Maine Law Real Estate TRELG()Questions & Answers 100% Verified!!

True or False: With appointed agency, one affiliated licensee represents the client to the exclusion of all other affiliated licensees of the brokerage agency; more than one may be appointed if there is a team or a licensee is covering for vacation. A. TrueB. False - ANSWERA. True When must a client give consent to disclosed dual agency? A. At the time the client signs a listing agreement or buyer representation agreement with the brokerage agencyB. When the client encounters a situation that brings about the possibility of disclosed dual agency - ANSWERThe correct answer is A. The two fiduciary duties that survive the agent/client relationship are: A. Obedience and loyalty.B. Confidentiality and accounting.C. Diligence and confidentiality. - ANSWERthe correct answer is B. A Maine real estate licensee must present the Real Estate Brokerage Relationships Form to a consumer when engaged in a substantive communication regarding a: A. Vacant building lot.B. Commercial warehouse.C. 3-unit residential apartment building.D. 10-unit residential apartment building. - ANSWER3-unit residential apartment building. Yes, this is the correct answer. It is not required for vacant land, commercial property, or residential more than 4 units. Licensee Dustin receives an email from a consumer, Ellen, who lives in Maryland and is moving to Maine in 3 months. Ellen is visiting Maine next week and would like to see one of Dustin's listings. Must Dustin email Ellen a copy of the Real Estate Brokerage Relationships Form? A. YesB. No - ANSWERYes You are correct. Whenever there is a substantive communication regarding real estate (in person, over the phone, via email, in the mail), provide the Real Estate Brokerage Relationships Form immediately. Which party or parties are required by the Maine Real Estate Commission to sign the Real Estate Brokerage Relationships Form? A. The consumerB. The Maine real estate licenseeC. Nobody - ANSWERThe correct answer is C. The Maine Real Estate Commission does not require any signatures on this form. In fact, there are no signature lines. You list a property that has a nail salon on the ground floor and a residential apartment on the second floor. The property obtains its water from a private well. Which of the following information must you seek from the seller? A. Type of system and its locationB. Date of installation and details about any malfunctionsC. Date of most recent water test and results if unsatisfactoryD. All of the above - ANSWERD. All of the above You are correct. Since this property has a residential component, you must seek all of this information from the seller in order to make mandated property disclosure. True or False: When it comes to mandated property disclosure, a Maine real estate licensee in the role of a transaction broker has the same obligation as a licensee in the role of an agent. A. TrueB. False - ANSWERA. True You are correct. Although a transaction broker has no fiduciary duties to the customer, he or she must still provide mandated property disclosure. True or False: If your buyer client wants to make an offer on a property that is For Sale by Owner (FSBO), you as the licensee are responsible for obtaining the information necessary for making property disclosures. A. TrueB. False - ANSWERA. True You are correct. As the licensee, you are responsible for obtaining the information necessary for making property disclosures. Which of the following are the four categories of mandated property disclosure in Maine? A. Access to public utilities, average electrical consumption per month, heating, hazardous materialsB. Type and location of insulation, waste water disposal, current or prior infestations from wood-destroying organisms, moldC. Hazardous materials, mold, heating, type and location of insulationD. Private water supply, waste water disposal, heating, hazardous materials - ANSWERD. Private water supply, waste water disposal, heating, hazardous materials At the latest, when must property disclosure information be conveyed to a buyer in Maine? A. Prior to showing the property for the first timeB. Prior to or during the presentation of an offerC. Anytime before the closingD. At the closing - ANSWERB. Prior to or during the presentation of an offer In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: A. The terms and conditions of the brokerage services to be provided.B. The phone number of the designated broker who is in charge of the real estate brokerage agency. - ANSWERA. The terms and conditions of the brokerage services to be provided. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: A.