Maine Real Estate Exam Questions with 100% Correct Answers

The maximum security deposit a landlord may take on is - Answer-Up to two months rent Which real estate player estimates the value of real property? - Answer-Appraiser When doing a CMA (Comparative Market Analysis) a licensee must reconcile the adjusted prices of the comparable. This means: - Answer-Exercising professional judgement to find a final estimate of value An owner-occupied three-family property is being sold. There are tenants in two of the units. The Purchase and Sale Agreement states that the two tenants will remain in possession of their units until the end of their respective leases, and that possession and occupancy of the owner's unit will be given at closing. This means that: - Answer-The owner's unit will be vacant, while the other two tenants will remain until their lease runs out The Maine Real Estate Commission allow a licensee to disclose the terms of a contract to someone not a party of the contract: - Answer-If there is written permission from both the buyer and seller to the director of the commision Protected classes under the Federal Fair Housing Law include: - Answer-Race Which of the following elements is NOT necessary for a valid and enforceable real estate purchase and sale agreement? - Answer-Time is of the Essence Clause According to the Maine Real Estate Commission rules, who's signature must appear on the property disclosure form? - Answer-No signatures are required Most fiduciary duties of an agent to a client terminate when the closing takes place. The duty of confidentiality: - Answer-With few exceptions, survives the agency relationship In an organized town in Maine, an owner or builder planning on building or altering a structure needs a permit from the: - Answer-Code Enforcement Officer Real Estate is defined as: - Answer-Land and more or less everything permanently attached to it A verbal agreement between a buyer and seller of real estate is considered: - Answer-Unenforceable Which of the following informs consumers of real estate services about how the real estate brokerage agency works in Maine - Answer-A form developed by the Maine Real Estate Commission known as Real Estate Brokerage Form (Form #3) Where a licensee has an agency relationship with a client, their most important duties are owed to: - Answer-The client Peter, Paul and Mary are joint tenants. Mary sells her interest to Glenn. What is true? - Answer-Peter and Paul are now tenants in common In Maine, which of the following requires a real estate license: An attorney selling real estate as part of settling an estate, An assistant who does data entry for a licensee but does not work with clients, an auctioneer who calls bids at an auction of real estate but does not take possession? - Answer-