Real Estate Exam Prep correctly answered graded A+ 2023/2024

Real Estate Exam Prep The 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 - correct answer $2000 per violation What type of Real Estate development includes a variety of land uses such as *single family homes, rentals, retail, etc? - correct answer Planned Unit Development Two forms of joint ownership are: - correct answer Joint Tenancy and Tenants in Common If property is owned 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 in time? - correct answer In weeks The highest form of ownership is? - correct answer Fee simple absolute A fixture is: - correct answer real property The day-to-day business of the Maine Real Estate Commission is managed by? - correct answer The Director of the Maine Real Estate Commission Fiduciary Duty - correct answer Duties owed to a client Hannah dies without leaving a will. After investigation, it is determined that she has no living heirs. What happens to Hannah's house? - correct answer It escheats to the state Tom, Dick and Harry own a property as joint tenants. When Harry dies, what happens to Harry's interest in the property? - correct answer Interest goes equally to his friends based on the concept of survivorship that is inherent in joint tenancy 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? - correct answer Tanesha ( example of trade fixture which is personal property and belongs to the tenant at the end of the lease ) Definition on land includes the surface rights, subsurface rights, and? - correct answer air rights The form of ownership that is characterized by the right of survivorship in all states is? - correct answer Tenants In Entirety Clarence grants a property in fee simple determinable to Eddie. Which is likely to be in the deed? - correct answer So long as Eddie uses the property for religious purposes. Sally and Martha own 766 Oak St as joint tenants. Sally wants to sell the property, and Martha refuses. One way that Sally could pursue forcing a sale is to: - correct answer File a petition for partition with the court Lawrence owns Unit #12 at Shady Oaks condominium. Only Lawrence has use of the deck at Unit #12. The deck is an example of a: - correct answer limited common element ( that is owned by all members but restricted to use by only specific owners ) Example of personal property: - correct answer A chandelier in the box at the lighting store, furniture, cars, etc. Example of real property - correct answer A tree growing on a parcel of land, buildings, etc.