Maine real estate question n answers rated A+ 2023/2024

Maine real estateThe four industry members on the Maine Real Estate Commission are - correct answer Licensees who have held broker or associate broker licenses for five years The Maine Real Estate Commission has the power to - correct answer Suspend or revoke a real estate license In Maine a person without a real estate license may - correct answer Call bids at a real estate auction Under Maine laws and rules "real estate brokerage" means - correct answer A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation In Maine the designated broker must - correct answer Review and initial all disclosure forms prepared by a sales agent during the first 90 days of the licensing of the sales agent with the agency In Maine an agency that has a company policy that permits disclosed dual agency must provide a disclosed dual agency consent agreement to - correct answer Prospective clients at the time of entering into a brokerage agreement James is the agent of the sellers Mr. and Mrs. Brown. On October 12 James presents an offer to the Browns and the offer is accepted. The property is"under contract" with a closing date of November 30. On October 27 a buyer's agent delivers another offer for the Browns' house to James. What must James do? - correct answer Present the offer to the Browns The parties of a real estate contract agree to deposit the earnest money in an account other than the listing agency's trust account. Which of these statements is correct? - correct answer The listing agency is not responsible as trustee The designated broker must maintain records of her trust account - correct answer a. For at least three years following consummation of a transaction In Maine property disclosure must be: - correct answer In writing Jill listed a convenience store with an apartment on the second floor. Jill must ask the seller for disclosure information on: - correct answer The location of the private water supply Which of the following must a buyer agent disclose to his client regarding the heating system in a residential property? - correct answer Malfunctions within the past two years Information regarding the location of a leach field must be disclosed to the buyer: - correct answer Prior to or during the preparation of an offer The seller has no information or knowledge regarding hazardous waste on his residential property. Which statement is true? - correct answer The fact that information regarding hazardous material is not available shall be conveyed in writing In Maine which of the following is INCORRECT regarding the payment of a real estate commission? - correct answer A listing Agent can receive an additional commission amount from the buyer without disclosing that fact to the seller In Maine what statement best describes what a licensee should do when rendering an opinion of value to a client: - correct answer Make a careful and thorough analysis and interpretation of all factors effecting the value of real estate In Maine a licensee is not required to provide a copy of the agency relationship Form #3 to a prospective buyer or seller: - correct answer For a property with less than 1 or more than 4 residential dwelling units, If the licensee is acting solely as a principal, not as an agent for another, When written communication from the licensee is a solicitation of business In Maine all written brokerage agency contracts shall include: - correct answer A provision establishing the amount of compensation to be paid b. The method by which any compensation is to be calculated c. When and how any commission shall be earned