Maine -Real Estate Knowledge for
Pearson Vue-Practice Questions Well
Answered.
Two types of ownership that don't exist in Maine are: - Answer Tenants by the entirety and
community property ownership. As well as dower/curtesy rights.
For condo resales, the unit owner must furnish to a purchaser before execution of any contract
for sale of a unit, or otherwise before conveyance, a copy of: - Answer 1.) the declaration
2.) the bylaws
3.) the rules and regulations of the association
4.) a reasonably current certificate
The declaration, bylaws, rules and regulations of the association, and a reasonably current
certificate must be provided to purchasers before execution of any contract for sale for a: -
Answer condominium unit (the units are NOT new construction)
After a seller's condo unit goes under contract they must promptly request a condo resale
certificate an the association must provide it to the seller within how many days? - Answer 10
days
A unit owner is not liable for any unpaid assessment or fee that is: - Answer greater than the
amount set forth in the certificate prepared by the association.
The unit owner is not liable to a purchaser for the failure or delay of the association to provide
the certificate in a timely manner, but the purchase contract is voidable by the purchaser until
the certificate has been provided and for how many days thereafter or until conveyance,
whichever first occurs. - Answer 5 days
Once the buyer receives the condo resale certificate from seller, how many days does he have to
back out of the transaction? - Answer 5 days
In Maine, a developer is called the: - Answer declarant
In Maine, the declarant or developer must file for a "Declaration of Condominium at the: -
Answer Registry of Deeds
A condominium is created in Maine when the declarant files a ________________ of
______________ at the registry of deeds. - Answer Declaration of Condominium
,This form must be presented to the consumer when there is a substantive communication
regarding a real estate transaction by either a face-to-face meeting, a written communication,
or an electric communication with the prospective buyer or seller: - Answer Real Estate
Brokerage Relationships Form
The consumer does not sign the Real Estate Brokerage Relationships Form. Whose duty is it to
present the form? - Answer YOURS the LICENSEE
Best practice is to present the Real Estate Brokerage Relationships form, then, note on a
duplicate form the: - Answer name of the consumer and the date on which you presented the
form.
These forms are retained by the Designated broker for 3 years.
When representing both a buyer and a seller as a disclosed dual agent, the dual agent must not
disclose to one party: - Answer any confidential information obtained from the other party.
In Maine, the consumer MUST receive these documents from you as the licensee: - Answer 1.)
Protect Your Family from Lead in Your Home
2.) Maine Lead paint Addendum 2023
.3.) Fact Sheet: Arsenic Treated Wood
The building owner shall install, or cause to be installed, in accordance with the manufacturer's
requirements at least one approved fuel gas detector in every room containing an appliance
fueled by propane, natural gas or any liquified petroleum gas in: - Answer A. Each unit in any
building of multifamily occupancy
B. A fraternity house, sorority house or dormitory that is affiliated with an educational facility
C. A children's home, emergency children's shelter, children's residential care facility, shelter for
homeless children or specialized children's home.
D. A hotel, motel or inn
E. A mixed use occupancy that contains a dwelling unit
F. A business occupancy
, G. A mercantile occupancy
H. An assembly occupancy
A person who acquires by sale or exchange a building listed under the mandatory perameters
shall install fuel gas detectors within how many days of acquisition or occupancy of the building.
Whichever is later, if fuel gas detectors are not already present, and shall certify at the closing of
the transaction that fuel gas detectors will be installed. - Answer 30 days
THIS CERTIFICATION MUST BE SIGNED AND DATED BY THE PERSON ACQUIRING THE BUILDING
No signatures are required on this form,b ut when you start practicing Real Estate, your
designated broker will have a company policy that both the seller and the buyer must sign this
form. (Again, however, there is technically nothing in Maine Real Estate law or rules that require
anyone's signature on this form. - Answer Property Disclosure Form
Disclosure must be conveyed in writing, to the buyer: - Answer Prior to or during the
preparation of the offer.
In Maine, these players in the real estate realm must comply with the same property disclosures
as agents. - Answer Transaction brokers
The seller of a property on a public sewer system must disclose if the seller experienced any
system or line ________________ - Answer malfunctions
In Maine, sellers must disclose hazardous materials that are currently or ____________ existing
on the property. - Answer previously
The seller must disclosure that the furnace malfunctioned within the last how many years? -
Answer 2 years
A subdivision means the division of a tract or parcel of land into ___ or more lots within any ___
year period. - Answer 3 or more lots within any 5 year period
The term "subdivision" also applies to the division of a new structure or structure(s) on a tract
or parcel of land into __ or more dwelling units within a ___ year period. - Answer 3 or more
dwelling units within a 5 year period.
The term "subdivision also applies to the construction or placement of __ or more dwelling
unitso n a single tract or parcel of land and the division of an existing structure or structures
Pearson Vue-Practice Questions Well
Answered.
Two types of ownership that don't exist in Maine are: - Answer Tenants by the entirety and
community property ownership. As well as dower/curtesy rights.
For condo resales, the unit owner must furnish to a purchaser before execution of any contract
for sale of a unit, or otherwise before conveyance, a copy of: - Answer 1.) the declaration
2.) the bylaws
3.) the rules and regulations of the association
4.) a reasonably current certificate
The declaration, bylaws, rules and regulations of the association, and a reasonably current
certificate must be provided to purchasers before execution of any contract for sale for a: -
Answer condominium unit (the units are NOT new construction)
After a seller's condo unit goes under contract they must promptly request a condo resale
certificate an the association must provide it to the seller within how many days? - Answer 10
days
A unit owner is not liable for any unpaid assessment or fee that is: - Answer greater than the
amount set forth in the certificate prepared by the association.
The unit owner is not liable to a purchaser for the failure or delay of the association to provide
the certificate in a timely manner, but the purchase contract is voidable by the purchaser until
the certificate has been provided and for how many days thereafter or until conveyance,
whichever first occurs. - Answer 5 days
Once the buyer receives the condo resale certificate from seller, how many days does he have to
back out of the transaction? - Answer 5 days
In Maine, a developer is called the: - Answer declarant
In Maine, the declarant or developer must file for a "Declaration of Condominium at the: -
Answer Registry of Deeds
A condominium is created in Maine when the declarant files a ________________ of
______________ at the registry of deeds. - Answer Declaration of Condominium
,This form must be presented to the consumer when there is a substantive communication
regarding a real estate transaction by either a face-to-face meeting, a written communication,
or an electric communication with the prospective buyer or seller: - Answer Real Estate
Brokerage Relationships Form
The consumer does not sign the Real Estate Brokerage Relationships Form. Whose duty is it to
present the form? - Answer YOURS the LICENSEE
Best practice is to present the Real Estate Brokerage Relationships form, then, note on a
duplicate form the: - Answer name of the consumer and the date on which you presented the
form.
These forms are retained by the Designated broker for 3 years.
When representing both a buyer and a seller as a disclosed dual agent, the dual agent must not
disclose to one party: - Answer any confidential information obtained from the other party.
In Maine, the consumer MUST receive these documents from you as the licensee: - Answer 1.)
Protect Your Family from Lead in Your Home
2.) Maine Lead paint Addendum 2023
.3.) Fact Sheet: Arsenic Treated Wood
The building owner shall install, or cause to be installed, in accordance with the manufacturer's
requirements at least one approved fuel gas detector in every room containing an appliance
fueled by propane, natural gas or any liquified petroleum gas in: - Answer A. Each unit in any
building of multifamily occupancy
B. A fraternity house, sorority house or dormitory that is affiliated with an educational facility
C. A children's home, emergency children's shelter, children's residential care facility, shelter for
homeless children or specialized children's home.
D. A hotel, motel or inn
E. A mixed use occupancy that contains a dwelling unit
F. A business occupancy
, G. A mercantile occupancy
H. An assembly occupancy
A person who acquires by sale or exchange a building listed under the mandatory perameters
shall install fuel gas detectors within how many days of acquisition or occupancy of the building.
Whichever is later, if fuel gas detectors are not already present, and shall certify at the closing of
the transaction that fuel gas detectors will be installed. - Answer 30 days
THIS CERTIFICATION MUST BE SIGNED AND DATED BY THE PERSON ACQUIRING THE BUILDING
No signatures are required on this form,b ut when you start practicing Real Estate, your
designated broker will have a company policy that both the seller and the buyer must sign this
form. (Again, however, there is technically nothing in Maine Real Estate law or rules that require
anyone's signature on this form. - Answer Property Disclosure Form
Disclosure must be conveyed in writing, to the buyer: - Answer Prior to or during the
preparation of the offer.
In Maine, these players in the real estate realm must comply with the same property disclosures
as agents. - Answer Transaction brokers
The seller of a property on a public sewer system must disclose if the seller experienced any
system or line ________________ - Answer malfunctions
In Maine, sellers must disclose hazardous materials that are currently or ____________ existing
on the property. - Answer previously
The seller must disclosure that the furnace malfunctioned within the last how many years? -
Answer 2 years
A subdivision means the division of a tract or parcel of land into ___ or more lots within any ___
year period. - Answer 3 or more lots within any 5 year period
The term "subdivision" also applies to the division of a new structure or structure(s) on a tract
or parcel of land into __ or more dwelling units within a ___ year period. - Answer 3 or more
dwelling units within a 5 year period.
The term "subdivision also applies to the construction or placement of __ or more dwelling
unitso n a single tract or parcel of land and the division of an existing structure or structures
