Maine Real Estate License Practice Exam PART 1 with Correct Solutions

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 - ANSWER-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 - ANSWER-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 - ANSWER-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 - ANSWER-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 - ANSWER-a. Innocent misrepresentation