Maine Real Estate Law Exam Prep Study Study Questions & Answers Already Graded A+

A buyer is "under contract" to purchase a property. The subagent of the listing agency finds out that the buyer just lost his job. What is the duty of the subagent? - Inform the listing agency A condo association uses its By Laws to: - Govern the day-to-day operations of the condo association A designated broker in Maine is: - Responsible for the brokerage activities of anyone in her real estate brokerage agency. A Maine licensee shall disclose, in the offer to purchase, that the licensee is acting in self interest and that she is a real estate licensee EXCEPT when: - Selling her own primary residential home. A Maine Sales Agent license is good for two years and: - The licensee must complete the requirements to upgrade the license before the end of two years. A new lot that abuts a lake, pond, stream or river must have how many feet of shorefront? - 100 feet A transaction broker must disclose: - Material defects of the property An applicant for a Maine Sales Agent license must be which of the following? - High school graduate or equivalent Any person transferring property with a subsurface waste water disposal system located within the shoreland area must provide to the buyer a written statement by the seller as to whether the system has malfunctioned during the 180 days preceding the date of: - The closing.Betty wants to purchase a seasonal property with an onsite sewage disposal system in a shoreland zone and convert it to her year-round residence. As her agent, you advise her to first: - Contact the local plumbing inspector and apply for a seasonal conversion permit. Bill purchases his neighbor's farmhouse and learns there is a metal underground storage tank on the property. Bill has 10 days to: - Notify the Department of Environmental Protection of the change in ownership. Condominium associations must furnish a certificate containing the information required for the unit owner to comply with the Maine Condominium Act: - Within 10 days of the request of the unit owner. Disclosure of material defects of the property must be made to: - The Buyer During the time that Beth has 55 Lilac Road as a listing, she learns that the septic system has failed. The seller will not be repairing it. What must Beth do? - Amend the property disclosure form Except in the case of an emergency, how many hours notice must a landlord give a tenant before entering the tenant's apartment? - 24 hours