Maine Real Estate Study fully solved graded A+ 2023/2024

Maine Real Estate StudyIn Maine, an agency relationship begins when the - correct 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: - correct answer The client. Which of the following statements is true? For an agent to become an appointed agent in Maine: - correct answer -The agency must have adopted the appointed agent concept. -The client must agree in writing to allow the agent to serve as an appointed agent. -The agency must allow the practice of appointed agency. Which of the following is (are) a disclosure limit of a disclosed dual agent in Maine? - correct answer -The motivation of either party -The willingness of the buyer to offer more than has been offered -The willingness of the seller to accept less than has been offered To practice disclosed dual agency in Maine, the agent must: - correct answer -Work for an agency that allows this practice. - Receive written consent from both the seller and the buyer. -Provide a disclosed dual agency consent agreement form to prospective clients before they enter into an agency relationship. Most fiduciary duties of an agent to a client terminate when the closing takes place. The duty of confidentiality: - correct answer With few exceptions, survives the agency relationship. A listing agent asks a buyer agent if the buyer intends to assign the contract on the seller's property. The appropriate response of the buyer agent is to: - correct answer Tell the listing agent he will ask his client, the buyer, if the buyer wishes to disclose this information. A buyer agent asks the listing agent if the seller knows of any needed repairs on the property. The listing agent: - correct answer Owes the buyer and buyer agent a duty of honesty about material defects of the property. Which of the following statements is true? Transaction brokers in Maine: - correct answer Have no fiduciary duties to buyers or sellers. Client confidential information may be disclosed: - correct answer If the confidential information becomes public by the words or actions of the client A subagent of the seller owes fiduciary duties to: - correct answer The Seller Which of the following Maine forms would be used by an agency representing sellers only, and not practicing appointed agency? - correct answer Real Estate Brokerage Relationships Form (Form #3) and Listing Agreements An agency practices Appointed Agency and allows agents to represent buyers and sellers in the same transaction. What Maine forms would be used by agents in this agency? - correct answer -Real Estate Brokerage Relationships Form (Form #3) -Appointed Agency form - Disclosed Dual Agency form Bill, a licensee hosting an open house, meets a prospective buyer. The buyer announces that he is represented by another agent on an exclusive basis. What is Bill able to do? - correct answer May not solicit a buyer agency agreement knowing that the buyer is already represented. In Maine, a buyer agent's duty when assisting a buyer making an offer on a listed property includes: - correct answer Getting disclosure information from the listing agent and delivering it to the buyer On a Closing Disclosure, the buyer is credited for: - correct answer The earnest money deposit. RESPA (Real Estate Settlement Procedures Act) does NOT apply to which of the following? - correct answer TILA-RESPA does not apply to cash purchases (only to financed purchases) The Loan Estimate provides a borrower with: - correct answer An estimate of settlement charges and loan terms After the closing, the buyer takes possession of the property: - correct answer Whenever it was agreed upon by the seller and the buyer in the Purchase and Sale Agreement. On the day before closing, the buyer agent and her client visit the property to conduct what is known as a: - correct answer Walk-through. The Maine non-resident withholding tax applies to - correct answer Non-residents of Maine who are selling Maine property After a real estate closing, the title company records the deed at the: - correct answer Registry of deeds in the county in which the property is located. A loan officer is prohibited from paying kickback fees to real estate licensees for referrals under the provisions of: - correct answer RESPA. Lender's title insurance benefits: - correct answer Only the lender. A seller wants to take a fixture, such as a chandelier, with him after closing. The seller must designate this in the: - correct answer Purchase and sale agreement with the buyer. To be valid and enforceable, a real estate purchase and sale agreement must be: - correct answer A. In writing. B. Signed by buyers and sellers who are legally competent. C. For a legal purpose. Which of the following elements is NOT necessary for a valid and enforceable real estate purchase and sale agreement? - correct answer Time is of the essence clause