Maine real estate exam prep questions with 100% correct answers 2023/2024

Maine real estate exam prepAll 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. The legal tests for determining if an item is a fixture or personal property include all of the following EXCEPT: - correct answer quiet enjoyment A municipality wants to build a public parking garage on Leila's land. Which of the following statements about the municipality is True? - correct answer It may take Leila's property under eminent domain and must pay fair market value to do so. Pablo inherits real property from his mother Juanita. Thirty years ago, Juanita granted an appurtenant easement to the adjacent property allowing access to the lakefront. Which of the following statements is True? - correct answer Pablo cannot stop the neighbor from using the easement to access the lakefront because an appurtenant easement runs with the land. Mike is remodeling his house. Mike's next door neighbor Gary says that Mike may store a pallet of patio flagstones on a corner of Gary's property. Gary has granted Mike a: - correct answer license A mortgage is what type of lien on a property? - correct answer specific and voluntary A rectangular lot has 150 feet of road frontage. The lot is sold for $6.00 per square foot. If the purchase price was $180,000, how deep is the lot? - correct answer 200 feet Physical obsolescence of real property may be due to - correct answer deferred maintenance of the property The gross rent multiplier method of estimating the value of property is most likely to be used when appraising what type of property? - correct answer multi-family residential The process an appraiser used to review the results of each appraisal method and determine how much weight to assign to each method is called: - correct answer reconciliation.