Maine Real Estate Practice questions and answers rated A+

Maine Real Estate PracticeWho supervises the activities of affiliated licensees, the activities of the unlicensed persons affiliated with the agency (for example, the administrative staff), and the operation of the agency? - correct answer The Designated Broker Designated Broker - correct answer Supervises activities of affiliated licensees, the activities of unlicensed persons affiliated with the agency, (for example, the administrative staff), and the operation of the agency. For how many days must the designated broker review and initial documents prepared by a sales agent licensee for buyers and sellers? - correct answer For 90 days after the licensing of the sales agent with the agency. If the sales agent licensee moves to another agency, the clock starts ticking again for 90 days. When must earnest money be deposited into the agency's trust account? - correct answer Within 5 business days of acceptance of the offer. How much of the agency's money may be in the trust account in order to keep the account open? - correct answer No more than $500. If there is no dispute over the return of the earnest money deposit to the buyer, when may the designated broker distribute the money? - correct answer No sooner than 5 business days after notifying both parties. A contract falls apart and the buyer and seller are disputing the disposition of the earnest money. The designated broker notifies each party, in writing, of the demand of the other party. If the designated broker makes a decision about the earnest money disposition, he may not distribute the money until how many days of notifying each party of his decision? - correct answer No sooner than 5 business days. For how long must the designated broker retain rejected offers or counter-offers? - correct answer One year from the date of rejection. (1 YEAR) After the conclusion of a transaction, how long must the designated broker retain records (other than rejected offers and counteroffers)? - correct answer 3 YEARS As a licensee, your advertising must be done in the name of what? - correct answer The agency's trade name Who must give written permission to advertise a property? - correct answer The owner of the property You are a licensee. When must you disclose in the offer to purchase that you are a licensee? - correct answer 1.) When buying a For Sale by Owner 2.) When buying Real estate listed with your agency 3.) When buying real estate and sharing the brokerage fee You are asked by consumer Brian to take a look at his house and tell him how much he might get for it in today's market. You visit the property, prepare a CMA, and present your findings to Brian. At this point, are you Brian's agent? - correct answer No. During the solicitation period, the licensee may give one free opinion of value to a prospective seller as a way of soliciting business. If the consumer signs a written brokerage agreement, you become an agent, the consumer becomes your client, and you may continue to give advice. Otherwise, if the consumer does not sign a written brokerage agreement and you continue to work with him as a customer, you are a transaction broker. You may give no additional advice except raw, unanalyzed market data. You may perform ministerial tasks such as filling in blanks on forms with information provided by the customer. What type of listing is illegal in Maine? - correct answer A net listing When must a licensee provide copies to parties of anything they have signed? - correct answer At the time of their signatures (always bring at least two copies of any forms that anyone may sign so that you may leave a copy with him/her.) Brown Cow Agency splits cmmission 50/50 with all other agencies in town except for Pine Cone Realty with which it splits 60/40. Where must this be disclosed to Brown Cow's clients so that they know there may be a disincentive for the licensees at Pine Cone Realty to cooperate with Brown Cow Realty? - correct answer In Brown Cow's written brokerage agreement. Sea Gull Realty has a policy that permits disclosed dual agency. When must it disclose this police? - correct answer At the time of entering into a written brokerage agreement. When may an appointed agent discuss confidential information about her client with the designated broker? - correct answer When seeking advice or assistance for the benefit of the client. Designated broker Fred appoints licensee Evelyn as the appointed agent of Sally. Evelyn goes on vacation for two weeks. Who must provide written consent for Fred to appoint Carrie as Sally's appointed agent for these two weeks? - correct answer Sally When must the Real Estate Brokerage Relationships for be presented to a prospective buyer or seller? - correct answer When there is substantive communication regarding a real estate transaction. This can be face-to-face or electronically. Real Estate Brokerage Relationships Form - correct answer May a licensee solicit the listing of another licensee? - correct answer No What are examples of documents that may distort the true value of real estate or service you provide? - correct answer Free gift, prize, money that are deceptive. Ex: ("You may win a Corvette. List with me!!!") You are an agent of the seller linda whose property is currently under contract. Your brother-in-law asks how much you accepted as an offer. How do you respond? - correct answer "That is confidential, unless Linda and the buyer both give you written permission to disclose the terms of the offer." What are the 3 duties of the licensee to the designated broker? - correct answer 1.) Keep the designated broker informed 2.) Provide documents within 5 calendar days after execution (signature) of the document 3.) Get consent of the designated broker for any domain names or web sites