Maine - Real Estate Exam Prep Flashcards

Maine - Real Estate Exam Prep Flashcards FixtureAn 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.grand deedA deed to real estate containing an implied promise that the person transferring the property actually has good title and that the property is not encumbered in any way, except as described in the deed.Real EstateLand, 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) NonhomogeneityNo two parcels of land are exactly alike, and no two parcels can occupy the same position on the globe. Uniqueness Homestead Protection LawsProtects a family's home from actions taken by certain creditors SeizenThe covenant in deed in which the grantor guarantees he has the title.Community PropertyA form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.Tenants in CommonA form of share ownership. Each owner has an undivided interest in the property but all the interests need not be equal. There is no right of survivorship.abstract of titleA chronological summary of all official records and recorded documents affecting the title to a parcel of real property.MeridiansImaginary north-south lines which intersect base lines to form a starting point for the measurement of land.holographic willA will that is written, dated, and signed in the testator's handwriting.Inverse CondemnationAn 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.Metes and boundsA detailed method of land description that identifies a parcel by specifying its shape and boundaries.chain of titleA history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far

back as records are available, used to determine how title came to be vested in current owner.

AcreA measure of land equal to 43,560 square feet.DowerThe rights that a wife acquires in her husband's fee simple property.CurtesyThe rights that a husband acquires in the wife's property upon her death.Tenancy By EntiretyA special joint tenancy between a lawfully married husband and wife, which places all title to property (real or personal) into the marital unit, with both spouses having an equal undivided interest in the whole property. In essence, each spouse owns the ENTIRE estate.EmblementsCrops nurtured in the year of the transfer or sale of the property. They are considered personal property.Easement appurtenantBenefits the dominant estate and "runs with the land" bargain and sale deedA deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title ChattelAn article of personal property as distinguished from real property AlluvionThe solid material deposited along a shore by accretion.Also called alluvium.Statutory LawLaws enacted by legislative bodies at any level of government Doctrine of prior appropriationThe notion of giving a river's water to the 1st person who claimed it AvulsionOccurs in cases where there is a sudden loss of land through nature.Easement in grossA personal right to use the land of another.Utilies, Railroad,, personal interest, not one land Easement by necessityAn easement granted by the courts to a landlocked property owner who is unable to gain access any other way executorA woman appointed by the will of a deceased person to carry out the provisions thereof and settle the estate.Concurrent OwnershipJoint ownership.Statue of Fraudsrequires certain contracts to be in writing and signed in order to be enforceable Riparian RightOwner's rights in land that borders on or includes a stream, river. Rights include access to and use of the water AccessionAn addition to property through the efforts of man or by natural forces.acknowledgementA formal declaration before a public official, usually a notary public, by a person who has signed a deed, contract, or other document that the execution was a voluntary act.ImprovementsBeneficial attachments to raw land that increase its value or improve its usefulness.

oral willA will spoken by the testator before witnesses during the last days of illness or injury and is afterwords reduced to writing General LienA lien that attaches to all property owned by an individual.Real and personal.Actual NoticeKnowledge that one acquires from what is heard, read or observed.Chattel MortgageA claim on personal property rather than on real property used to secure or guarantee a promissory note to acquire personal property.Easement- 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.Tenancy at SufferanceA wrongful holding of premises by a tenant after his or her lease has terminated.Periodic EstateA lease that automatically renews itself for like periods.Personal PropertyA right or interest in things of a temporary or movable nature Estate at WillA LEASE THAT CAN BE TERMINATED BY EITHER

PARTY AT WILL, WITHOUT NOTICE

Surface Right of EntryWhere an oil company has the right to drill from the surface Land trustlegal title is transferred to and held by a trustee on behalf of the owner (beneficiary). Beneficiary still receives all the usual benefits of ownership. Trustee is responsible for signing all documents relating to title. Beneficiary's "beneficial interest" is classified as personal property, while real property interest is held by trustee. "Title holding device AlienationThe transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.Common LawA system of law based on precedent and customs Life EstateA freehold estate in land that is limited in duration to the life of the owner or to the life or lives of some other designated person or persons.opinionA view or judgment formed about something, not necessarily based on fact or knowledge Mechanic's Lienan involuntary lien that gives security to persons or companies that perform labor or furnish material to improve real property. Filed at the town hall.certificate of titleA written opinion of the status of a title to a property, given by an attorney or a title company. This certificate does not offer the protection given by title insurance.