Maine Real Estate Study Terms

Abstract of Title CORRECT ANSWER A _____ exam summary prepared from the records in the registry of deeds Accounting CORRECT 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 CORRECT ANSWER The process by which a brook, river, stream or oceanic action adds land to an existing parcel Adjustments CORRECT ANSWER For CMA: sold properties are used to estimate a sales price - the __________ is for differences in the properties Administrator / Administratrix CORRECT ANSWER Male / female appointed by the court to settle an estate when a person died interstate or with an invalid will Ad valorem CORRECT ANSWER "According to valuation" - real estate property taxes Adverse possession CORRECT 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