REAL ESTATE PRACTICE questions with 100% correct answers 2023/2024

REAL ESTATE PRACTICEHow many industry members serve on the Maine Real Estate Commission? - correct answer 4 What type of real estate development includes a variety of land uses such as single family homes, rentals, retail, and recreation space? - correct answer PUD (Planned Unit Development) Two forms of Joint ownership are: - correct answer Joint Tenancy and Tenants in Common If property is owner in severalty, it is owned by: - correct answer One person or corporation The owner of a timeshare generally has rights to the property in what increments of time? - correct answer Weeks Chef Tanesha leases space for a restaurant and installs a large gas cooktop. In the absence of a written agreement to the contrary, at the end of the lease, the cooktop belongs to: - correct answer Tanesha. The highest form of ownership is: - correct answer Fee Simple Absolute Jackie dies without leaving a will. After an investigation, it is determined that she has no living heirs. What happens to Jackie's house? - correct answer It escheats to the state. How many public members serve on the Main Real Estate Commission? - correct answer 2 The day-to-day business of the Main Real Estate Commission is managed by the: - correct answer Director of the Main Real Estate Commission. Tom, Dick and Harry own a property as joint tenants. When Harry dies, what happens to Harry's interest in the property? - correct answer Harry's interest goes equally to Tom and Dick. The form of ownership that is characterized by the right of survivorship in all states is: - correct answer Joint Tenancy Sally and Martha own 766 Oak St. as joint tenants. Sally wants to sell the property, and Martha refuses. One way that Sally could pursue forcing a sale is to: - correct answer File a petition for partition with the court. Lawrence owns Unit #12 at Shady Oaks Condominium. Only Lawrence has use of the deck at Unit #12. The deck is an example of: - correct answer Limited Common Elements A fixture is: - correct answer Real property Clarence grants a property in fee simple determinable to Eddie. Give an example... - correct answer ...so long as Eddie uses the property for religious purposes. The definition of land includes the surface rights, subsurface rights, and: - correct answer Air rights Which of the following is an example of personal property? - correct answer A chandelier in the box at the lighting store. What is an example of real property? - correct answer A manufactured home that is permanently attached to a slab. Tom, Juan, John and Yvonne own 422 Lake Street as tenants in common. Give A true statement about this scenario: - correct answer They share the single unit of possession. Riparian rights pertain to: - correct answer the right to use flowing water. The metes and bounds description of property uses: - correct answer Directions, distances and monuments