Maine Real Estate questions and answers graded A+ 2023/2024

Maine Real EstateCONVENTIONAL LIFE ESTATE - correct answer SET UP BY THE GRANTOR. EXAMPLE: SON GIVES PROPERTY TO HIS MOTHER FOR HER LIFE. UPON HER DEATH THE PROPERTY COULD REVERT BACK TO THE SON OR TO A REMAINDERMAN THAT HE NAMES WHEN HE SETS UP THE LIFE ESTATE. Fee Simple on A Condition Subsequent - correct answer CHARACTERIZED BY THE CONCEPT OF "NEVER TO BE USED AS" POSSIBLE FUTURE INTERST IS CALLED THE RIGHT OF RE-ENTRY FEE SIMPLE WITH A SPECIAL LIMITATION - correct answer CHARACTERIZED BY THE WORDS "FOR AS LONG AS" THE POSSIBLE FUTURE INTEREST IS CALLED THE POSSIBILITY OF REVERTER. SOMETIMES CALLED A FEE SIMPLE DETERMINABLE. Fee Simple Defeasible Estate - correct answer qualified by some condition that, if violated, may "defeat" the estate and lead to its loss and reversion to the grantor. TWO TYPES FEE SIMPLE WITH LIMITATIONS OR FEE SIMPLE ON THE CONDITION SUBSEQUENT. Fee Simple Absolute - correct answer COULD ALSO BE CALLED FEE SIMPLE OR OWNERSHIP IN FEE. HIGHEST FORM OF OWNERSHIP RECOGNIZED BY LAW AND MAJORITY OF ALL REAL ESTATE TRANSFERS. OWNERSHIP IS FOR AN UNCERTAIN IN DURATION. IS INHERITABLE ESTATE. Life Estate Pur Autre Vie - correct answer A PERSON HAS A LIFE ESTATE BASED ON THE LIFE OF A THIRD PARTY. tenant in common - correct answer PROPERTY OWNED BY TWO OR MORE PEOPLE.GIVES EACH PARTY THE RIGHT TO THE POSSESS AND USE THE ENTIRE PROPERTY. INHERITABLE. SHARES CAN BE UNEQUAL. Ownership in Severalty - correct answer When title to real estate is vested in one person or a single entity (CORPORATION, CITY, RELIGIOUS ORGANIZATION) Joint Tenancy - correct answer A form of co-ownership that includes the right of survivorship. WHEN ONE OWNER DIED, HIS OR HER SHARES ARE AUTOMATICALLY TRANSFERED TO THE OTHER OWNERS. TIME, TITLE, INTERST AND POSSESSION Tenancy by the Entirety - correct answer special ownership by married couple. UPON DEATH OF ONE SPOUSE PROPERTY AUTOMATICALLY TRANSFERS TO THE OTHER SPOUSE COMMUNITY PROPERTY STATES - correct answer MARRIAGE IS SEEN AS A PARTNERSHIP AND ANY PROPERTY PURCHASED WITH COMMINGLED FUNDS WITHIN THE MARRIAGE ARE EQUALLY OWNED BY EACH SPOUSE. SUIT FOR PARTITION - correct answer WILL ALLOW THE COURT SYSTEM TO DETERMINE THE DIVISION AFFILIATED LICENSEE - correct answer LICENSEE WHO IS AUTHORIZED TO ENGAGE IN BROKER ACTIVITY BY AND ON BEHALF OF A REAL ESTATE BROKERAGE AGENCY.