Maine Real Estate questions well answered rated A+ 2023/2024

Maine Real Estatetype of ownership - correct answer A condominium is NOT a description of an architectural style but a _______ ___ _________. PUD (planned unit development) - correct answer _____ communities usually include single family homes, condominiums, apartments, recreational and commercial areas. Markets, shops and restaurants may be within walking distance of where you live Subserface - correct answer The definition of land includes the surface, the _______, and the air above the land appurtenances - correct answer Real estate is defined as land and all __________ attached to the land. This includes buildings, trees, and rights (such as air rights to the portion of the neighbor's tree that overhangs your yard, or an easement ("right of way") over a path to the lakefront). fructus naturales - correct answer Natural fruits of the soil that do not require yearly planting are considered _______ _______. Note: Examples are blueberry bushes, apple trees, and perennials such as tulips. These are permanently attached to the land, just like a building or a fence, and are considered real property. They stay with the land when the land is sold (unless there is a written agreement otherwise between seller and buyer rights - correct answer The definition of real property includes the bundle of ________. The property owner has air rights, surface rights, subsurface rights and the right to do what she wants with the real estate as long as it is legal. As a real estate licensee, you are really a broker of not only the tangible land and the improvements, if there are any, but the intangible bundle of rights in the property heterogeneity - correct answer The word ________ means unique and can be the greatest factor in determining value Land has an economic value of scarcity. This means the availability of land in any particular area is finite, and zoning affects how much land can be used for a particular purpose - correct answer Land has an economic value of scarcity. This means the availability of land in any particular area is ________, and zoning affects how much land can be used for a particular purpose location - correct answer Buyers have definite preferences for locations based on characteristics such as the quality of the school system, the view, character of surrounding properties, access to transportation, and availability of well-paying jobs. This is why ________ is usually the single most important factor in determining the value of real property personal - correct answer Property that is not real property is, therefore, _________ property. This includes moveable items such as furniture, washing machine, picnic table, standalone basketball hoop, refrigerator, artwork hanging on the walls, and a table lamp. An item is attached to the real property in such a way that it is "permanent" or that the real property would be damaged if the item was removed. This item is considered real property - correct answer An item is attached to the real property in such a way that it is "permanent" or that the real property would be damaged if the item was removed. This item is considered _____ property personal - correct answer Emblements, or fructus industriales, are considered personal property. Examples are crops that are planted and harvested annually such as corn, lettuce and tomatoes. NOTE: Unless there is written agreement otherwise, the seller of a property has the right to re-enter the property after its sale in order to harvest these emblements. (Make sure this is addressed in the written agreement between the seller and the new owner. Specify who will do the harvesting, when, and how.) fixtures - correct answer A chandelier, door knocker, built-in dishwasher and built-in stained glass window are all examples of ______; these are real property. These stay with the property when the property is sold as part of the real property unless there is a written agreement between the seller and buyer that states otherwise. The intent of the parties ,The degree of attachment to the real estate, The adaptation to the use of the real estate, The relationship of the parties - correct answer The four tests for determining whether an item is personal property or a fixture are: trade fixture - correct answer A ______ ______ is personal property that attaches to the real estate which a business installs on leased property for use in a trade or business. Examples are shelving to display sweaters, restaurant stoves, or display cabinets for jewelry. When the lease is over, the business may take these items (and return the space to the way it was when the business moved in) estate - correct answer The word ______ refers to the extent of an owner's interest