Maine Exam Prep Questions and Answers 100% CorrectMaine Exam Prep Questions and Answers 100% CorrectMaine Exam Prep Questions and Answers 100% Correct
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 ...
Maine Exam Prep 2023-2024 Questions
and Answers 100% Correct
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-the correct answer is D. An unlicensed
person may call 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 affiliated
licensees.
C. A single instance of offering, attempting to conduct, or conducting real estate
services on behalf of another for compensation.
D. Any entity providing real estate services. - ANSWER-the correct answer is C. The
definition of real estate brokerage is a single instance of offering, attempting to conduct,
or conducting real estate services on behalf of another for compensation.
In Maine an agency that has a company policy that permits disclosed dual agency must
provide a disclosed dual agency consent agreement to:
A. The seller as an addendum to the Purchase and Sale Agreement.
B. Prospective clients at the time of entering into a brokerage agreement.
C. The Real Estate Commission when opening a new real estate agency.
D. The settlement agent at closing. - ANSWER-this must be given at the time of listing.
The correct answer is B.
In Maine, property disclosure must be:
A. Signed by the seller.
B. Signed by the agent of the seller.
C. Available on the Multiple Listing Service.
D. In writing. - ANSWER-the correct answer is D. Property disclosure must be provided
in writing. Maine law does not require anyone to sign the disclosure. However, most
designated brokers require the signature of the seller.
Jill lists a convenience store with an apartment on the second floor. Jill must ask the
seller for disclosure information on:
A. The location of the private water supply.
B. Gross annual income of the convenience store.
C. The intent of the seller to offer seller financing.
, D. How long the seller has operated a store on the property. - ANSWER-A. The location
of the private water supply.
Since there is a residential component to the property, the licensee must ask the seller
about the private water supply.
Which of the following must a buyer agent disclose to his client regarding the heating
system in a residential property?
A. The current price per gallon for heating fuel
B. The advisability of replacing electric baseboard heat
C. Malfunctions within the past two years
D. Malfunctions during the time the seller owned the property - ANSWER-the correct
answer is C.
In Maine, information regarding the location of a leach field must be disclosed to the
buyer:
A. Prior to or during the preparation of the offer.
B. At the time of the septic inspection.
C. Only if requested in the Purchase and Sale Agreement.
D. Orally during the first showing of the property. - ANSWER-A. Prior to or during the
preparation of the offer
In Maine, a licensee is NOT required to provide a copy of the Real Estate Brokerage
Relationships Form to a prospective buyer or seller:
A. For a property with less than 1 or more than 4 residential dwelling units.
B. If the licensee is acting solely as a principal, not as an agent for another.
C. When the written communication from the licensee is a solicitation of business.
D. All of the above. - ANSWER-A. For a property with less than 1 or more than 4
residential dwelling units.
In Maine, a seller agent's obligations to his or her client would include:
A. Hosting an open house.
B. Presenting additional offers after the property is securely under contract with a
confirmed closing date.
C. Advising the seller on matters pertaining to hazardous materials on the property.
D. Being present at all showings of the property. - ANSWER-the correct answer is B.
The seller agent must present all offers to seller up until the time of closing. These
offers may perhaps become back up offers.
A Maine licensee shall disclose, in the offer to purchase, that the licensee is acting in
self interest and that she is a real estate licensee EXCEPT when:
A. Selling her own primary residential home.
B. Buying real estate not listed with a real estate agency.
C. Buying real estate listed with the licensee's agency.
D. Buying real estate and sharing in the brokerage fee resulting from the sale. -
ANSWER-A. Selling her own primary residential home.
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