Maine Real Estate Vocabulary- TRELG Study Guide Test 2024.

Maine Real Estate Vocabulary- TRELG Study Guide Test 2024. Aesthetic zoning: - correct answer This type of zoning requires new builds to meet specific types of architecture styles, may and limit the colors used and the size of signs in commercial areas. Affirmative easement: - correct answer An easement that allows a party to do something that normally would not be allowed. See negative easement. Agency: - correct answer As an adjective, it describes the relationship between an agent and a client, a relationship under which the agent owes fiduciary duties to the client. As a noun, it refers to a real estate company licensed by state laws. Abandoned property: - correct answer Property left behind, abandoned, by a tenant or seller, which is to be disposed of in accordance with state laws. Abstract of title: - correct answer A title exam summary prepared from the records in the Registry of Deeds. Abstractor: - correct answer A person who is professionally trained to conduct title searches and whose work is certified, Acceleration clause: - correct answer A clause in a mortgage, note, or land contract that allows the lender to call the entire principal balance due and payable should the borrower default. If this clause is not found in the note, the lender would have to sue the defaulted borrower for each month the payment was not made. Also known as a due on sale clause or alienation clause. Acceptance: - correct answer The clear response of an offeree indicating an intent to form a contract on the precise terms of the offer; a meeting of the minds of the offeror and offeree. 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 client is to be handled. Accretion: - correct answer The process by which a brook, river, or stream or oceanic action adds land to an existing parcel. Acknowledgment: - correct answer The statement of a grantor or other actor in a document before a notary public that the act is done willingly; i.e., "the free act and deed" of the signor. All documents to be recorded in a Registry of Deeds must be acknowledged. Actual eviction: - correct answer Physical removal of a tenant from a property. See forcible entry and detainer. Actual notice: - correct answer Knowledge or facts that are known to a person. Addendum: - correct answer A written change or addition to a contract. Adjustments: - correct answer The process by which a licensee or appraiser takes information on a sold property to be meaningful in establishing the value of the subject property. A sold property with a garage is compared to the subject property without a garage; the adjustment is to subtract the estimated value of the garage from the sold to arrive at an estimate value of the subject property. Adjustable rate mortgage: - correct answer A type of loan in which the interest rate is tied to an index outside of the control of the lender or borrower; the interest rate will adjust at certain times over the life of the loan. Administrator: - correct answer A male appointed by the court to settle an estate when a person died intestate (without a will); or when a person died with an invalid will. Administratrix: - correct answer A female appointed by the court to settle an estate when a person died intestate (without a will); or when a person died with an invalid will. Ad valorem: - correct answer A Latin term meaning "according to valuation"; real estate property taxes are sometimes called ad valorem taxes. Adverse possession: - correct answer A legal doctrine that allows one party to claim ownership of property of someone else by virtue of having occupied it for an uninterrupted period of time established by state law. The adverse possession claim must take place without the permission of the actual owner and in plain view of all parties. Aesthetic zoning: - correct answer This type of zoning requires new builds to meet specific types of architecture styles, and may limit the colors used and the size of signs in commercial areas. Affirmative easement: - correct answer easement: An easement that allows a party to do something that normally would not be allowed. See negative easement. Agency: - correct answer As an adjective, it describes the relationship between an agent and a client, a relationship under which the agent owes fiduciary duties to the client. As a noun, it refers to a real estate company licensed by state laws.