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Maine Real Estate Exam questions well answered rated A+
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Maine Real Estate ExamThe purpose of the Maine Real Estate Commission is to: A. Sanction licensees who break the law. B. Promote public understanding and confidence in the business of real estate brokerage. C. Make laws that govern the practice of real estate in Maine. D. Refer all v...

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  • November 6, 2023
  • 30
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • Maine real estate
  • Maine real estate

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Maine Real Estate Exam
The purpose of the Maine Real Estate Commission is to: A. Sanction licensees who break the law.
B. Promote public understanding and confidence in the business of real estate brokerage.
C. Make laws that govern the practice of real estate in Maine.
D. Refer all violations of real estate law to the state's Attorney General. - correct answer B. Promote public understanding and confidence in the business of real estate brokerage.
The Maine Real Estate Commission consists of:
A. 4 industry members and 2 public members.
B. 2 industry members and 4 public members.
C. 4 industry members and 4 public members.
D. 2 industry members and 2 public members. - correct answer A. 4 industry members and 2 public members.
True or False: The maximum fine that may be imposed by the Maine Real Estate Commission is $1000 per violation.
A. True
B. False - correct answer B. False ($2000) True or False: If a real estate licensee violates Maine real estate law, his or her real estate license may be suspended by the Maine Real Estate Commission.
A. True
B. False - correct answer A. True
True or False: If a real estate licensee violates Maine real estate law, his or her real estate license may be revoked by the Maine Real Estate Commission.
A. True
B. False - correct answer A. True
How many industry members serve on the Maine Real Estate Commission? A. 2
B. 4
C. 6
D. 8 - correct answer B. 4
What type of real estate development includes a variety of land uses such as single family homes, rentals, retail, and recreational space? A. Townhouse
B. Condominium
C. Homeowners Association
D. PUD (Planned Unit Development) - correct answer D. PUD (Planned Unit Development)
Two forms of joint ownership are: A. Joint Tenancy and Tenants in Common. B. Condominium and In Severalty.
C. In Severalty and Joint Tenancy.
D. Timeshare and Cooperative. - correct answer A. Joint Tenancy and Tenants in Common.
If property is owner in severalty, it is owned by: A. Several individuals.
B. One person or corporation.
C. Spouses.
D. Tenants in common. - correct answer B. One person or corporation.
The owner of a timeshare generally has rights to the property in what increments of time? A. Weeks
B. Months
C. Years
D. Decades - correct answer A. Weeks
Chef Tanesha leases space for a restaurant and installs a large gas cook top. In the absence of a written agreement to the contrary, at the end of the lease, the cook top belongs to:

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