Pearson Vue real estate exam Maine. Top Exam Questions with accurate answers, rated A+

Document Content and Description Below

Pearson Vue real estate exam Maine. Top Exam Questions with accurate answers, rated A+ Most land uses are subject to regulation of Maine's Mandatory Shoreland Zoning Act when they are within ho... w many feet of a river, wetland, lake, or ocean? - ✔✔-250 feet Most land uses are subject to regulation of Maine's Mandatory Shoreland Zoning Act when they are within how many feet of certain streams? - ✔✔-75 feet The Shoreland Zoning Act is regulated by whom? - ✔✔-Each municipality and enforced by the local Code Enforcement Officer In order for a single family residential property to have a subsurface waste disposal system, what is the minimum square footage for the property size? - ✔✔-20,000 sq. feet If a single family residential property abuts a river, stream, lake, pond or tidal area, it must have at least how much water frontage? - ✔✔-100 feet minimum Who is responsible for inspecting and certifying shoreland properties in organized and established towns in Maine? - ✔✔-The Local Plumbing Inspector Which type of agency is the most commonly practiced in Maine? - ✔✔-Appointed agency When a licensee is an affiliated agent of a brokerage agency that practices appointed agency, must he or she notify a client of dual agency? - ✔✔-No, because that agency practices appointed agency and they are appointed agents to the client. When a brokerage agency does not practice appointed agency, must the licensee notify a client of dual agency? - ✔✔-Yes, because there is no appointed agency, and licensees represent all clients, notice of dual agency must be given and signed for both seller and buyer clients. What form must be provided to the consumer at the first substantive communication, face-to-face, in writing, via e-mail or by any other electronic communication, regarding a real estate transaction involving a residential one to four unit dwelling? - ✔✔-Real Estate Brokerage Relationships Form, also known as Form #3 Must the consumer sign Form #3, The Real Estate Brokerage Relationship Form? - ✔✔-No, the Maine Real Estate Commission does not require the consumer's signature on this form. The following must be included in what type of Brokerage Contract? The signature of the client to be charged • The terms and conditions of the brokerage services to be provided • The method or amount of compensation to be paid • The date upon which the agreement will expire • A statement that the agreement creates an agency-client relationship - ✔✔-A Brokerage Contract with a seller In Maine, the Carryover Clause caps extending a real estate brokerage agency's right to a fee following expiration of the brokerage agreement at how many months? - ✔✔-6 months Real Estate is defined as: - ✔✔-Land and all appurtenances attached to the land. An appurtenance is defined as: - ✔✔-Buildings, trees, and rights (such as air rights to the portion of the neighbor's tree that overhangs your yard, or an easement ("right of way") over a path to the lakefront). Appurtenances run with the land, and therefore transfer with the transfer of title and sale of the property. A freehold estate is when, - ✔✔-someone has an ownership interest in a property. Present freehold estate means - ✔✔-ownership interest is now Future Freehold Estate means, - ✔✔-ownership interest won't take place until sometime in the future fee/fee simple/fee absolute - ✔✔-The complete ownership of property, without condition. The largest and highest interest one can possess in real estate. fee simple determinable - ✔✔-A fee simple estate qualified by a special limitation. Language used to describe limitation includes the words SO LONG AS, WHILE, or DURING. Fee Simple on Condition Subsequent - ✔✔-A fee simple estate that may be ended by the grantor or the grantor's heirs or a remainderman if named, upon the occurrence or nonoccurrence of a stated condition Includes the language, .NEVER TO BE USED AS Life Estate - ✔✔-An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons/TENANT Community Property States - ✔✔-States that classify all property acquired by either the husband or the wife during the marriage, with the exception of gifts or inheritance, as marital property to be equally distributed between the spouses at the time of the divorce. MAINE IS NOT Severalty - ✔✔-Ownership of real property by one person only, also called sole ownership. Tenants in Common share - ✔✔-the unity of possession Tenants by the entirety - ✔✔-Co-ownership form that can only be used by married couples. Created by express wording. Surviving spouse has right of survivorship. Neither spouse may sell, gift, devise, or otherwise transfer property without permission of other spouse. Tenants in Common - ✔✔-shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists, meaning right in property will go according to the owner's will. Joint Tenancy - ✔✔-A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship, meaning will be passed to heirs/survivors. Must have equal shares, right to partition. Variance - ✔✔-exemption from the ordinance of zoning Easement Appurtenant - ✔✔-A right of use that continues from owner to owner that involves a relationship between two parcels of land: a dominant parcel that benefits from a serviant parcel Easement in Gross - ✔✔-the right to use land for a specific, limited purpose unrelated to any adjacent parcel. May benefit a person or corporation, like a utility company. Easement by Prescription - ✔✔-Created through contin [Show More]

Last updated: 1 year ago

Preview 1 out of 9 pages