Maine - Real Estate Exam Prep Questions
and Answers
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.
and Answers
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.
