Maine Real Estate Study Terms "A to D"Questions & Answers 100% Correct(SCORED A+)

Abstract of Title - ANSWERA _____ exam summary prepared from the records in the registry of deeds Accounting - ANSWEROne of the seven fiduciary duties of an agent to a client: agent must report to the client how money held for the client is to be handled Accretion - ANSWERThe process by which a brook, river, stream or oceanic action adds land to an existing parcel Adjustments - ANSWERFor CMA: sold properties are used to estimate a sales price - the __________ is for differences in the properties Administrator / Administratrix - ANSWERMale / female appointed by the court to settle an estate when a person died interstate or with an invalid will Ad valorem - ANSWER"According to valuation" - real estate property taxes Adverse possession - ANSWERLegal doctrine allowing one party to claim ownership of another's property by virtue of having occupied it, uninterrupted for a period of time established by law, without permission of the owner and in plain view Affirmative easement - ANSWERAn ________ that allows a party to do something normally not allowed Agency - ANSWERAdjective = client and agent / noun = licensed real estate company Alienation clause - ANSWERTransfer or convey property: voluntary = sale or gift: involuntary = foreclosure, eminent domain, escheat or adverse posession Alloidial - ANSWERBasis of real property law, system of land ownership that gives the owner the full bundle of rights free from government ownership Americans with Disabilities Act, ADA - ANSWERPrevents discrimination based on disability in employment, state or local governments, public accommodations, commercial facilities, transportation & telecommunications Annexation - ANSWERAttaching one piece of property to another, attaching personal property to real estate so it becomes a fixture Antitrust - ANSWERFederal and state laws enacted to protect an open and competitive economic environment: prohibits set fees or prices, allocate customers or markets, group boycotting or tying agreements Appointed agency - ANSWERAgency in which an affiliated licensee if _________ by the designated broker of the affiliated licensee's real estate brokerage agency to act solely for a client of that brokerage agency to the exclusion of other affiliated licensees of that brokerage agency. Seller or buyer. App