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Maine - Real Estate Exam Prep 2024 with complete solution
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Maine - Real Estate Exam Prep 2024 withcomplete solution
Fixture - 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 - Beneficial attachments to raw land that increase its value or improve
its usefulness.
Meridians - Imaginary north-south lines which intersect base lines to form a starting
point for the measurement of land.
Metes and bounds - A detailed method of land description that identifies a parcel by
specifying its shape and boundaries.
Monument - An iron pipe, stone, tree, or other fixed point in making a survey.
Personal Property - A right or interest in things of a temporary or movable nature
Real Estate - 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 - A subdivision map filed in the county recorder's office that shows the
location and boundaries of individual parcels of land.
Riparian Right - Owner's rights in land that borders on or includes a stream, river.
Rights include access to and use of the water
Appurtenance - Any right or privilege which belongs to and passes with land.
Emblements - Crops nurtured in the year of the transfer or sale of the property. They
are considered personal property.
Littoral Rights - Owner's rights in land that borders a lake or sea.
Doctrine of prior appropriation - The notion of giving a river's water to the 1st person
who claimed it
,Bench Marks - 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 - Rectangular system of land survey made up of 6 mile square
townships and 1 mile square sections.
Township - 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 - A measure of land equal to 43,560 square feet.
Nonhomogeneity - No two parcels of land are exactly alike, and no two parcels can
occupy the same position on the globe. Uniqueness
Scarcity - Shortage of land where there is great demand.
Investment Permanence (fixity) - Economic characteristic of real property that
describes the permanence of investment in infrastructure improvements.
Situs - Refers to the location from an economic rather than a geographic standpoint.
Allodial System - The system of land ownership under which anyone can own land.
Feudal System - A type of land ownership whereby only the king can hold absolute title
to real property.
Inverse Condemnation - 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 - 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 - The rights of an owner to possess, control, enjoy, sell, lease,
mortgage, and dispose of the property.
Encumbrance - An impediment to a clear title, a cloud on the title, such as a lien,
lease, or easement.
Easement - - 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 - An easement granted by the courts to a landlocked property
owner who is unable to gain access any other way
Easement by prescription - Continuous Use: Must have been used for at least 5 years
Easement appurtenant - Benefits the dominant estate and "runs with the land"
Easement in gross - A personal right to use the land of another.
Utilies, Railroad,, personal interest, not one land
Party Wall - A wall erected on the line between adjoining properties, which are under
separate ownership, for the use of both owners.
Encroachment - A fixture or structure which invades a portion of a property belonging
to another.
Deed Restriction (covenants) - Private agreements that govern the use of land.
Mechanic's Lien - an involuntary lien that gives security to persons or companies that
perform labor or furnish material to improve real property. Filed at the town hall.
Voluntary Lien - a lien created intentionally by the property owners action, such as
when someone takes out a mortgage loan
General Lien - A lien that attaches to all property owned by an individual. Real and
personal.
Life Estate - A freehold estate in land that is limited in duration to the life of the owner
or to the life or lives of some other designated person or persons.
Remainderman - The person who gets property after the life estate is ended. They
also get FEE SIMPLE.
Dower - The rights that a wife acquires in her husband's fee simple property.
Curtesy - The rights that a husband acquires in the wife's property upon her death.
Community Property - A form of concurrent ownership of property in which each
spouse technically owns an undivided one-half interest in property acquired during the
marriage.
Homestead Protection Laws - Protects a family's home from actions taken by certain
creditors
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