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Maine - Real Estate Exam Prep Study Guide with Complete Solutions

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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...

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Publié le 29 août 2024
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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

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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 .

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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

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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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