Maine Real Estate Law Exam Prep! Study Study question n answers graded A+ 2023/2024

Maine Real Estate Law Exam Prep! Study StudyIn Maine, a person without a real estate license may: - correct answer Call bids at a real estate auction. Under Maine law, "real estate brokerage' means: - correct answer 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: - correct answer Prospective clients at the time of entering into a brokerage agreement. In Maine, property disclosure must be: - correct answer In writing Jill lists a convenience store with an apartment on the second floor. Jill must ask the seller for disclosure information on: - correct answer The 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? - correct answer Malfunctions within the past two years In Maine, information regarding the location of a leach field must be disclosed to the buyer: - correct answer Prior 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: - correct answer For 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: - correct answer Presenting 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: - correct answer Selling her own primary residential home. When it comes to assuring good title, Maine is a: - correct answer Race Notice state. The best way for a licensee to determine the boundaries of a property is to: - correct answer Have 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? - correct answer At the time of their signatures The Maine Real Estate Commission requires that heating system disclosures be presented to a buyer: - correct answer Prior to or during the preparation of an offer. An applicant for a Maine Sales Agent license must be which of the following? - correct answer High school graduate or equivalent A Maine Sales Agent license is good for two years and: - correct answer The 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? - correct answer An attorney who frequently lists and sells property for his clients as a regular part of his practice A designated broker in Maine is: - correct answer Responsible for the brokerage activities of anyone in her real estate brokerage agency. If a licensee affiliates with a real estate brokerage agency that directs all real estate activities, provides a salary or wages, offers benefits, and controls the licensee's working hours, breaks and vacation then the licensee is a(n): - correct answer Employee.