Maine Real Estate Law Exam Prep! Study Study!100% UPDATED!!

In Maine, a person without a real estate license may: - ANSWERCall bids at a real estate auction. Under Maine law, "real estate brokerage' means: - ANSWERA 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: - ANSWERProspective clients at the time of entering into a brokerage agreement. In Maine, property disclosure must be: - ANSWERIn writing Jill lists a convenience store with an apartment on the second floor. Jill must ask the seller for disclosure information on: - ANSWERThe location of the private water supply. Which of the following must a buyer agent disclose to his client regarding the heating system in a residential property? - ANSWERMalfunctions within the past two years In Maine, information regarding the location of a leach field must be disclosed to the buyer: - ANSWERPrior to or during the preparation of the offer. In Maine, a licensee is NOT required to provide a copy of the Real Estate Brokerage Relationships Form to a prospective buyer or seller: - ANSWERFor a property with less than 1 or more than 4 residential dwelling units. If the licensee is acting solely as a principal, not as an agent for another. When the written communication from the licensee is a solicitation of business. In Maine, a seller agent's obligations to his or her client would include: - ANSWERPresenting additional offers after the property is securely under contract with a confirmed closing date. 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: - ANSWERSelling her own primary residential home. When it comes to assuring good title, Maine is a: - ANSWERRace Notice state. The best way for a licensee to determine the boundaries of a property is to: - ANSWERHave the property surveyed by a licensed surveyor. In Maine, when must a licensee furnish various documents, including copies of offers, counteroffers and all types of contracts to a consumer? - ANSWERAt the time of their signatures The Maine Real Estate Commission requires that heating system disclosures be presented to a buyer: - ANSWERPrior to or during the preparation of an offer. An applicant for a Maine Sales Agent license must be which of the following? - ANSWERHigh school graduate or equivalent A Maine Sales Agent license is good for two years and: - ANSWERThe licensee must complete the requirements to upgrade the license before the end of two years. Who is required to hold an active real estate license in order to be compensated for selling real estate on behalf of another? - ANSWERAn attorney who frequently lists and sells property for his clients as a regular part of his practice