Maine Real Estate Exam fully solved 2023/2024

Maine Real Estate ExamWhat is dual agency - correct answer Dual agency is a situation where one or more licensee(s) (or one agency) represent(s) two clients whose interests are adverse Why would an agency decide to practice under the Appointed Agency Concept - correct answer A company might decide to practice Appointed Agency where it believes that one license can represent the seller and another can represent the buyer and the agency can handle both sides of the transaction What is a transaction broker? How is a transaction broker different from an agent? - correct answer A transaction broker has no fiduciary duties to the buyer or seller. Therefor it is illegal for a transaction broker to give advice to a buyer or seller What services is a transaction broker allowed to provide to a customer? - correct answer A transaction broker can provide services that are "informative and clerical" in nature. Though a written agreement is not necessary, what are the advantages of having a transaction brokerage agreement in writing? - correct answer A written agreement will, presumably, have a clause that provides a starting date, ending date, and most importantly from the licensee's point of view, a statement about commission to be paid When are real estate licensees required to hand out the Real Estate Brokerage Relationships Form? - correct answer Where there is a substantive conversation (communication) about a real estate transaction Who is most likely to read the agency policy? Sales associates, customers and clients? - correct answer Sales Agents must understand the services allowed by the agency What information can a transaction broker provide to a customer? - correct answer A transaction broker can provide Comparable Market Data, comparative information about sales but the transaction broker may NOT provide analysis What is a "net listing"? Why are they illegal - correct answer A net listing is one where the seller gets the "net proceeds" and the licensee gets to keep all money in excess of that "net". Net listings are illegal because they create a situation where the licensee may hold out for a greater commission when his/here duty is to the seller... to get the property sold on terms advantageous to the seller, not the licensee Assume you are licensed to ABC Realty. Your best friends, Josh and Genny have listed their property with XYZ Realty. According to rule 410.10, under what circumstances can you talk to them about listing their property? - correct answer You may talk to them about their listing when they come to you. You may not approach them to solicit their listing, or the listing from sellers who have an active listing agreement with another company Whose duty is it to complete the property disclosure form? - correct answer Listing licensee. If there is no listing licensee, or disclosure information is incomplete, then the selling licensee must do it Is it a good idea to ask the seller to complete it? If not, why not? - correct answer No. Seller has never seen this form and does not know what is required. Also, it is the licensees duty, not the sellers duty Should a licensee leave blanks on the form if he/she doesn't know the answer? - correct answer No blanks, If the answer is not known, the form should be marked "unknown" to show that the issue was addressed by licensee What should a licensee do if he/she doesn't know the answer to a question on a disclosure form? - correct answer Mark it "unknown" If the buyer representation agreement has not been signed, can the licensee give advice on the property - correct answer The licensee is a transaction broker without the buyer representation agreement signed , according to the license law, he is prohibited from giving advice, A former computer consultant, now had his real estate license. He put his computer skills to use in severals. For example, he did all his work on his computer, stored all documents "in the cloud" and never printed a piece of paper. Any Violations here? - correct answer The MREC Rules in chapter 400 and 410 require that give copies to those who sign documents, and copies to his DB who must keep them for 3 years. If he is keeping these in his private cloud, this is a violation. Electronic copies to his DB and to the clients would be acceptable, however.