Maine real estate stuvia - Study guides, Class notes & Summaries

A client must be informed as to the real estate brokerage agency's appointed agency policy and: - ANSWERGive written consent to that policy in advance of entering into a brokerage agreement. A disclosed dual agent may disclose any information to one party that the licensee gains from the other party if the information is relevant to the transaction except: - ANSWERConfidential negotiating strategy not disclosed in the sales offer as terms of the sale. The Maine Real Estate Commission may...

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.) Rights to use the surface, subsurface and airspace over the land b.) Fixtures c.) Naturally growing tree growing on the land d.) All of the above - ANSWER-D.) All of the above Subsurface rights...

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 - ANSWERC. Promote public confidence in the real estate industry The industry members on the Maine Real Estate Commission are: a. Cit...

Abstract of Title - ANSWERA _____ exam summary prepared from the records in the registry of deeds Accounting - ANSWEROne of the seven fiduciary duties of an agent to a client: agent must report to the client how money held for the client is to be handled Accretion - ANSWERThe process by which a brook, river, stream or oceanic action adds land to an existing parcel Adjustments - ANSWERFor CMA: sold properties are used to estimate a sales price - the __________ is for differences in the p...

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 to ensure that they meet standards which will promote public understanding and confidence in the business of real estate brokerage". Section 13061. Who appoints the commissioners? How long do the...

Maine specific- Real Estate Exam prep with Complete SolutionsMaine specific- Real Estate Exam prep with Complete SolutionsMaine specific- Real Estate Exam prep with Complete SolutionsMaine specific- Real Estate Exam prep with Complete SolutionsMaine specific- Real Estate Exam prep with Complete SolutionsIn 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 f...

Maine Real Estate Study Questions and Answers (Graded A)Maine Real Estate Study Questions and Answers (Graded A)Maine Real Estate Study Questions and Answers (Graded A)Maine Real Estate Study Questions and Answers (Graded A) 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. Whic...

A client must be informed as to the real estate brokerage agency's appointed agency policy and: - ANSWER-Give written consent to that policy in advance of entering into a brokerage agreement. A disclosed dual agent may disclose any information to one party that the licensee gains from the other party if the information is relevant to the transaction except: - ANSWER-Confidential negotiating strategy not disclosed in the sales offer as terms of the sale. The Maine Real Estate Commission m...

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. - ANSWERcall bids at a real estate auction under Maine Law "real estate brokerage' means: A. The full-time practice of real estate over a two year period. B. To act solely for the client of a real estate agency to the exclusion of other ...

Maine Real Estate Practice Questions & Answers 100% Correct(SCORED A+) Who supervises the activities of affiliated licensees, the activities of the unlicensed persons affiliated with the agency (for example, the administrative staff), and the operation of the agency? - ANSWERThe Designated Broker Designated Broker - ANSWERSupervises activities of affliated licensees, the activities of unlicensed persons affiliated with the agency, (for exampke, the administrative staff), and the operation ...