Maine- Associate Broker – TRELG
Practice Questions Fully Solved.
In Maine, an agency relationship with a buyer begins when:
A. The buyer says it does.
B. The potential buyer receives the Real Estate Brokerage Relationships Form (Form 3).
C. The licensee says it does.
D. The buyer signs an agreement with the real estate brokerage agency establishing an agency
relationship. - Answer The buyer signs an agreement with the real estate brokerage agency
establishing an agency relationship.
Which of the following statements about the fiduciary duty of confidentiality is true?
A. It ends when the closing takes place.
B. It ends as soon as the licensee receives his or her commission check.
C. With few exceptions, it survives the agency relationship.
D. It continues until the licensee retires from real estate - Answer With few exceptions, it
survives the agency relationship.
Suzanne is a licensee hosting an open house. A prospective buyer visits the open house and
announces that he is represented by another licensee on an exclusive basis. What is Suzanne
able to do?
A. She may encourage the buyer to sign an agency agreement with Suzanne's agency.
B. She may ask the buyer to sign a buyer agent agreement with Suzanne's agency for this
property only.
C. She may not solicit a buyer agent agreement knowing that the buyer is already represented.
D. She may show other property to this buyer as this buyer's agent. - Answer She may not
solicit a buyer agent agreement knowing that the buyer is already represented.
When a licensee has an agent relationship with a client, his or her most important duties are
owed to:
A. The client.
B. The designated broker.
C. The Maine Real Estate Commission.
D. All the other affiliated licensees in the real estate brokerage agency. - Answer The client.
Which of the following statements is true? For an agent to become an appointed agent in
Maine:
,A. The client must agree in writing to allow the agent to serve as an appointed agent.
B. The agency must have adopted the appointed agent concept.
C. It does not matter whether the company allows the practice of disclosed dual agency.
D. All of the above are true statements. - Answer All The Above
Which of the following must a transaction broker disclose to all parties of a real estate
transaction?
A. The knowledge that the airport flight path goes directly above the property
B. The fact that asbestos is present in the floor tiles of the family room in the basement
C. Information about the crime rate in the neighborhood in which the property is located
D. A hunch that the reason the seller is selling is due to an impending divorce - Answer B. The
fact that asbestos is present in the floor tiles of the family room in the basement
The seller, Marianne, requests that no showings be scheduled on Sundays as her family likes to
watch football games. Her agent, Andre, complies. This is an example of which fiduciary duty?
A. Disclosure
B. Confidentiality
C. Due diligence
D. Obedience - Answer D. Obedience
Two months after moving into her new home, Eileen tore down a wall in the laundry room and
discovered mold. Which of the following statements is true?
A. The agent of the seller should have disclosed the presence of mold in the laundry room.
B. The presence of mold in a wall is considered a latent defect and no licensee was obligated to
discover it.
C. Eileen's buyer agent should have suggested the Eileen tear down the wall during the home
inspection.
D. The seller must pay for the cost of remediating the mold. - Answer B. The presence of mold
in a wall is considered a latent defect and no licensee was obligated to discover it.
You are correct. This scenario is an example of a latent defect for which no licensee has a
responsibility for disclosing.
,Buyer agent Lionel received a counteroffer from the agent of the seller. Rather than
communicate this counteroffer to his buyer client immediately, Lionel waited for two days.
Which fiduciary duty did Lionel violate?
A. Due diligence
B. Confidentiality
C. Obedience
D. Disclosure - Answer A. Due diligence
Yes, Lionel failed to exercise due diligence in communicating the counteroffer immediately.
When must a real estate brokerage agency that has a company policy that permits disclosed
dual agency receive written consent from the client?
A. At the closing
B. When the client goes under contract
C. When the property disclosure form is provided to the buyer
D. At the time of entering into a brokerage agreement - Answer D. At the time of entering into
a brokerage agreement
Yes, written consent must be received from the client at the time of entering into a brokerage
agreement.
True or False: A brokerage agreement may not be enforced against any client who in good faith
subsequently engages the services of another real estate brokerage agency following the
expiration date of the first brokerage agreement. - Answer TRUE
Acts that a real estate brokerage agency performs for a person who is not a client and that are
informative or clerical in nature are called:
A. Fiduciary duties.
B. Material facts.
C. Ministerial acts.
D. Subagent duties. - Answer C. Ministerial acts.
The fiduciary duties of an agent are loyalty, obedience, disclosure, confidentiality, reasonable
care, diligence and:
A. Honesty.
B. Accounting.
, C. Fairness.
D. Faithfulness. - Answer B. Accounting
True or False: A seller agent is not obligated to seek additional offers to purchase the property
while the property is subject to a contract of sales unless the brokerage agreement so provides.
- Answer TRUE
True or False: A buyer agent is obligated to discover latent defects of the property. - Answer
FALSE
In a disclosed dual agent situation, each client and the real estate brokerage agency and its
affiliated licensees are considered to possess:
A. Only actual knowledge and information.
B. Imputed knowledge.
C. Imprecise information.
D. Non-disclosed information - Answer A. Only actual knowledge and information.
The Real Estate Brokerage Relationships Form must be provided for all real estate transactions. -
Answer FALSE: this is a false statement. The Real Estate Brokerage Relationships Form must be
provided for transactions of not less than one nor more than 4 residential dwelling units.
True or False: A real estate brokerage agency is presumed to be acting as a transaction broker
unless the agency has agreed in a written brokerage agreement to represent one or more
parties to the real estate transaction. - Answer TRUE
Which of the following may a transaction broker NOT conduct for the benefit of any party?
A. Inspection
B. Investigation
C. Analysis
D. All of the above - Answer All The Above
True or False: An appointed agent may disclose to the agency's Designated Broker confidential
information of a client for the purpose of seeking advice or assistance for the benefit of the
client in regard to a possible transaction. - Answer TRUE
Practice Questions Fully Solved.
In Maine, an agency relationship with a buyer begins when:
A. The buyer says it does.
B. The potential buyer receives the Real Estate Brokerage Relationships Form (Form 3).
C. The licensee says it does.
D. The buyer signs an agreement with the real estate brokerage agency establishing an agency
relationship. - Answer The buyer signs an agreement with the real estate brokerage agency
establishing an agency relationship.
Which of the following statements about the fiduciary duty of confidentiality is true?
A. It ends when the closing takes place.
B. It ends as soon as the licensee receives his or her commission check.
C. With few exceptions, it survives the agency relationship.
D. It continues until the licensee retires from real estate - Answer With few exceptions, it
survives the agency relationship.
Suzanne is a licensee hosting an open house. A prospective buyer visits the open house and
announces that he is represented by another licensee on an exclusive basis. What is Suzanne
able to do?
A. She may encourage the buyer to sign an agency agreement with Suzanne's agency.
B. She may ask the buyer to sign a buyer agent agreement with Suzanne's agency for this
property only.
C. She may not solicit a buyer agent agreement knowing that the buyer is already represented.
D. She may show other property to this buyer as this buyer's agent. - Answer She may not
solicit a buyer agent agreement knowing that the buyer is already represented.
When a licensee has an agent relationship with a client, his or her most important duties are
owed to:
A. The client.
B. The designated broker.
C. The Maine Real Estate Commission.
D. All the other affiliated licensees in the real estate brokerage agency. - Answer The client.
Which of the following statements is true? For an agent to become an appointed agent in
Maine:
,A. The client must agree in writing to allow the agent to serve as an appointed agent.
B. The agency must have adopted the appointed agent concept.
C. It does not matter whether the company allows the practice of disclosed dual agency.
D. All of the above are true statements. - Answer All The Above
Which of the following must a transaction broker disclose to all parties of a real estate
transaction?
A. The knowledge that the airport flight path goes directly above the property
B. The fact that asbestos is present in the floor tiles of the family room in the basement
C. Information about the crime rate in the neighborhood in which the property is located
D. A hunch that the reason the seller is selling is due to an impending divorce - Answer B. The
fact that asbestos is present in the floor tiles of the family room in the basement
The seller, Marianne, requests that no showings be scheduled on Sundays as her family likes to
watch football games. Her agent, Andre, complies. This is an example of which fiduciary duty?
A. Disclosure
B. Confidentiality
C. Due diligence
D. Obedience - Answer D. Obedience
Two months after moving into her new home, Eileen tore down a wall in the laundry room and
discovered mold. Which of the following statements is true?
A. The agent of the seller should have disclosed the presence of mold in the laundry room.
B. The presence of mold in a wall is considered a latent defect and no licensee was obligated to
discover it.
C. Eileen's buyer agent should have suggested the Eileen tear down the wall during the home
inspection.
D. The seller must pay for the cost of remediating the mold. - Answer B. The presence of mold
in a wall is considered a latent defect and no licensee was obligated to discover it.
You are correct. This scenario is an example of a latent defect for which no licensee has a
responsibility for disclosing.
,Buyer agent Lionel received a counteroffer from the agent of the seller. Rather than
communicate this counteroffer to his buyer client immediately, Lionel waited for two days.
Which fiduciary duty did Lionel violate?
A. Due diligence
B. Confidentiality
C. Obedience
D. Disclosure - Answer A. Due diligence
Yes, Lionel failed to exercise due diligence in communicating the counteroffer immediately.
When must a real estate brokerage agency that has a company policy that permits disclosed
dual agency receive written consent from the client?
A. At the closing
B. When the client goes under contract
C. When the property disclosure form is provided to the buyer
D. At the time of entering into a brokerage agreement - Answer D. At the time of entering into
a brokerage agreement
Yes, written consent must be received from the client at the time of entering into a brokerage
agreement.
True or False: A brokerage agreement may not be enforced against any client who in good faith
subsequently engages the services of another real estate brokerage agency following the
expiration date of the first brokerage agreement. - Answer TRUE
Acts that a real estate brokerage agency performs for a person who is not a client and that are
informative or clerical in nature are called:
A. Fiduciary duties.
B. Material facts.
C. Ministerial acts.
D. Subagent duties. - Answer C. Ministerial acts.
The fiduciary duties of an agent are loyalty, obedience, disclosure, confidentiality, reasonable
care, diligence and:
A. Honesty.
B. Accounting.
, C. Fairness.
D. Faithfulness. - Answer B. Accounting
True or False: A seller agent is not obligated to seek additional offers to purchase the property
while the property is subject to a contract of sales unless the brokerage agreement so provides.
- Answer TRUE
True or False: A buyer agent is obligated to discover latent defects of the property. - Answer
FALSE
In a disclosed dual agent situation, each client and the real estate brokerage agency and its
affiliated licensees are considered to possess:
A. Only actual knowledge and information.
B. Imputed knowledge.
C. Imprecise information.
D. Non-disclosed information - Answer A. Only actual knowledge and information.
The Real Estate Brokerage Relationships Form must be provided for all real estate transactions. -
Answer FALSE: this is a false statement. The Real Estate Brokerage Relationships Form must be
provided for transactions of not less than one nor more than 4 residential dwelling units.
True or False: A real estate brokerage agency is presumed to be acting as a transaction broker
unless the agency has agreed in a written brokerage agreement to represent one or more
parties to the real estate transaction. - Answer TRUE
Which of the following may a transaction broker NOT conduct for the benefit of any party?
A. Inspection
B. Investigation
C. Analysis
D. All of the above - Answer All The Above
True or False: An appointed agent may disclose to the agency's Designated Broker confidential
information of a client for the purpose of seeking advice or assistance for the benefit of the
client in regard to a possible transaction. - Answer TRUE
