Maine Real Estate License Practice Exam part 2 2023/2024

Maine Real Estate License Practice Exam part 2 65 Marsha and Paula both work for Undertow Realty in Castine. The Designated Broker has decided to practice appointed agency at Undertow Realty. Marsha is the appointed agent to the seller at 68 Puffin Lane. Paula is appointed to the buyers. Which of the following statements is true? a. Marsha and Paula both work for Undertow Realty, therefore they are in dual agency and must disclose that fact, in writing to both the seller and the buyers. b. Only Marsha must disclose dual agency as she repre - correct answer d. Neither Marsha or Paula are in disclosed dual agency .66. Walter is representing the seller at 65 Croftbridge Road in Camden. His marketing brings the buyers to the transaction. His company practices appointed agency. Which of the following is true? a. Walter is the agent of the seller and the transaction broker to the buyer b. Walter is acting as a dual agent and must disclose this in writing to both the buyer and the seller c. Since Walter's company practices appointed agency, he must appoint another agent to the buyer d. Walter is the subag - correct answer b. Walter is acting as a dual agent and must disclose this in writing to both the buyer and the seller 67 Lester Dowdy has a listing at 77 Olde England Road in Gray. During the time he has the listing, he discovers that the septic system has failed. The seller does not have the money and will not be repairing the septic since this is only a vacation home. What is Lester required to do? a. Amend the property disclosure form b. Since the buyer will most likely do a home inspection, Lester can wait until discovery c. Immediately terminate the listing d. Respect the confidentiality of the seller - correct answer a. Amend the property disclosure form 68 How long must the Designated Broker keep copies of rejected offers and counter offers? a. 3 years b. 7 years c. 1 year d. 36 months - correct answer c. 1 year 69 Elizabeth walks into the real estate office of Happy Homes on Main Street in Bar Harbor. She meets with Warren, an agent with Happy Homes. Happy Homes does practice appointed agency. Warren is not the appointed agent to Elizabeth but she asks to see a property from him that is listed with Happy Homes. Who is Elizabeth to Warren? a. Seller agent b. Buyer agent c. Transaction broker d. Unrepresented third party - correct answer d. Unrepresented third party 70 Bernard Harris is under contract to purchase a home in Turner. His appointed agent, Crystal, leaves Green Leaves Real Estate to affiliate with New Beginnings Properties. What is the status of his contract? a. The contract stays with the original company, Green Leaves Real Estate b. The contract moves to New Beginnings Properties with Crystal c. The contract is null and void and all deposits must be returned within 5 days d. The contract becomes voidable - correct answer a. The contract stays with the original company, Green Leaves Real Estate Section 3 - Law of Agency/Brokerage (12) 1. The licensee represents a buyer client who wants to purchase a small 6 unit commercial South Portland property that she can rent out for retail in 2 units on the lower level and 4 units for small start up internet companies on the second floor. The property consists of 3,200 sqft per floor and was built in 1996. Which of the following statements is true in regards to the Americans with Disabilities Act