Maine Real Estate Prep question n answers graded A+ 2023/2024

Maine Real Estate PrepTwo fiduciary duties that never expire - correct answer confidentiality and accounting when must a client give consent to a disclosed dual agency? - correct answer at the time the client signs a listing agreement or buyer representation agreement with the brokerage agency A maine real estate licensee must present the real estate brokerage relationships form to a consumer when engaged in a substantive communication regarding a - correct answer 3-unit residential apartment building. 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? - correct answer Yes, 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? - correct answer 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? - correct answer Since this property has a residential component, you must seek all of this information from the seller in order to make mandated property disclosure. At the latest, when must property disclosure information be conveyed to a buyer in Maine? - correct answer Prior to or during the presentation of an offer 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. - correct answer Although a transaction broker has no fiduciary duties to the customer, he or she must still provide mandated property disclosure. Which of the following are the four categories of mandated property disclosure in Maine? - correct answer Private water supply, waste water disposal, heating, hazardous materials 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. - correct answer As the licensee, you are responsible for obtaining the information necessary for making property disclosures. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: - correct answer A statement that the agreement creates an agency-client relationship You are correct. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: - correct answer 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 - correct answer The signature of the client to be charged. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: - correct answer The date upon which the agreement will expire In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: - correct answer The method or amount of compensation to be paid A transaction broker is a non-agent with no fiduciary duties to the customer. - correct answer true - A transaction broker has no fiduciary duties to the customer. Which of the following actions may be performed by a Maine licensee in the role of a transaction broker? - correct answer Disclose material defects of a property You are correct. Even thought this licensee is not in the role of an agent, she must comply with Maine Laws regarding property disclosure. In Maine, all brokerage agreements establishing an agent/client relationship must be in writing. - correct answer True