real estate questions with complete solutions

real estateThe purpose of the Maine Real Estate Commission is to: - correct answer Promote public understanding and confidence in the business of real estate brokerage. The Maine Real Estate Commission consists of: - correct answer 4 industry members and 2 public members. The maximum fine that may be imposed by the Maine Real Estate Commission is $1000 per violation. - correct answer False If a real estate licensee violates Maine real estate law, his or her real estate license may be suspended by the Maine Real Estate Commission. - correct answer True If a real estate licensee violates Maine real estate law, his or her real estate license may be revoked by the Maine Real Estate Commission. - correct answer True 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 recreational 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 owner of a timeshare generally has rights to the property in what increments of time? - correct answer weeks Chef Tanesha leases space for a restaurant and installs a large gas cook top. In the absence of a written agreement to the contrary, at the end of the lease, the cook top belongs to: A. The landlord.B. Tanesha.C. The next tenant.D. The state. - correct answer Tanesha, it was hers and it was only leased What is the highest form of ownership - correct answer Fee simple absolute. Jackie dies without leaving a will. After an investigation, it is determined that she has no living heirs. What happens to Jackie's house? - correct answer It goes to the state How many public members serve on the Maine Real Estate Commission? - correct answer 2 The day-to-day business of the Maine Real Estate Commission is managed by the: - correct answer Director of the Maine Real Estate Commission. Tom, Dick and Harry own a property as joint tenants. When Harry dies, what happens to Harry's interest in the property? - correct answer Harry's interest goes equally to Tom and Dick. The form of ownership that is characterized by the right of survivorship in all states is: - correct answer Joint tenancy A fixture is: A. Real Property.B. Personal Property.C. Chattel.D. Fructus Industriales. - correct answer Real Property Which of the following is an example of personal property? A. A chandelier in the box at the lighting storeB. Wall to wall carpet installed in the living roomC. Garage doorsD. Pendant lights hanging over the kitchen island - correct answer A. A chandelier in the box at the lighting store Which of the following is an example of real property? - correct answer Which of the following is an example of real property?