Maine Real Estate Study Terms Questions with 100% Complete Solutions

Abstract of Title - Answer-A _____ exam summary prepared from the records in the registry of deeds Accounting - Answer-One 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 - Answer-The process by which a brook, river, stream or oceanic action adds land to an existing parcel Adjustments - Answer-For CMA: sold properties are used to estimate a sales price - the __________ is for differences in the properties Administrator / Administratrix - Answer-Male / 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 - Answer-Legal 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 - Answer-An ________ that allows a party to do something normally not allowed Agency - Answer-Adjective = client and agent / noun = licensed real estate company Alienation clause - Answer-Transfer or convey property: voluntary = sale or gift: involuntary = foreclosure, eminent domain, escheat or adverse posession Alloidial - Answer-Basis 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 - Answer-Prevents discrimination based on disability in employment, state or local governments, public accommodations, commercial facilities, transportation & telecommunications Annexation - Answer-Attaching one piece of property to another, attaching personal property to real estate so it becomes a fixture