Maine - Real Estate Exam Prep
Summary of identify - ANS-A chronological summary of all legitimate facts and recorded files
affecting the title to a parcel of real assets.
Improved depreciation - ANS-Depreciation technique that lets in large depreciation deductions
in the early years of an asset's lifestyles and smaller ones later.
Acceleration Clause - ANS-A provision in an installment mortgage contract that gives the seller
the proper to declare the entire stability due if the consumer misses even one installment
payment
Accession - ANS-An addition to assets through the efforts of guy or by using natural forces.
Acknowledgement - ANS-A formal statement earlier than a public legit, commonly a notary
public, by a person who has signed a deed, agreement, or other document that the execution
turned into a voluntary act.
Acre - ANS-A measure of land equal to forty three,560 rectangular toes.
Actual eviction - ANS-Landlord breaches the covenant of quiet enjoyment with the aid of surely
evicting the tenant.
Actual Notice - ANS-Knowledge that one acquires from what's heard, examine or determined.
Ad valorem - ANS-Tax evaluation this is based on fee of real property.
Addendums - ANS-a record delivered to an authentic report to make clear a factor
adjusted marketplace charge - ANS-the fee of a comparable property after changes had been
made for differences between it and the challenge.
Adjusted sales fee - ANS-The sum of money acquired from the sale of assets minus the
promoting fees; including dealer expenses, legal professional prices, etc.
Adjustments - ANS-Additions/Subtractions from a similar sale rate or value which might be
required to make the comparable property to the problem assets.
Damaging possession - ANS-
,Adverse Possession - ANS-A technique of obtaining authentic identify to assets with the aid of
open, infamous and antagonistic possession for a statutory time period: 20 yrs
corporation - ANS-A dating wherein one party (the important) authorizes some other birthday
party (the agent) to act as the important's consultant in dealing with 0.33 parties.
Alienation - ANS-The shifting of belongings to any other; the transfer of belongings and
possession of lands, or different matters, from one individual to another.
Alienation clause - ANS-Also know as "due on sale" clause permits lender to declare stability of
loan right away due if assets is sold; prevents mortgage assumption with out lender approval
Allodial System - ANS-The system of land possession beneath which absolutely everyone can
very own land.
Alluvion - ANS-The strong material deposited along a shore by way of accretion. Also called
alluvium.
Amortized Loan - ANS-A loan wherein the predominant in addition to the hobby is payable in
month-to-month or different periodic installments over the time period of the loan.
Appraisal - ANS-An estimate of the contemporary price of the assets.
Appraisal Letter - ANS-a valuation report inside the form of a commercial enterprise letter
Appurtenance - ANS-Any right or privilege which belongs to and passes with land.
Assemblage - ANS-Two or extra parcels of land blended into one large parcel.
Assessment rolls - ANS-books displaying the assessed fee of all houses inside the tax district
Assignor - ANS-A birthday celebration who transfers (assigns) his or her rights under a
agreement to some other party (referred to as the assignee).
Avulsion - ANS-Occurs in cases in which there is a sudden lack of land through nature.
Bargain and sale deed - ANS-A deed that includes with it no warranties in opposition to liens or
other encumbrances however that does mean that the grantor has the right to deliver identify
foundation - ANS-Price paid for the belongings, including any expenses or profits.
Bench Marks - ANS-a permanently affixed mark that establishes the exact elevation of an area;
used by surveyors in measuring web page elevations, or as a starting point for surveys .
, Bilateral Contract - ANS-A agreement in which each events exchange promises
Blanket Mortgage - ANS-A mortgage which covers more than one piece of actual estate. Often
utilized by a developer within the financing of undeveloped masses. Contains a partial launch
clause.
Blockbusting - ANS-A process through which actual estate sellers persuade white property
owners to sell their homes at low costs because of fear that black households will soon pass
into the neighborhood.
Budget loan - ANS-A mortgage in which the monthly payment includes important hobby. Taxes.
And coverage.
Building codes - ANS-City Ordinances require production standards be met whilst buildings are
being constructed
Bundle of Rights - ANS-The rights of an proprietor to possess, manage, enjoy, sell, hire,
mortgage, and remove the assets.
Capitalization price - ANS-The fee of go back a belongings will produce at the owner's funding
caveat emplor - ANS-customer watch out
CC&R - ANS-covenant, conditions, and restrictions. A record for condominiums and metropolis
houses that listing regulations that observe to the entire network
certificate of occupancy - ANS-Issued upon the fine inspection of a structure; constructing is in
shape for occupancy and there are no constructing code violations
Certificate of Reasonable Value - ANS-(CRV) A document issued by way of the VA which states
the price of the concern property based on an permitted appraisal. The VA mortgage amount
can't exceed the CRV.
Certificate of identify - ANS-A written opinion of the fame of a title to a property, given by means
of an legal professional or a name employer. This certificate does no longer offer the protection
given by way of identify insurance.
Chain of title - ANS-A history of conveyances and encumbrances affecting the name from the
time the unique patent was granted, or as far returned as facts are available, used to determine
how identify got here to be vested in cutting-edge proprietor.
Chattel - ANS-An article of personal assets as outstanding from real property
Summary of identify - ANS-A chronological summary of all legitimate facts and recorded files
affecting the title to a parcel of real assets.
Improved depreciation - ANS-Depreciation technique that lets in large depreciation deductions
in the early years of an asset's lifestyles and smaller ones later.
Acceleration Clause - ANS-A provision in an installment mortgage contract that gives the seller
the proper to declare the entire stability due if the consumer misses even one installment
payment
Accession - ANS-An addition to assets through the efforts of guy or by using natural forces.
Acknowledgement - ANS-A formal statement earlier than a public legit, commonly a notary
public, by a person who has signed a deed, agreement, or other document that the execution
turned into a voluntary act.
Acre - ANS-A measure of land equal to forty three,560 rectangular toes.
Actual eviction - ANS-Landlord breaches the covenant of quiet enjoyment with the aid of surely
evicting the tenant.
Actual Notice - ANS-Knowledge that one acquires from what's heard, examine or determined.
Ad valorem - ANS-Tax evaluation this is based on fee of real property.
Addendums - ANS-a record delivered to an authentic report to make clear a factor
adjusted marketplace charge - ANS-the fee of a comparable property after changes had been
made for differences between it and the challenge.
Adjusted sales fee - ANS-The sum of money acquired from the sale of assets minus the
promoting fees; including dealer expenses, legal professional prices, etc.
Adjustments - ANS-Additions/Subtractions from a similar sale rate or value which might be
required to make the comparable property to the problem assets.
Damaging possession - ANS-
,Adverse Possession - ANS-A technique of obtaining authentic identify to assets with the aid of
open, infamous and antagonistic possession for a statutory time period: 20 yrs
corporation - ANS-A dating wherein one party (the important) authorizes some other birthday
party (the agent) to act as the important's consultant in dealing with 0.33 parties.
Alienation - ANS-The shifting of belongings to any other; the transfer of belongings and
possession of lands, or different matters, from one individual to another.
Alienation clause - ANS-Also know as "due on sale" clause permits lender to declare stability of
loan right away due if assets is sold; prevents mortgage assumption with out lender approval
Allodial System - ANS-The system of land possession beneath which absolutely everyone can
very own land.
Alluvion - ANS-The strong material deposited along a shore by way of accretion. Also called
alluvium.
Amortized Loan - ANS-A loan wherein the predominant in addition to the hobby is payable in
month-to-month or different periodic installments over the time period of the loan.
Appraisal - ANS-An estimate of the contemporary price of the assets.
Appraisal Letter - ANS-a valuation report inside the form of a commercial enterprise letter
Appurtenance - ANS-Any right or privilege which belongs to and passes with land.
Assemblage - ANS-Two or extra parcels of land blended into one large parcel.
Assessment rolls - ANS-books displaying the assessed fee of all houses inside the tax district
Assignor - ANS-A birthday celebration who transfers (assigns) his or her rights under a
agreement to some other party (referred to as the assignee).
Avulsion - ANS-Occurs in cases in which there is a sudden lack of land through nature.
Bargain and sale deed - ANS-A deed that includes with it no warranties in opposition to liens or
other encumbrances however that does mean that the grantor has the right to deliver identify
foundation - ANS-Price paid for the belongings, including any expenses or profits.
Bench Marks - ANS-a permanently affixed mark that establishes the exact elevation of an area;
used by surveyors in measuring web page elevations, or as a starting point for surveys .
, Bilateral Contract - ANS-A agreement in which each events exchange promises
Blanket Mortgage - ANS-A mortgage which covers more than one piece of actual estate. Often
utilized by a developer within the financing of undeveloped masses. Contains a partial launch
clause.
Blockbusting - ANS-A process through which actual estate sellers persuade white property
owners to sell their homes at low costs because of fear that black households will soon pass
into the neighborhood.
Budget loan - ANS-A mortgage in which the monthly payment includes important hobby. Taxes.
And coverage.
Building codes - ANS-City Ordinances require production standards be met whilst buildings are
being constructed
Bundle of Rights - ANS-The rights of an proprietor to possess, manage, enjoy, sell, hire,
mortgage, and remove the assets.
Capitalization price - ANS-The fee of go back a belongings will produce at the owner's funding
caveat emplor - ANS-customer watch out
CC&R - ANS-covenant, conditions, and restrictions. A record for condominiums and metropolis
houses that listing regulations that observe to the entire network
certificate of occupancy - ANS-Issued upon the fine inspection of a structure; constructing is in
shape for occupancy and there are no constructing code violations
Certificate of Reasonable Value - ANS-(CRV) A document issued by way of the VA which states
the price of the concern property based on an permitted appraisal. The VA mortgage amount
can't exceed the CRV.
Certificate of identify - ANS-A written opinion of the fame of a title to a property, given by means
of an legal professional or a name employer. This certificate does no longer offer the protection
given by way of identify insurance.
Chain of title - ANS-A history of conveyances and encumbrances affecting the name from the
time the unique patent was granted, or as far returned as facts are available, used to determine
how identify got here to be vested in cutting-edge proprietor.
Chattel - ANS-An article of personal assets as outstanding from real property
