Maine Real Estate License Practice Exam with Complete Answers (Graded A+)

The Maine Real Estate Commission has the power to: a. Suspend or revoke a real estate license b. Impose a criminal penalty of up to $10,000 and one year in jail c. Do nothing, all penalties must be decided in court d. Set fees of any amount - Answer-a. Suspend or revoke a real estate license The Maine Real Estate Commission has the power to: a. Impose fines on licensees in violation of the law b. Require sellers to make property disclosures c. Have buyers sign buyer agency agreements d. Take the licensees commission away for no just cause - Answer-a. Impose fines on licensees in violation of the law The Maine Real Estate Commission may not impose disciplinary sanctions when a person is guilty of: a. Innocent misrepresentation b. Puffing c. Class A, B or C crime d. Concealment of pertinent information - Answer-a. Innocent misrepresentation Iris Clover has been an active Associate Broker licensee in Maine for nine years. She may a. Open her own real estate brokerage company b. Serve on the Maine Real Estate Commission as an industry member c. Not apply for the broker license for 1 more year d. Not provide a broker price opinion for a bank - Answer-b. Serve on the Maine Real Estate Commission as an industry member The Maine Real Estate Commission has how many members? a. 4 b. 6 c. 5 d. 7 - Answer-B. 6 The Maine Real Estate Commission has how many industry members? a. 2 b. 4 c. 6 d. 8 - Answer-B. 4 A licensee may lose their license for conduct which shows a. Dishonesty b. Dealing in bad faith c. Incompetency d. All of the above - Answer-D. All of the above. Dishonest, dealing in bad faith, incompetency Leo Allster is a licensee who was convicted of embezzlement of funds from his Designated Broker. Leo must a. Report his conviction to the Maine Real Estate Commission within ten days b. Surrender his real estate license immediately c. Pay a $2,000 fine to the Maine Real Estate Commission d. Secure independent errors and omissions insurance to continue to practice in Maine - Answer-a. Report his conviction to the Maine Real Estate Commission within ten days Which of the following is not a function of the Maine Real Estate Commission? a. Determine the type of agency relationships that a company will practice b. Conduct hearings c. Establish the fees it will charge d. Adopt rules governing the practice of real