Maine Real Estate Sales Agent Course - Chapter 1 verified to pass

Maine Real Estate Sales Agent Course - Chapter 1What does the MREC stand for ? - correct answer Maine Real Estate Commission When was the MREC established and by what act? - correct answer Act of Maine Legislature in 1937 What is the policy/mission of the MREC? - correct answer supervise licensees "in a manner to ensure that they meet standards which will promote public understanding and confidence in the business of real estate brockerage" What are the six tools the MREC uses to supervise licensees? - correct answer 1.) Sets education standards 2.) Issues licensees 3.) Issues advisory rulings 4.) Makes rules 5.) Investigates complaints 6.) Holds hearings and issues disciplinary action for transactions What are the personal requirements of for getting a Maine Real Estate license? - correct answer Age 18+, high school education or equivalent, reputation for honesty and fair dealing and competency, criminal background check What are three different licenses issued to people who practice real estate in Maine? - correct answer Sales agent, associate broker and broker What are the professional criteria for getting a Sales Agent's license? - correct answer Complete the Sales Agents Course with a grade of 75 or better Pass the state exam with a grade of 75 or better Join a real estate company whose Designated Broker (DB) will supervise the SA's work How does a sales agent become an Associate Broker? - correct answer Pass the Associate Broker Course with a grade of 75+ Complete the Documented Field Experience Form How long is an Associate Broker license valid? - correct answer For the remainder of the licensee's career so long as the license is renewed each two years; to renew an Associate Broker License, the licensee must complete 21 hours of continuing education each two years, and pay the renewal fee. What is required to get a Broker license? What can a licensee with a Broker License do that a Sales Agent or Associate Broker may no do? - correct answer After two years' experience as an Associate Broker the licensee may take and pass the Designated Broker Course. With the Broker license, the licensee may serve as the Designated Broker of a real estate agency. What is an Agency License? Why is it so important? - correct answer An Agency License is a license issued to a business entity (proprietorship, corporation, LLC); all real estate is practiced by this licensed business. The entity must have a Designated Broker who is responsible for all the real estate transactions/activities of the agency. All licensees who practice real estate must be affiliated with a licensed agency. In the overwhelming majority of real estate agencies, what is the legal relationship of a sales associate to the agency? - correct answer Independent Contractor What is meant by the term "listing side" of a real estate transaction? - correct answer The listing side of the transaction is the side that involves the seller. List 9 tasks of a Listing Agent - correct answer 1.) Present the Real Estate Brokerage Relationship Form 2.) Gather information about the sellers property 3.) Complete a property disclosure form about the property 4.) Do a Comparable Market Analysis to estimate the market value of the property 5.) Have the seller sign a listing agreement 6.) Advertise the property 7.) Advise the seller during the sales process 8.) Help the seller negotiate the purchase and sale agreement 9.) Advise the seller at closing What is meant by the term "sale side" of a real estate transaction? - correct answer The sale side of the transaction is the side that involves the buyer List 9 tasks of a Buyer Agent? - correct answer 1.) Present Real Estate Brokerage Relationships Form 2.) Qualify the buyer and determine buyers wants and needs 3.) Help the buyer get financially pre-qualified 4.) Find property suitable to the buyer 5.) Deliver property disclosure information to the buyer 6.) Deliver lead Paint booklet 7.) Deliver lead paint disclosure to buyer 8.) Advise buyer in negotiation of purchase and sale agreement 9.) Advise buyer at closing Must each agency have a policies and procedures manual? - correct answer Yes What is meant by "the company fee schedule"? - correct answer The company fee schedule is the statement of how much the company charges for services. What is meant by "the company commission fee schedule"? - correct answer The company commission schedule is the statement of how the company and the affiliated licensee share the fees earned. What does MREIS stand for? - correct answer Maine Real Estate Information Services What is meant by the words "offer to cooperation and compensation"? - correct answer MREIS members who submit these listings are "offering" to cooperate with other members who bring a buyer and to compensate them.