Maine Real Estate License fully solved graded A+ 2023/2024

Maine Real Estate LicenseWho is an employer responsible for directing a(n) as to both what is to be done and how it is to be done? - correct answer Employee Real estate licensees almost always sign an Independent Contractor Agreement with their company they are called what? - correct answer Independent Contractors Every real estate brokerage adopts this document that identifies and describes the types of real estate brokerage relationships in which the broker and affiliated licensees may engage? - correct answer Written Company Policy Is a written company policy a requirement in Maine? - correct answer Yes License laws and rules apply to ALL licensees within the state, whereas the NAR _______ applies only to those who join the REALTOR® organization. - correct answer Code of Ethics Each market has a system whereby each company can promote its listed properties to other companies who may have a buyer for its properties. The purpose of these __________ is to facilitate the bringing together of sellers and buyers in a market. - correct answer Multiple Listing Services (MLS) If you choose to become affiliated with a broker who is a member of a franchise, you will probably be expected to __________ for that membership that is often in addition to the standard fees brokerages in your area charge licensees. - correct answer Pay A Fee A __________ is someone who owns an unincorporated business by himself or herself, and is personally liable for the debts of the business. - correct answer Sole Proprietor The legal structure of a(n) __________ provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. All profits and losses are "passed through" the business to each member. - correct answer LLC When a __________ partnership is formed, there are one or more general partners who accept personal liability for the partnership and the other partners are limited partners. Limited partners are NOT personally responsible for the debts unless they participate in management of the partnership. - correct answer Limited A __________ is a business entity that is perpetual and survives the lives of any of its shareholders. A Board of Directors manages the business and Officers are responsible for it daily operations. Shareholders who are not involved in the daily operations simply own stock shares are not personally responsible. - correct answer Corporation You are the __________ in a real estate transaction if you are the licensee that started a chain of events that went unbroken, resulting in the closing. NOTE: For example, you are the licensee who brought a buyer to see a property. You assisted this buyer in preparing, presenting and negotiating the offer. You oversaw the process (getting a mortgage, having a home inspection, etc.) until the time of closing. - correct answer Procuring Cause The brokerage industry considers each real estate transaction to have two sides: the Seller's side (called the __________) and the Buyer's side (called the __________ ). NOTE: You will see industry statistics that say something like "top listing agent in Cumberland County." This means they have more sellers than anyone else. Likewise, your agency might have an annual award for the top selling agent. This is the licensee who brought the most buyers to the closing table. - correct answer The Seller's side is called the Listing Side. The Buyer's side is called the Selling Side. Fair competition means that companies cannot "fix their prices," that is, have an agreement among brokerages in a market area to set their prices. The law requires each company to establish its own __________ independent of all others. - correct answer Fee Structure The EEOA of 1995 prohibits discrimination against a __________ because of the person's race, color, religion, sex (including pregnancy), national origin, age (40 or older), disability or genetic information. NOTE: This law has no effect on real estate transactions; rather it governs some employer/employee relationships such as those between a brokerage agency and its administrative staff (who are employees, not independent contractors). - correct answer Job Applicant or Employee