Maine Real Estate Course Questions with Correct Answers

What is the definition of Real Estate - Answer-Real Estate is land and everything more or less permanently attached to it, like buildings, sidewalks, and naturally growing trees. What is personal property? - Answer-Pots and pans, garden tools, furniture that can be moved, moveable electronics like lamps, radio table top tv etc. What is a fixture? - Answer-Track 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 ? - Answer-A 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? - Answer-A 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? - Answer-1.) 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? - Answer-A 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 - Answer-A general map provided by Federal Emergency Management Agency to show flood prone zones. Tax Map - Answer-To show for town officials the presumed boundaries of property to be taxed Mortgage Loan Inspection - Answer-A document prepared to show that the improvements are within the boundaries of the property What is the "bundle of rights" of a property owner? - Answer-The 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? - Answer-Freehold 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? - Answer-Fee / Fee simple / Fee Simple Absolute What is a fee, fee simple and fee absolute - Answer-These terms refer to ownership of the largest estate in land. This means that they own property and have the right to determine who will own the property in the future. Give an example of a defeasible fee simple - Answer-Bill grants Blackacre to John on condition that alcohol is never to be served on the property. Give an example of a life estate followed by a remainder. - Answer-Bill grants Blackacre to John for life, remainder to Jane Give an example of a life estate followed by a reversion - Answer-Bill grants Blackacre to John for life. (Who owns the land after John dies? It goes back to or reverts to, Bill) Give an example of a life pur autre vie - Answer-Bill grants Blackacre to John for the life of Mary, remainder to Jane. What are "dower" and "curtesy" interest in real estate? Do they exist in Maine? - Answer-When people are married, the law provides that they have an interest in the property of the other. This used to be called "dowry" or "curtesy". Dower and Curtesy no longer exist in Maine. What is the maximum amount security deposit a landlord of residential property is allowed to hold? - Answer-Two months What is an example of an illegal eviction in Maine - Answer-Turning off the heat or changing the locks