Maine - Real Estate Exam Pack 2023(GRADED A)

Fixture - 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 - ANSWER-Benefici...

For what minimum period of time must a real estate brokerage agency retain copies of rejected offers and counteroffers? A. 1 year B. 2 years C. 3 years D. 5 years - ANSWER-No, rejected offers and counteroffers must be retained for 1 year. A designated broker in Maine is: A. Responsib...

What is a branch office? - ANSWER-A location where business is regularly conducted or that is advertised as where the public may contact the agency. How old must you be to apply for a real estate license in Maine? - ANSWER-18 What is the maximum fine that LUPC can impose for a violation? - ANS...

All of the following are real property EXCEPT - ANSWER-A Portable Basketball hoop A metes and bounds description of real property relies on - ANSWER-A point of beginning, measurement of distances, and directions on a compass Fee simple ownership describes - ANSWER-Current ownership A life e...

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. O...

Most land uses are subject to regulation of Maine's Mandatory Shoreland Zoning Act when they are within how many feet of a river, wetland, lake, or ocean? - ANSWER-250 feet Most land uses are subject to regulation of Maine's Mandatory Shoreland Zoning Act when they are within how many feet of c...

Who established the Maine Real Estate Commission (MREC) and when? - ANSWER-The Maine Real Estate Commission (MREC) was established by an Act of the Maine Legislature in 1937. What is the policy/mission of the MREC? - ANSWER-The policy or mission of the MREC is to supervise licensees "in a manner...

In Maine, a person without a real estate license may A. Receive a referral fee. B. Receive compensation for finding a buyer for a piece of property .C. Sell a relative's house and receive a fee not to exceed 5%. D. Call bids at a real estate auction. - ANSWER-call bids at a real estate auction ...

An adequate legal description of real estate is one: - ANSWER-by which a reasonable person can determine what property is described - the legal description is legally "adequate" if a reasonable person could identify the property based on the description. Ownership of real estate includes: a.) ...

In Maine, a person without a real estate license may: - ANSWER-Call bids at a real estate auction. Under Maine law, "real estate brokerage' means: - ANSWER-A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation. In Maine...

You are a real estate licensee in Maine. Your friend Andrew, who is not a real estate licensee, asks if you will pay him $250 for every sales lead he sends you. What do you tell him? - ANSWER-I can't pay referral fees to someone who is not a real estate licensee. Elwood holds a Maine auctioneer ...

Who is an employer responsible for directing a(n) as to both what is to be done and how it is to be done? - ANSWER-Employee Real estate licensees almost always sign an Independent Contractor Agreement with their company they are called what? - ANSWER-Independent Contractors Every real estate b...

In Maine, an agency relationship begins when the - ANSWER-Buyer or seller and agency sign an agreement establishing the agency relationship. Where a licensee has an agency relationship with a client, his/her most important duties are owed to: - ANSWER-The client. Which of the following stateme...

A licensee operating a "business within a business." Not required to work 40 hours a week. - ANSWER-An independent contractor is: The brokerage Policy and Procedures Manual will address the agency relationship policies and the practices of the company. - ANSWER-When considering which agency to...