Maine Real Estate Final Exam 2024.

Maine Real Estate Final Exam 2024. All of the following are real property EXCEPT - correct answer A Portable Basketball hoop A metes and bounds description of real property relies on - correct answer A point of beginning, measurement of distances, and directions on a compass Fee simple ownership describes - correct answer Current ownership A life estate interest describes - correct answer Future ownership Which of the following statements about Susan, the tenant of a life estate, is TRUE? - correct answer She may sell her interest to Phillip, who would then hold the life estate until Susan dies Which of the following is NOT and element of the bundle of rights an owner of property in fee simple absolute? - correct answer The right to start a foreclosure process One way that an easement in gross is extinguished is when - correct answer The party that benefits dies. One way that an appurtenant easement is extinguished when - correct answer The dominant and servient tenement merge Jill owns a house at 82 Willow Road. She has young children and wants to build a fence around an area of the backyard. Once it is built the fence becomes part of the real property through - correct answer Annexation Lawrence gets behind in his mortgage payments and the lender forecloses on his property. The property is in a state where Lawrence has the right to regain the property within a certain period of time. What is the name of this right? - correct answer redemption Paul chops down a tree and splits it into firewood. This example of real property being changed into personal property is an illustration of: - correct answer severance.