Property Ownership
The MARIA test for fixtures includes which of the following factors?
AMethod of attachment, Adaptability, Relationship of parties, Intent, and Agreement✓ Correct
BMarket value, Appraised value, Rental income, Investment return, and Age
CMortgage, Appraisal, Repair, Insurance, and Addendum
DMaterial, Age, Replacement cost, Interior condition, and Acreage
Explanation
The MARIA test determines whether an item is a fixture: Method of attachment, Adaptability to the property, Relationship of the parties, Intent of the parties, and Agreement between the parties.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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