Maine Real Estate test()Questions & Answers 100% Correct!!

For what minimum period of time must a real estate brokerage agency retain copies of rejected offers and counteroffers? A. 1 year B. 2 years C. 3 years D. 5 years - ANSWERNo, rejected offers and counteroffers must be retained for 1 year. A designated broker in Maine is: A. Responsible for the brokerage activities of anyone in her real estate brokerage agency. B. Any licensee with an active Broker license. C. A former licensee who is not actively engaged in the practice of real estate. D. An attorney who assists a client with a real estate transaction. - ANSWERA. Responsible for the brokerage activities of anyone in her real estate brokerage agency. In Maine, when must a licensee furnish various documents, including copies of offers, counteroffers and all types of contracts to a consumer? A. At the time of their signatures B. Within a reasonable amount of time after their signatures C. Prior to depositing any earnest monies in the agency trust account D. Prior to the seller signing the deed - ANSWERA. At the time of their signatures 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: A. Selling her own primary residential home. B. Buying real estate not listed with a real estate agency. C. Buying real estate listed with the licensee's agency. D. Buying real estate and sharing in the brokerage fee resulting from the sale. Your answer: C. Buying real estate listed with the licensee's agency. No, the correct answer is - ANSWERA. When buying property, a licensee is required by Maine law to disclose that she is a licensee In Maine, a licensee is NOT required to provide a copy of the Real Estate Brokerage Relationships Form to a prospective buyer or seller: A. For a property with less than 1 or more than 4 residential dwelling units. B. If the licensee is acting solely as a principal, not as an agent for another. C. When the written communication from the licensee is a solicitation of business. D. All of the above. Your answer: . Yes, this is the correct answer as answers A, B and C are all correct. - ANSWERD. All of the above Under Maine law, "real estate brokerage' means: A. The full-time practice of real estate over a two year period. B. To act solely for the client of a real estate agency to the exclusion of other affiliated licensees. C. A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation. D. Any entity providing real estate services. - ANSWERC. The definition of real estate brokerage is a single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation. In Maine an agency that has a company policy that permits disclosed dual agency must provide a disclosed dual agency consent agreement to: