Maine Real Estate Study Practice Test 2024.

Maine Real Estate Study Practice Test 2024. In 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