Maine - Real Estate Exam Prep terms with Correct
Answers.
Fixture - Correct Answer An object that has been attached to land so as to become real
estate.
An article of personal property which has been installed in or attached to land or a building
thereon, in such a manner that it is now considered to be a part of the real estate.
Improvements - Correct Answer Beneficial attachments to raw land that increase its value
or improve its usefulness.
Meridians - Correct Answer Imaginary north-south lines which intersect base lines to form
a starting point for the measurement of land.
Metes and bounds - Correct Answer A detailed method of land description that identifies a
parcel by specifying its shape and boundaries.
Monument - Correct Answer An iron pipe, stone, tree, or other fixed point in making a
survey.
Personal Property - Correct Answer A right or interest in things of a temporary or movable
nature
Real Estate - Correct Answer Land, tenements, and appurtenances, whatever is made
part of or is attached to it by nature or man; the land and all the improvements thereon.
(Also real property)
Recorded Plat - Correct Answer A subdivision map filed in the county recorder's office that
shows the location and boundaries of individual parcels of land.
Riparian Right - Correct Answer Owner's rights in land that borders on or includes a
stream, river. Rights include access to and use of the water
Appurtenance - Correct Answer Any right or privilege which belongs to and passes with
land.
,Emblements - Correct Answer Crops nurtured in the year of the transfer or sale of the
property. They are considered personal property.
Littoral Rights - Correct Answer Owner's rights in land that borders a lake or sea.
Doctrine of prior appropriation - Correct Answer The notion of giving a river's water to the
1st person who claimed it
Bench Marks - Correct Answer a permanently affixed mark that establishes the exact
elevation of a place; used by surveyors in measuring site elevations, or as a starting point
for surveys .
Government Survey - Correct Answer Rectangular system of land survey made up of 6
mile square townships and 1 mile square sections.
Township - Correct Answer A 6-by-6 mile area containing 36 sections each 1 mile square.
A division of land in the rectangular survey method of land description.
Acre - Correct Answer A measure of land equal to 43,560 square feet.
Nonhomogeneity - Correct Answer No two parcels of land are exactly alike, and no two
parcels can occupy the same position on the globe. Uniqueness
Scarcity - Correct Answer Shortage of land where there is great demand.
Investment Permanence (fixity) - Correct Answer Economic characteristic of real property
that describes the permanence of investment in infrastructure improvements.
Situs - Correct Answer Refers to the location from an economic rather than a geographic
standpoint.
Allodial System - Correct Answer The system of land ownership under which anyone can
own land.
Feudal System - Correct Answer A type of land ownership whereby only the king can hold
absolute title to real property.
, Inverse Condemnation - Correct Answer An action brought by a property owner seeking
just compensation for land taken for public use when the taker of the property does not
intend to bring eminent domain proceedings. Property is condemned because its use and
value have been diminished due to an adjacent property's public use. -Homes located at
the end of an airport.
Fee Simple - Correct Answer Absolute ownership. The greatest interest that one can have
in real property. An estate that is without restriction, of indefinite duration, freely
transferable and inheritable.
Bundle of Rights - Correct Answer The rights of an owner to possess, control, enjoy, sell,
lease, mortgage, and dispose of the property.
Encumbrance - Correct Answer An impediment to a clear title, a cloud on the title, such as
a lien, lease, or easement.
Easement - Correct Answer - an interest in land that gives the owner the right to use real
estate owned by another for a specified purpose o An easement is alienated when it is
transferred from one person to another.
Easement by necessity - Correct Answer An easement granted by the courts to a
landlocked property owner who is unable to gain access any other way
Easement by prescription - Correct Answer Continuous Use: Must have been used for at
least 5 years
Easement appurtenant - Correct Answer Benefits the dominant estate and "runs with the
land"
Easement in gross - Correct Answer A personal right to use the land of another.
Utilies, Railroad,, personal interest, not one land
Party Wall - Correct Answer A wall erected on the line between adjoining properties, which
are under separate ownership, for the use of both owners.
Encroachment - Correct Answer A fixture or structure which invades a portion of a
property belonging to another.
Answers.
Fixture - Correct Answer An object that has been attached to land so as to become real
estate.
An article of personal property which has been installed in or attached to land or a building
thereon, in such a manner that it is now considered to be a part of the real estate.
Improvements - Correct Answer Beneficial attachments to raw land that increase its value
or improve its usefulness.
Meridians - Correct Answer Imaginary north-south lines which intersect base lines to form
a starting point for the measurement of land.
Metes and bounds - Correct Answer A detailed method of land description that identifies a
parcel by specifying its shape and boundaries.
Monument - Correct Answer An iron pipe, stone, tree, or other fixed point in making a
survey.
Personal Property - Correct Answer A right or interest in things of a temporary or movable
nature
Real Estate - Correct Answer Land, tenements, and appurtenances, whatever is made
part of or is attached to it by nature or man; the land and all the improvements thereon.
(Also real property)
Recorded Plat - Correct Answer A subdivision map filed in the county recorder's office that
shows the location and boundaries of individual parcels of land.
Riparian Right - Correct Answer Owner's rights in land that borders on or includes a
stream, river. Rights include access to and use of the water
Appurtenance - Correct Answer Any right or privilege which belongs to and passes with
land.
,Emblements - Correct Answer Crops nurtured in the year of the transfer or sale of the
property. They are considered personal property.
Littoral Rights - Correct Answer Owner's rights in land that borders a lake or sea.
Doctrine of prior appropriation - Correct Answer The notion of giving a river's water to the
1st person who claimed it
Bench Marks - Correct Answer a permanently affixed mark that establishes the exact
elevation of a place; used by surveyors in measuring site elevations, or as a starting point
for surveys .
Government Survey - Correct Answer Rectangular system of land survey made up of 6
mile square townships and 1 mile square sections.
Township - Correct Answer A 6-by-6 mile area containing 36 sections each 1 mile square.
A division of land in the rectangular survey method of land description.
Acre - Correct Answer A measure of land equal to 43,560 square feet.
Nonhomogeneity - Correct Answer No two parcels of land are exactly alike, and no two
parcels can occupy the same position on the globe. Uniqueness
Scarcity - Correct Answer Shortage of land where there is great demand.
Investment Permanence (fixity) - Correct Answer Economic characteristic of real property
that describes the permanence of investment in infrastructure improvements.
Situs - Correct Answer Refers to the location from an economic rather than a geographic
standpoint.
Allodial System - Correct Answer The system of land ownership under which anyone can
own land.
Feudal System - Correct Answer A type of land ownership whereby only the king can hold
absolute title to real property.
, Inverse Condemnation - Correct Answer An action brought by a property owner seeking
just compensation for land taken for public use when the taker of the property does not
intend to bring eminent domain proceedings. Property is condemned because its use and
value have been diminished due to an adjacent property's public use. -Homes located at
the end of an airport.
Fee Simple - Correct Answer Absolute ownership. The greatest interest that one can have
in real property. An estate that is without restriction, of indefinite duration, freely
transferable and inheritable.
Bundle of Rights - Correct Answer The rights of an owner to possess, control, enjoy, sell,
lease, mortgage, and dispose of the property.
Encumbrance - Correct Answer An impediment to a clear title, a cloud on the title, such as
a lien, lease, or easement.
Easement - Correct Answer - an interest in land that gives the owner the right to use real
estate owned by another for a specified purpose o An easement is alienated when it is
transferred from one person to another.
Easement by necessity - Correct Answer An easement granted by the courts to a
landlocked property owner who is unable to gain access any other way
Easement by prescription - Correct Answer Continuous Use: Must have been used for at
least 5 years
Easement appurtenant - Correct Answer Benefits the dominant estate and "runs with the
land"
Easement in gross - Correct Answer A personal right to use the land of another.
Utilies, Railroad,, personal interest, not one land
Party Wall - Correct Answer A wall erected on the line between adjoining properties, which
are under separate ownership, for the use of both owners.
Encroachment - Correct Answer A fixture or structure which invades a portion of a
property belonging to another.
