Question 1

Buyer's Agent

Accepted Answer

A real estate agent who represents the interests of the buyer in a real estate transaction.

Question 2

Seller's Agent

Accepted Answer

A real estate agent who represents the interests of the seller in a real estate transaction.

Question 3

Listing Agreement

Accepted Answer

A contract between a seller and a real estate agent that grants the agent the right to market and sell the property.

Question 4

Comparative Market Analysis (CMA)

Accepted Answer

An evaluation of a property's value based on recent sales of similar properties in the area.

Question 5

Multiple Listing Service (MLS)

Accepted Answer

A database that allows real estate agents to share information about properties for sale.

Question 6

Earnest Money

Accepted Answer

A deposit made by the buyer to show their commitment to the purchase of a property.

Question 7

Title Insurance

Accepted Answer

Insurance that protects the buyer and lender against any defects in the title of a property.

Question 8

Appraisal

Accepted Answer

An assessment of a property's value by a licensed appraiser.

Question 9

Escrow

Accepted Answer

A neutral third party that holds funds and documents during a real estate transaction.

Question 10

Contingency

Accepted Answer

A condition that must be met for a real estate contract to be binding.

Question 11

Closing Costs

Accepted Answer

Expenses incurred by the buyer and seller during the transfer of ownership of a property.

Question 12

Deed

Accepted Answer

A legal document that transfers ownership of a property from one party to another.

Question 13

Zoning

Accepted Answer

Regulations that determine how a property can be used or developed.

Question 14

Condominium

Accepted Answer

A type of housing where individual units are owned by the residents and common areas are shared.

Question 15

Home Inspection

Accepted Answer

A thorough examination of a property's condition by a professional inspector.

Question 16

Pre-approval

Accepted Answer

A lender's written commitment to grant a mortgage loan to a borrower, based on a preliminary evaluation.

Question 17

Down Payment

Accepted Answer

The initial payment made by the buyer toward the purchase price of a property.

Question 18

Real Estate Broker

Accepted Answer

A licensed professional who can own and operate a real estate brokerage.

Question 19

Real Estate Agent

Accepted Answer

A licensed professional who represents buyers or sellers in real estate transactions.

Question 20

Closing Disclosure

Accepted Answer

A document provided to the buyer and seller before closing, detailing the final costs of the transaction.

Question 21

Comparative Market Analysis (CMA)

Accepted Answer

An evaluation of a property's value based on recent sales of similar properties in the area.

Question 22

Easement

Accepted Answer

A legal right to use another person's property for a specific purpose.

Question 23

Amortization

Accepted Answer

The gradual repayment of a mortgage loan through regular installments.

Question 24

Mortgage Broker

Accepted Answer

A licensed professional who helps borrowers find suitable mortgage loans from different lenders.

Question 25

Encroachment

Accepted Answer

An unauthorized intrusion or trespass onto another person's property.

Question 26

Counteroffer

Accepted Answer

A response to an offer that modifies some terms, creating a new proposed agreement.

Question 27

Dual Agency

Accepted Answer

When a real estate agent represents both the buyer and seller in the same transaction.

Question 28

Lease

Accepted Answer

A legal agreement that grants a tenant the right to use a property for a specified period, in exchange for rent.

Question 29

Title Search

Accepted Answer

An examination of public records to verify the legal ownership of a property.

Question 30

Open House

Accepted Answer

A scheduled period when a property is available for potential buyers to view without an appointment.

Question 31

Certificate of Occupancy

Accepted Answer

A document issued by the local government, confirming that a property meets the necessary building codes and is suitable for occupancy.

Question 32

Escalation Clause

Accepted Answer

A provision in a purchase offer that allows the buyer to increase their bid if there are competing offers.

Question 33

Contingent Offer

Accepted Answer

An offer to buy a property that is dependent on certain conditions being met.

Question 34

Radon

Accepted Answer

A colorless, odorless gas that can seep into homes and pose health risks.

Question 35

Commission

Accepted Answer

The fee paid to a real estate agent for their services in a real estate transaction, typically a percentage of the final sale price.

Question 36

Dual Agency

Accepted Answer

When a real estate agent represents both the buyer and seller in the same transaction.

Question 37

Lease

Accepted Answer

A legal agreement that grants a tenant the right to use a property for a specified period, in exchange for rent.

Question 38

Title Search

Accepted Answer

An examination of public records to verify the legal ownership of a property.

Question 39

Open House

Accepted Answer

A scheduled period when a property is available for potential buyers to view without an appointment.

Question 40

Certificate of Occupancy

Accepted Answer

A document issued by the local government, confirming that a property meets the necessary building codes and is suitable for occupancy.

Question 41

Escalation Clause

Accepted Answer

A provision in a purchase offer that allows the buyer to increase their bid if there are competing offers.

Question 42

Contingent Offer

Accepted Answer

An offer to buy a property that is dependent on certain conditions being met.

Question 43

Radon

Accepted Answer

A colorless, odorless gas that can seep into homes and pose health risks.

Question 44

Commission

Accepted Answer

The fee paid to a real estate agent for their services in a real estate transaction, typically a percentage of the final sale price.

Question 45

Dual Agency

Accepted Answer

When a real estate agent represents both the buyer and seller in the same transaction.

Question 46

Lease

Accepted Answer

A legal agreement that grants a tenant the right to use a property for a specified period, in exchange for rent.

Question 47

Title Search

Accepted Answer

An examination of public records to verify the legal ownership of a property.

Question 48

Open House

Accepted Answer

A scheduled period when a property is available for potential buyers to view without an appointment.

Question 49

Certificate of Occupancy

Accepted Answer

A document issued by the local government, confirming that a property meets the necessary building codes and is suitable for occupancy.

Question 50

Escalation Clause

Accepted Answer

A provision in a purchase offer that allows the buyer to increase their bid if there are competing offers.

Question 51

Contingent Offer

Accepted Answer

An offer to buy a property that is dependent on certain conditions being met.

Question 52

Radon

Accepted Answer

A colorless, odorless gas that can seep into homes and pose health risks.

Question 53

Commission

Accepted Answer

The fee paid to a real estate agent for their services in a real estate transaction, typically a percentage of the final sale price.

Question 54

Dual Agency

Accepted Answer

When a real estate agent represents both the buyer and seller in the same transaction.

Question 55

Lease

Accepted Answer

A legal agreement that grants a tenant the right to use a property for a specified period, in exchange for rent.

Question 56

Title Search

Accepted Answer

An examination of public records to verify the legal ownership of a property.

Massachusetts Real Estate Agent Flashcards