Maine Real Estate Final questions with verified solutions 2023/2024

Maine Real Estate FinalAn adequate legal description of real estate is one: - by which a reasonable person can determine what property is described - the legal description is legally "adequate" if a reasonable person could identify the property based on the description. Ownership of real estate includes: a.) Rights to use the surface, subsurface and airspace over the land b.) Fixtures c.) Naturally growing tree growing on the land d.) All of the above - D.) All of the above Subsurface rights in real estate include the rights to: a.) Sell minerals b.) Dig a well c.) Construct a foundation d.) All of the above - d.) All of the above - sub-surface rights include all the rights to sell whatever minerals there may be as well as to use the land below the surface. The right of a landowner and his/her heirs to occupy a parcel of real estate forever is called a: a.) Qualified fee b.) Life estate c.) Estate in fee simple absolute d.) Indeterminable estate - c.) Estate in fee simple absolute - Fee, fee simple, or fee simple absolute are interchangeable terms that describe the largest estate in land, and the one that is most commonly brokered by real estate licensees. If three individuals are joint tenants of a piece of real estate and one of the joint tenants dies, the remaining two tenants take what was owned by the deceased because of: a.) Unity of title b.) The intent of the grantor c.) The right of survivorship d.) Coparcenary - c.) The right of survivor ship - it is the right of survivorship inherent in that form of ownership that results in the transfer of title. If two people are tenants in common and one of them dies, then the: a.) Property owned by the deceased is subject to the Uniform Simultaneous Death Act b.) Remaining co-tenant takes through survivorship c.) Interest of the deceased passes according to his (her) will d.) None of the above - c.) Interest of the deceased passes according to his (her) will Should the owner of a unit in a condominium be unable to meet his or her mortgage payments, the bank's foreclosure will: a.) Become a liability of the condo developer b.) Force other unit owners to come up with the money in order to protect their investment c.) Not affect the other owners d.) Both a and c - c.) Not affect the other owners - Each unit owners mortgages his (her) own unit independently of the others. The developer is no affected by the loan of one unit owner. A purchased of a two family home will want to know what kind of lease the tenant has in order to know whether he/she can: a.) Raise the rent b.) Evict the tenant c.) Change the terms of the lease on short notice d.) All of the above - d.) All of the above Which of the following leasehold tenancies must be in writing? a.) Tenancy at will b.) Tenancy at sufferance c.) Estate for years