Maine Real Estate Law Questions and Answers 100% Pass

Maine Real Estate Law Questions and Answers 100% Pass A client must be informed as to the real estate brokerage agency's appointed agency policy and: Give written consent to that policy in advance of entering into a brokerage agreement. A disclosed dual agent may disclose any information to one party that the licensee gains from the other party if the information is relevant to the transaction except: Confidential negotiating strategy not disclosed in the sales offer as terms of the sale. The Maine Real Estate Commission may not impose disciplinary sanctions when a person is guilty of: Innocent misrepresentation. Joanna has been an active associate broker licensee in Maine for 7 years. She may: Serve on the Maine Real Estate Commission as an industry member. The Real Estate Brokerage Relationship Form #3 does not need to be provided by a licensee to a prospective buyer: Interested in purchasing land without a residential dwelling unit. A licensee must provide a copy of a newly signed listing agreement to his or her designated broker within: 5 calendar days after execution of the document. A buyer's agent anticipates receiving a bonus of $3000 from the seller of a property. Which of the following is true? The buyer's agent must disclose this bonus in writing to the buyer client. To apply for an associate broker license, the licensee must: Attend 60 hours of training. The maximum amount of time that a listing agreement may "carry over" is: 6 months. Which government entity has jurisdiction over zoning for over 10 million unincorporated acres in Maine? LUPC George is a licensee who is convicted of embezzlement of funds from his employer. George must: Report his conviction to the Maine Real Estate Commission within 10 days. An auctioneer needs a real estate license to: Take custody of the earnest money from the winning bidder. An attorney must hold a real estate license if: The attorney is regularly engaged in real estate brokerage. Jill wants to install a septic system on her lakefront property. The property must: Have at least 100 feet of frontage on the lake. Andrew is a veteran of World War II. He may be eligible for a property tax exemption of: $6000. Jenny wants to apply for a sales agent license. She must be: At least 18 years old. Peter's sales agent license expires on June 30. Which of the following is true? (Which is the BEST answer?) He can apply for a one year extension due to documented extenuating circumstances. What words must be imprinted on a trust account check? Real Estate Trust Account. A location where business is regularly conducted or that is advertised as where the public may contact the real estate brokerage agency is called a: Branch office. What type of location must every real estate brokerage agency maintain? A fixed and definite place of business. How many people serve on the Maine Real Estate Commission? 6 Sally is a sales agent licensee at the Sunshine Real Estate Company. Which of the following is true? Sally's designated broker must review and initial her market analyses for her first 90 days at Sunshine Real Estate Company. The minimum size lot required for a single family residence to have a septic system is: 20,000 square feet. A licensee is required to provide copies of contracts to all parties: At the time of their signatures. Edward is selling his property that is totally located in a shoreland