Maine Real Estate Law Exam- Question with Complete Solutions 2023

A client must be informed as to the real estate brokerage agency's appointed agency policy and: - Answer Give written consent to that policy in advance of entering into a brokerage agreement. A disclosed dual agent may disclose any information to one party that the licensee gains from the other party if the information is relevant to the transaction except: - Answer Confidential negotiating strategy not disclosed in the sales offer as terms of the sale. The Maine Real Estate Commission may not impose disciplinary sanctions when a person is guilty of: - Answer Innocent misrepresentation. Joanna has been an active associate broker licensee in Maine for 7 years. She may: - Answer Serve on the Maine Real Estate Commission as an industry member. The Real Estate Brokerage Relationship Form #3 does not need to be provided by a licensee to a prospective buyer: - Answer Interested in purchasing land without a residential dwelling unit. A licensee must provide a copy of a newly signed listing agreement to his or her designated broker within: - Answer 5 calendar days after execution of the document. A buyer's agent anticipates receiving a bonus of $3000 from the seller of a property. Which of the following is true? - Answer The buyer's agent must disclose this bonus in writing to the buyer client. To apply for an associate broker license, the licensee must: - Answer Attend 60 hours of training. The maximum amount of time that a listing agreement may "carry over" is: - Answer 6 months. Which government entity has jurisdiction over zoning for over 10 million unincorporated acres in Maine? - Answer LUPC George is a licensee who is convicted of embezzlement of funds from his employer. George must: - Answer Report his conviction to the Maine Real Estate Commission within 10 days. An auctioneer needs a real estate license to: - Answer Take custody of the earnest money from the winning bidder. An attorney must hold a real estate license if: - Answer The attorney is regularly engaged in real estate brokerage. Jill wants to install a septic system on her lakefront property. The property must: - Answer Have at least 100 feet of frontage on the lake. Andrew is a veteran of World War II. He may be eligible for a property tax exemption of: - Answer $6000. Jenny wants to apply for a sales agent license. She must be: - Answer At least 18 years old. Peter's sales agent license expires on June 30. Which of the following is true? (Which is the BEST answer?) - Answer He can apply for a one year extension due to documented extenuating circumstances. What words must be imprinted on a trust account check? - Answer Real Estate Trust Account. A location where business is regularly conducted or that is advertised as where the public may contact the real estate brokerage agency is called a: - Answer Branch office. What type of location must every real estate brokerage agency maintain? - Answer A fixed and definite place of business. How many people serve on the Maine Real Estate Commission? - Answer 6 Sally is a sales agent licensee at the Sunshine Real Estate Company. Which of the following is true? - Answer Sally's designated broker must review and initial her market analyses for her first 90 days at Sunshine Real Estate Company. The minimum size lot required for a single family residence to have a septic system is: - Answer 20,000 square feet. A licensee is required to provide copies of contracts to all parties: - Answer At the time of their signatures. Edward is selling his property that is totally located in a shoreland zone. The property includes a septic system. What must Edward provide to the buyer? - Answer A written statement as to whether or not the septic system has malfunctioned during the 180 days prior to closing Jenny wants to build a garage on a piece of land that borders a great pond. The garage would be 200 feet away from the normal high