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Test 13: Transaction-Related Issues

Test 13: Transaction-Related Issues – 14 Questions

1. In McCarthy v. Tobin, the Massachusetts Supreme Judicial Court held that an offer to purchase which was signed by both parties, but was “subject to a purchase and sale agreement satisfactory to Buyer and Seller,”

 
 
 
 

2. Property can be redeemed for how long after a tax sale?

 
 
 
 

3. The tax rate for real property in Massachusetts

 
 
 
 

4. By how much may real property taxes increase each year?

 
 
 
 

5. The property taxes owed by a current property owner can be determined by a

 
 
 
 

6. The tax charged on the sale of a home, called tax stamps, is typically paid by the

 
 
 
 

7. A mortgage discharge document must be recorded within how many days of the final mortgage payment?

 
 
 
 

8. A lien recorded against a condominium unit for unpaid fees has priority over a previously recorded first mortgage. This is referred to as a(n)

 
 
 
 

9. When a rental apartment building is converted to condominiums the tenants must be given proper notice and a

 
 
 
 

10. The Massachusetts automatic homestead exemption protects equity in the amount of ___________ and the declared homestead exemption protects equity in the amount of ______________.

 
 
 
 

11. Under the Massachusetts Uniform Electronic Transactions Act, a Superior Court has held that an email signature block

 
 
 
 

12. When property is foreclosed upon and bought by the foreclosing party, it becomes known as

 
 
 
 

13. Which of the following is exempt from property taxation in Massachusetts?

 
 
 
 

14. Real property in Massachusetts is assessed at