Maine Real Estate Exam Prep with Complete Solutions

Fixture - Answer-An object that has been attached to land so as to become real estate. An article of personal property which has been installed in or attached to land or a building thereon, in such a manner that it is now considered to be a part of the real estate. Improvements - Answer-Beneficial attachments to raw land that increase its value or improve its usefulness. Meridians - Answer-Imaginary north-south lines which intersect base lines to form a starting point for the measurement of land. Metes and bounds - Answer-A detailed method of land description that identifies a parcel by specifying its shape and boundaries. Monument - Answer-An iron pipe, stone, tree, or other fixed point in making a survey. Personal Property - Answer-A right or interest in things of a temporary or movable nature Real Estate - Answer-Land, tenements, and appurtenances, whatever is made part of or is attached to it by nature or man; the land and all the improvements thereon. (Also real property) Recorded Plat - Answer-A subdivision map filed in the county recorder's office that shows the location and boundaries of individual parcels of land. Riparian Right - Answer-Owner's rights in land that borders on or includes a stream, river. Rights include access to and use of the water Appurtenance - Answer-Any right or privilege which belongs to and passes with land. Emblements - Answer-Crops nurtured in the year of the transfer or sale of the property. They are considered personal property. Littoral Rights - Answer-Owner's rights in land that borders a lake or sea. Doctrine of prior appropriation - Answer-The notion of giving a river's water to the 1st person who claimed it Bench Marks - Answer-a permanently affixed mark that establishes the exact elevation of a place; used by surveyors in measuring site elevations, or as a starting point for surveys . Government Survey - Answer-Rectangular system of land survey made up of 6 mile square townships and 1 mile square sections. Township - Answer-A 6-by-6 mile area containing 36 sections each 1 mile square. A division of land in the rectangular survey method of land description. Acre - Answer-A measure of land equal to 43,560 square feet. Nonhomogeneity - Answer-No two parcels of land are exactly alike, and no two parcels can occupy the same position on the globe. Uniqueness Scarcity - Answer-Shortage of land where there is great demand. Investment Permanence (fixity) - Answer-Economic characteristic of real property that describes the permanence of investment in infrastructure improvements. Situs - Answer-Refers to the location from an economic rather than a geographic standpoint. Allodial System - Answer-The system of land ownership under which anyone can own land.