Maine Laws TRELG questions with 100% correct answers graded A+

Maine Laws TRELGIn 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 D. An unlicensed person may call bids at a real estate auction. 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. - correct answer C. The definition of real estate brokerage is a single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation. 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. 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. 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. Jill lists a convenience store with an apartment on the second floor. 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 A. The location of the private water supply. Since there is a residential component to the property, the licensee must ask the seller about the private water supply. 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 C. Malfunctions within the past two years 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. D. Orally during the first showing of the property. - correct answer A. Prior to or during the preparation of the offer. In Maine, a licensee is NOT required to provide a copy of the Real Estate Brokerage Relationships Form to a prospective buyer or seller: A. For a property with less than 1 or more than 4 residential dwelling units. B. If the licensee is acting solely as a principal, not as an agent for another.