Maine Real Estate License Practice Exam Questions And Answers With Verified Solutions Graded A+

. Mark Swanson from Skowhegan has a Sales Agent license in the state of Maine that will expire on September 30. Which of the following is true? a. He must stop practicing real estate of October 1 b. He may apply for a Broker's license as long as he completes the course prior to or on November 30 c. He must complete the required education for an Associate Broker's license prior to or on September 30 d. He can apply for a one year extension due to documented extenuating circumstances - d. He can apply for a one year extension due to documented extenuating circumstances . The Designated Broker is responsible for having a written company policy that covers the topic of? a. How the commission split works and how commissions are paid b. Timing of the mandatory sales meeting and required office dress code c. Types of relationships the agency engages in such as Appointed Agency, Disclosed Dual Agency, Seller Agency, Buyer Agency and Subagency d. How the agency will pay all outstanding and future IRS liabilities of the agent - c. Types of relationships the agency engages in such as Appointed Agency, Disclosed Dual Agency, Seller Agency, Buyer Agency and Subagency .15. The Maine Real Estate Commission requires that heating system disclosures be presented to the buyer in writing: a. Prior to, or during the preparation of an offer b. At the time when the information is given to a selling agent by the listing agent c. Prior to the seller signing the deed d. Prior to the buyer signing all financing documents - a. Prior to, or during the preparation of an offer10 Shayna Gartman listed a convenience store in Lebanon with an apartment on the second floor. Shayna must ask the seller for disclosure information on: a. Location of the private water supply b. Gross annual income of the convenience store c. The intent of the seller to offer seller financing d. How long the seller has operated a store on the property - a. Location of the private water supply 11 In Maine, property disclosure must be: a. Signed by the Seller b. Signed by the licensees to the transaction c. Available on MLS d. In writing - d. In writing 12 Which of the following must a buyer agent disclose to his client regarding the heating system of a residential property? a. The current price per gallon for heating fuel b. The advisability of replacing baseboard heat c. Malfunctions within the last two years d. Malfunctions during the time the seller owned the property - c. Malfunctions within the last two years 13 Information regarding the location of a leach field must be disclosed to the buyer: a. Prior to or during the preparation of an offer b. At the time of septic inspectionc. Only if requested in the Purchase and Sales agreement d. Orally during the initial showing of the property - a. Prior to or during the preparation of an offer 14 The seller has no information or knowledge regarding hazardous waste on his residential property. Which statement is true? a. The agent should refuse to take the listing b. Previous owners of the property should be interviewed by the agent of the seller c. The fact that information regarding hazardous material is not available shall be conveyed orally d. The fact regarding hazardous material is not available shall be conveyed in writing - d. The fact regarding hazardous material is not available shall be conveyed in writing 16 A licensee when listing a property that includes any residential unit, shall ask the seller if they have any knowledge of which of the following hazardous materials: a. Asbestos b. Radon c. Underground storage tanks d. All of the above - All of the above - asbestos - radon - underground storage tanks 17 In Maine, all 1-4 units, residential listing contracts shall: a. Be in writing and signed by the person to be charged b. Provide a date of expiration which is 6 months from now c. Include the social security number(s) of the seller(s) d. All of the above - Be in writing and signed by the person to be charge