Maine Real Estate Exam questions with answers 2023.2024

Maine Real Estate Exam An employer is responsible for direction a ( ) as to both what is to be done and how it is to be done - correct answer employee Real estate licensees are almost always ( ) with their company - correct answer independent contractors Every real estate brokerage should adopt a ( ) that identifies and describes the types of real estate brokerage relationships in which the broke and affiliated licenses may engage - correct answer written company poilicy license laws and rules apply to all licensees within the state, whereas the NAR ( ) applies only t 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 the market. - correct answer multiple listing services (MLS) if yu choose to become affiliated with a broker who is a member of a franchise, you will probably be expected to ( ) for that membershipi 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 propietor the legal structure of a ( ) provides the limited liability featurs 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. - correct answer limited partnership limited partners are NOT responsible for - correct answer debts unless they participate in management of the partnership 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 its 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 yuo are the licensee that started a change of events that went unbroken, resulting in the closing. EX: 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 until the time of closing - correct answer procuring cause fair competition means that companies cannot "fix their prices," that is, have an agreement among brokerages ina 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 personas race, color, religion sec, natural origin, age, disability or genetic information - correct answer job applicant or employee independent contractor - correct answer decides when to do it, how to do it, what tools to use National Association of Realtors (NAR) - correct answer an association of real estate companies and sales associates from across the coutry verse .org - correct answer org = eductional resources .com = developed by NAR where properties around the country can be accessed sole propietor - correct answer someone who owns an unincorporated business by himself Limitied-Liability Company (LLC) - correct answer A company in which each member is only liable for his or her own actions.