Maine Real Estate Course - Chapter 2()Questions & Answers 100% UPDATED!!

What is the definition of Real Estate - ANSWERReal Estate is land and everything more or less permanently attached to it, like buildings, sidewalks, and naturally growing trees. What is personal property? - ANSWERPots and pans, garden tools, furniture that can be moved, moveable electronics like lamps, radio table top tv etc. What is a fixture? - ANSWERTrack lighting fastened to the ceiling, TV antenna attached to building, built in dishwasher, built in microwave Is a fixture considered real estate or personal property ? - ANSWERA fixture is considered real estate so if a licensee is selling a property, all fixtures are considered to be part of the real estate. What is a trade fixture? - ANSWERA trade fixture is a fixture that a merchant/business person uses in his trade or business. Hair salon, bar, mechanic etc. Name three types of legal descriptions of real estate? - ANSWER1.) Mete and bounds 2.) Reference to a lot on a plan 3.) Rectangular Survey System What is a Class A survey recorded in the Registry of Deeds? - ANSWERA Class A survey is a map which shows the legal boundaries of the property; legally binding; the survey of the highest quality FEMA Flood Map - ANSWERA general map provided by Federal Emergency Management Agency to show flood prone zones. Tax Map - ANSWERTo show for town officials the presumed boundaries of property to be taxed Mortgage Loan Inspection - ANSWERA document prepared to show that the improvements are within the boundaries of the property What is the "bundle of rights" of a property owner? - ANSWERThe bundle of rights is the combination of surface rights, air rights and sub-surface rights ... it is all the rights of the property owner. What is the difference between "freehold" estates and "leasehold" estates? - ANSWERFreehold estate is the name of ownership interests in real estate. Leasehold estates is the name of interest tenants have in real estate; tenants of course, do not own the real estate; they have the right to occupy only. What is the most common type of freehold estate sold by Maine real estate licensees? - ANSWERFee / Fee simple / Fee Simple Absolute