Maine Real Estate Law Exam Prep! Study Guide Question and Answers with Complete Answers

In Maine, a person without a real estate license may: - Answer-Call bids at a real estate auction. Under Maine law, "real estate brokerage' means: - Answer-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: - Answer-Prospective clients at the time of entering into a brokerage agreement. In Maine, property disclosure must be: - Answer-In writing Jill lists a convenience store with an apartment on the second floor. Jill must ask the seller for disclosure information on: - Answer-The location of the private water supply. Which of the following must a buyer agent disclose to his client regarding the heating system in a residential property? - Answer-Malfunctions within the past two years In Maine, information regarding the location of a leach field must be disclosed to the buyer: - Answer-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: - Answer-For a property with less than 1 or more than 4 residential dwelling units. If the licensee is acting solely as a principal, not as an agent for another. When the written communication from the licensee is a solicitation of business. In Maine, a seller agent's obligations to his or her client would include: - Answer-Presenting additional offers after the property is securely under contract with a confirmed closing date. A Maine licensee shall disclose, in the offer to purchase, that the licensee is acting in self interest and that she is a real estate licensee EXCEPT when: - Answer-Selling her own primary residential home. When it comes to assuring good title, Maine is a: - Answer-Race Notice state. The best way for a licensee to determine the boundaries of a property is to: - Answer-Have the property surveyed by a licensed surveyor. In Maine, when must a licensee furnish various documents, including copies of offers, counteroffers and all types of contracts to a consumer? - Answer-At the time of their signatures The Maine Real Estate Commission requires that heating system disclosures be presented to a buyer: - Answer-Prior to or during the preparation of an offer. An applicant for a Maine Sales Agent license must be which of the following? - Answer-High school graduate or equivalent A Maine Sales Agent license is good for two years and: - Answer-The licensee must complete the requirements to upgrade the license before the end of two years. Who is required to hold an active real estate license in order to be compensated for selling real estate on behalf of another? - Answer-An attorney who frequently lists and sells property for his clients as a regular part of his practice A designated broker in Maine is: - Answer-Responsible for the brokerage activities of anyone in her real estate brokerage agency. If a licensee affiliates with a real estate brokerage agency that directs all real estate activities, provides a salary or wages, offers benefits, and controls the licensee's working hours, breaks and vacation then the licensee is a(n): - Answer-Employee. Betty wants to purchase a seasonal property with an onsite sewage disposal system in a shoreland zone and convert it to her year-round residence. As her agent, you advise her to first: - Answer-Contact the local plumbing inspector and apply for a seasonal conversion permit. Under the Natural Resources Protection Act (NRPA), generally a permit is required prior to the start of any construction or land alteration: - Answer-Within 75 ft. of a protected natural resource. Which law requires review of developments that may have a substantial effect upon the environment and occupy more than 20 acres? - Answer-Site Location of Development Law The Shoreland Zoning Law is primarily administered through: - Answer-Each municipality.