Maine Real Estate Prep Exam Questions And Answers 2024.

Maine Real Estate Prep Exam Questions And Answers 2024.Who supervises the activities of affiliated licensees, the activities of the unlicensed persons affiliated with the agency (for example, the administrative staff), and the operation of the agency? - correct answer The Designated Broker Designated Broker - correct answer Supervises activities of affiliated licensees, the activities of unlicensed persons affiliated with the agency, (for example, the administrative staff), and the operation of the agency. For how many days must the designated broker review and initial documents prepared by a sales agent licensee for buyers and sellers? - correct answer For 90 days after the licensing of the sales agent with the agency. If the sales agent licensee moves to another agency, the clock starts ticking again for 90 days. When must earnest money be deposited into the agency's trust account? - correct answer Within 5 business days of acceptance of the offer. How much of the agency's money may be in the trust account in order to keep the account open? - correct answer No more than $500. If there is no dispute over the return of the earnest money deposit to the buyer, when may the designated broker distribute the money? - correct answer No sooner than 5 business days after notifying both parties. A contract falls apart and the buyer and seller are disputing the disposition of the earnest money. The designated broker notifies each party, in writing, of the demand of the other party. If the designated broker makes a decision about the earnest money disposition, he may not distribute the money until how many days of notifying each party of his decision? - correct answer No sooner than 5 business days. For how long must the designated broker retain rejected offers or counter-offers? - correct answer One year from the date of rejection.