Maine real estate final - Study guides, Class notes & Summaries

An adequate legal description of real estate is one: - by which a reasonable person can determine what property is described - the legal description is legally "adequate" if a reasonable person could identify the property based on the description. Ownership of real estate includes: a.) Rights to use the surface, subsurface and airspace over the land b.) Fixtures c.) Naturally growing tree growing on the land d.) All of the above - D.) All of the above Subsurface rights in real estate i...

The right of a landowner and his/her heirs to occupy a parcel of real estate forever is called a: a.) Qualified fee b.) Life estate c.) Estate in fee simple absolute d.) Indeterminable estate - Answer-c.) Estate in fee simple absolute - Fee, fee simple, or fee simple absolute are interchangeable terms that describe the largest estate in land, and the one that is most commonly brokered by real estate licensees. If three individuals are joint tenants of a piece of real estate and one of th...

An adequate legal description of real estate is one: - ANSWERby which a reasonable person can determine what property is described - the legal description is legally "adequate" if a reasonable person could identify the property based on the description. Ownership of real estate includes: a.) Rights to use the surface, subsurface and airspace over the land b.) Fixtures c.) Naturally growing tree growing on the land d.) All of the above - ANSWERD.) All of the above Subsurface rights i...

An adequate legal description of real estate is one: - ANSWERby which a reasonable person can determine what property is described - the legal description is legally "adequate" if a reasonable person could identify the property based on the description. Ownership of real estate includes: a.) Rights to use the surface, subsurface and airspace over the land b.) Fixtures c.) Naturally growing tree growing on the land d.) All of the above - ANSWERD.) All of the above Subsurface rights i...

REAL ESTATE FINAL EXAM 2024. How many industry members serve on the Maine Real Estate Commission? - correct answer 4 What type of real estate development includes a variety of land uses such as single family homes, rentals, retail, and recreation space? - correct answer PUD (Planned Unit Development) Two forms of Joint ownership are: - correct answer Joint Tenancy and Tenants in Common If property is owner in severalty, it is owned by: - correct answer One person or corporation The ...

REAL ESTATE FINAL EXAM PREDICTIONS QUESTIONS 2024. 1. In preparing an estimate of value for a client, an agent must consider: A. The principle of contribution. B. The principle of substitution. C. Regional economic forces. D. All of the above. - correct answer All of the above A fixture is considered to be: - correct answer Real Property A seller who defaults on a contract for the sale of real estate may find himself: - correct answer Before a court that may order specific performa...

An adequate legal description of real estate is one: - ANSWER-by which a reasonable person can determine what property is described - the legal description is legally "adequate" if a reasonable person could identify the property based on the description. Ownership of real estate includes: a.) Rights to use the surface, subsurface and airspace over the land b.) Fixtures c.) Naturally growing tree growing on the land d.) All of the above - ANSWER-D.) All of the above Subsurface rights...

Maine Real Estate - 7-15 Final Study Guide Questions. The right to use the land of another but not to possess it is called - correct answer Non-Possessory Rights An easement that involves two parcels of land is called an - correct answer Appurtenant Easement. The land that benefits from an appurtenant easement is the - correct answer Dominant Estate or Tenement. The land that provides the rights of the appurtenant easement to the dominant estate is the: - correct answer Servient Esta...

Maine Real Estate Final Exam 2024. All of the following are real property EXCEPT - correct answer A Portable Basketball hoop A metes and bounds description of real property relies on - correct answer A point of beginning, measurement of distances, and directions on a compass Fee simple ownership describes - correct answer Current ownership A life estate interest describes - correct answer Future ownership Which of the following statements about Susan, the tenant of a life estate, i...