Maine Quiz 1 with complete solutions 2023/2024

Maine Quiz 11. In Maine, a person without a real estate license may: A. Receive a referral fee. B. Receive compensation for finding a buyer for a piece of property. C. Sell a relative's house and receive a fee not to exceed 5%. D. Call bids at a real estate auction. - correct answer Your answer: D. Call bids at a real estate auction. 2. Under Maine law, "real estate brokerage' means: A. The full-time practice of real estate over a two year period. B. To act solely for the client of a real estate agency to the exclusion of other affiliated licensees. C. A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation. D. Any entity providing real estate services including property management and leasing. - correct answer Your answer: C. A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation. 3. In Maine an agency that has a company policy that permits disclosed dual agency must provide a disclosed dual agency consent agreement to: A. The seller as an addendum to the Purchase and Sale Agreement. B. Prospective clients at the time of entering into a brokerage agreement. C. The Real Estate Commission when opening a new real estate agency. D. The settlement agent at closing. - correct answer B. Prospective clients at the time of entering into a brokerage agreement. 4. In Maine, property disclosure must be: A. Signed by the seller. B. Signed by the agent of the seller. C. Available on the Multiple Listing Service. D. In writing. - correct answer D. In writing. - Property disclosure must be provided in writing. Maine law does not require anyone to sign the disclosure. However, most designated brokers require the signature of the seller. 5. Jill lists a convenience store with an apartment on the second floor. The property is served by well water. Jill must ask the seller for disclosure information on: A. The location of the private water supply. B. Gross annual income of the convenience store. C. The intent of the seller to offer seller financing. D. How long the seller has operated a store on the property. - correct answer Your answer: A. The location of the private water supply. 6. Which of the following must a buyer agent disclose to his client regarding the heating system in a residential property? A. The current price per gallon for heating fuel B. The advisability of replacing electric baseboard heat C. Malfunctions within the past two years D. Malfunctions during the time the seller owned the property - correct answer Your answer: C. Malfunctions within the past two years 7. In Maine, information regarding the location of a leach field must be disclosed to the buyer: A. Prior to or during the preparation of the offer. B. At the time of the septic inspection. C. Only if requested in the Purchase and Sale Agreement.