Maine - Real Estate Exam Prep Study Guide with Complete Solutions
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Course
Maine
Institution
Maine (UM)
Maine - Real Estate Exam Prep Study
Guide with Complete Solutions
Fixture - Answer️️ -An object that has been attached to land so as to
become real estate.
An article of personal property which has been installed in or attached to
land or a building thereon, in such a manner that it is now...
Maine - Real Estate Exam Prep Study
Guide with Complete Solutions
Fixture - Answer✔️✔️-An object that has been attached to land so as to
become real estate.
An article of personal property which has been installed in or attached to
land or a building thereon, in such a manner that it is now considered to be
a part of the real estate.
Improvements - Answer✔️✔️-Beneficial attachments to raw land that
increase its value or improve its usefulness.
Meridians - Answer✔️✔️-Imaginary north-south lines which intersect base
lines to form a starting point for the measurement of land.
Metes and bounds - Answer✔️✔️-A detailed method of land description that
identifies a parcel by specifying its shape and boundaries.
Monument - Answer✔️✔️-An iron pipe, stone, tree, or other fixed point in
making a survey.
Personal Property - Answer✔️✔️-A right or interest in things of a temporary
or movable nature
Real Estate - Answer✔️✔️-Land, tenements, and appurtenances, whatever is
made part of or is attached to it by nature or man; the land and all the
improvements thereon. (Also real property)
Recorded Plat - Answer✔️✔️-A subdivision map filed in the county
recorder's office that shows the location and boundaries of individual
parcels of land.
Riparian Right - Answer✔️✔️-Owner's rights in land that borders on or
includes a stream, river. Rights include access to and use of the water
Appurtenance - Answer✔️✔️-Any right or privilege which belongs to and
passes with land.
Emblements - Answer✔️✔️-Crops nurtured in the year of the transfer or sale
of the property. They are considered personal property.
Littoral Rights - Answer✔️✔️-Owner's rights in land that borders a lake or
sea.
Doctrine of prior appropriation - Answer✔️✔️-The notion of giving a river's
water to the 1st person who claimed it
Bench Marks - Answer✔️✔️-a permanently affixed mark that establishes the
exact elevation of a place; used by surveyors in measuring site elevations,
or as a starting point for surveys .
Government Survey - Answer✔️✔️-Rectangular system of land survey made
up of 6 mile square townships and 1 mile square sections.
Township - Answer✔️✔️-A 6-by-6 mile area containing 36 sections each 1
mile square. A division of land in the rectangular survey method of land
description.
Acre - Answer✔️✔️-A measure of land equal to 43,560 square feet.
Nonhomogeneity - Answer✔️✔️-No two parcels of land are exactly alike,
and no two parcels can occupy the same position on the globe. Uniqueness
Scarcity - Answer✔️✔️-Shortage of land where there is great demand.
Investment Permanence (fixity) - Answer✔️✔️-Economic characteristic of
real property that describes the permanence of investment in infrastructure
improvements.
Situs - Answer✔️✔️-Refers to the location from an economic rather than a
geographic standpoint.
Allodial System - Answer✔️✔️-The system of land ownership under which
anyone can own land.
Feudal System - Answer✔️✔️-A type of land ownership whereby only the
king can hold absolute title to real property.
Inverse Condemnation - Answer✔️✔️-An action brought by a property
owner seeking just compensation for land taken for public use when the
taker of the property does not intend to bring eminent domain
proceedings. Property is condemned because its use and value have been
diminished due to an adjacent property's public use. -Homes located at the
end of an airport.
Fee Simple - Answer✔️✔️-Absolute ownership. The greatest interest that one
can have in real property. An estate that is without restriction, of indefinite
duration, freely transferable and inheritable.
Bundle of Rights - Answer✔️✔️-The rights of an owner to possess, control,
enjoy, sell, lease, mortgage, and dispose of the property.
Encumbrance - Answer✔️✔️-An impediment to a clear title, a cloud on the
title, such as a lien, lease, or easement.
Easement - Answer✔️✔️-- an interest in land that gives the owner the right
to use real estate owned by another for a specified purpose o An easement
is alienated when it is transferred from one person to another.
Easement by necessity - Answer✔️✔️-An easement granted by the courts to
a landlocked property owner who is unable to gain access any other way
Easement by prescription - Answer✔️✔️-Continuous Use: Must have been
used for at least 5 years
Easement appurtenant - Answer✔️✔️-Benefits the dominant estate and "runs
with the land"
Easement in gross - Answer✔️✔️-A personal right to use the land of another.
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