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Maine Real Estate License Final Exam with Answers
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Maine Real Estate License FinalExam with Answers
Section 1 - Maine Real Estate Commission (2)
The primary function of the Maine Real Estate Commission is?
A. Enforce the rules and regulations by holding hearings on
complaints
B. Issue real estate licenses to qualified candidates
C.. Promote public confidence in the real estate industry
D. Oversee audits and continuing education of practicing
licensees - Answer>> C. Promote public confidence in the real
estate industry
The industry members on the Maine Real Estate Commission are:
a. Citizens with no connection to the real estate business
b. The director of the real estate commission and three legislators
c. Designated brokers from four different counties
d. Licensees who have held a broker or associate broker license
for a minimum of five years - Answer>> D. Licensees who have
held a broker or associate broker license for a minimum of five
years
The Maine Real Estate Commission has the power to:
a. Suspend or revoke a real estate license
b. Impose a criminal penalty of up to $10,000 and one year in jail
c. Do nothing, all penalties must be decided in court
d. Set fees of any amount - Answer>> a. Suspend or revoke a
real estate license
The Maine Real Estate Commission has the power to:
a. Impose fines on licensees in violation of the law
,b. Require sellers to make property disclosures
c. Have buyers sign buyer agency agreements
d. Take the licensees commission away for no just cause -
Answer>> a. Impose fines on licensees in violation of the law
The Maine Real Estate Commission may not impose disciplinary
sanctions when a person is guilty of:
a. Innocent misrepresentation
b. Puffing
c. Class A, B or C crime
d. Concealment of pertinent information - Answer>> a. Innocent
misrepresentation
Iris Clover has been an active Associate Broker licensee in Maine
for nine years. She may
a. Open her own real estate brokerage company
b. Serve on the Maine Real Estate Commission as an industry
member c. Not apply for the broker license for 1 more year
d. Not provide a broker price opinion for a bank - Answer>> b.
Serve on the Maine Real Estate Commission as an industry
member
The Maine Real Estate Commission has how many members?
a. 4
b. 6
c. 5
d. 7 - Answer>> B. 6
The Maine Real Estate Commission has how many industry
members?
,a. 2
b. 4
c. 6
d. 8 - Answer>> B. 4
A licensee may lose their license for conduct which shows
a. Dishonesty
b. Dealing in bad faith
c. Incompetency
d. All of the above - Answer>> D. All of the above. Dishonest,
dealing in bad faith, incompetency
Leo Allster is a licensee who was convicted of embezzlement of
funds from his Designated Broker. Leo must
a. Report his conviction to the Maine Real Estate Commission
within ten days
b. Surrender his real estate license immediately
c. Pay a $2,000 fine to the Maine Real Estate Commission
d. Secure independent errors and omissions insurance to
continue to practice in Maine - Answer>> a. Report his
conviction to the Maine Real Estate Commission within ten days
Which of the following is not a function of the Maine Real Estate
Commission?
a. Determine the type of agency relationships that a company will
practice
b. Conduct hearings
c. Establish the fees it will charge
d. Adopt rules governing the practice of real estate - Answer>>
a. Determine the type of agency relationships that a company will
practice
, The Director of the Maine Real Estate Commission is responsible
for which of the following:
a. Initiating disciplinary action and fining licensees for prohibited
conduct
b. Determining protocol and conducting the Maine Real Estate
Commission meetings
c. Making rules and policy in regards to Maine real estate law
d. Managing the Commission affairs - Answer>> d. Managing
the Commission affairs
For how many years is an Associate Broker license valid for:
a. 1
b. 2
c. 4
d. 5 - Answer>> B. 2
How many continuing education credits must a licensee complete
within a two year period to renew an Associate Broker or Broker
license in Maine?
a. 9
b. 12
c. 18
d. 21 - Answer>> D. 21
How old must a candidate be to apply for a Sales Agent license in
the state of Maine?
a. 18 with a high school diploma or GED
b. 21 with a college degree in real estate
c. 18 and a permanent resident of Maine
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