MAINE REAL ESTATE LICENSE PRACTICE EXAM . COMPLETE EXAM QUESTIONS WITH CORRECT ANSWERS. A+ GRADED.

MAINE REAL ESTATE LICENSE PRACTICE EXAM . COMPLETE EXAM QUESTIONS WITH CORRECT ANSWERS. A+ GRADED. Section 1 - Maine Real Estate Commission (2) The primary function of the Maine Real Estate Commission is? A. Enforce the rules and regulations by holding hearings on complaints B. Issue real estate licenses to qualified candidates C. . Promote public confidence in the real estate industry D. Oversee audits and continuing education of practicing licensees - C. Promote public confidence in the real estate industry The industry members on the Maine Real Estate Commission are: a. Citizens with no connection to the real estate business b. The director of the real estate commission and three legislators c. Designated brokers from four different counties d. Licensees who have held a broker or associate broker license for a minimum of five years - D. Licensees who have held a broker or associate broker license for a minimum of five years 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 - 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 - 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 - 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 - b. Serve on the Maine Real Estate Commission as an industry member The Maine Real Estate Commission has how many members? c. 5 d. 7 - B. 6 The Maine Real Estate Commission has how many industry members? c. 6 d. 8 - 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 - 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 - 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 estate - a. Determine the type of agency relationships that a company will practice The Director of the Maine Real Estate Commission is responsible for which of the following: a. Initiating disciplinary action and fining licensees for prohibited conduct b. Determining protocol and conducting the Maine Real Estate Commission meetings c. Making rules and policy in regards to Maine real estate law d. Managing the Commission affairs - d. Managing the Commission affairs For how many years is an Associate Broker license valid for: c. 4 d. 5 - B. 2 How many continuing education credits must a licensee complete within a two year period to renew an Associate Broker or Broker license in Maine? a. 9 b. 12 c. 18 d. 21 - D. 21 How old must a candidate be to apply for a Sales Agent license in the state of Maine? a. 18 with a high school diploma or GED b. 21 with a college degree in real estate c. 18 and a permanent resident of Maine d. 21 and a high school graduat - a. 18 with a high school diploma or GED . 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 Maine Real Estate Commission has how many public members? c. 3 d. 6 - B. 2 How many days does a licensee have to inform the Maine Real Estate Commission about a change in home address? a. 5 days b. 10 days c. 30 days d. At time of next renewal - b. 10 days