |
| The brownfield legsilation is a federal law that | provides funds to states and localties to clean up polluted industrial sites and became effective in 2002 |
| a septic system inspection | can be done up to six months after the sale |
| Title 5 does not require | septic inspections when a home is refinanced |
| 21 E is the | MA site inspection for toxic substances |
