Maine Real Estate 1 - 6 questions with verified solutions 2023/2024

Maine Real Estate 1 - 6Fred wants to put an addition on his hunting camp located in an unorganized township in Maine. He must apply to ________ fora building permit - correct answer (LUPC) Land Use Planning Committee An employer is responsible for directing a(n)______________as to both what is to be done and how it is to be done. - correct answer Employee Real estate licensees are almost always___________ ______________with their company;they sign an Independent Contractor Agreement - correct answer Independent Contractors Every real estate brokerage should adopt a ______________ ___________ _________that identifies and describes the types of real estate brokerage relationships in which the broker and affiliated licensees may engage.NOTE: This is a requirement in Maine. - correct answer Written Company Policy License laws and rules apply to ALL licensees within the state, whereas the NAR ______ _____ _____ applies only to those who join the REALTOR® organization. - correct answer Code of Ethics Each market has a system whereby each company can promote its listed properties to other companies who may have a buyer for its properties. The purpose of these_________ __________ ____________is to facilitate the bringing together of sellers and buyers in a market. - correct answer MLS (Multiple Listing Service) If you choose to become affiliated with a broker who is a member of a franchise, you will probably be expected to ____ _____ ____ for that membership that is often in addition to the standard fee brokers in your area charge licensees. - correct answer Pay a Fee A ________ _________ is someone who owns an unincorporated business by himself or herself, and is personally liable for the debts of the business. - correct answer Sole Proprietor The legal structure of a(n) __________provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.All profits and losses are "passed through"the business to each member - correct answer LLC (Limited Liability Corporation The legal structure of a(n) __________provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.All profits and losses are "passed through"the business to each member - correct answer (LLC) Limited Liability Corporation A_______________is a business entity that is perpetual and survives the lives of any of its shareholders. A Board of Directors manages the business and Officers are responsible for its daily operations.Shareholders who are not involved in the daily operations simply own stock shares are not personally responsible - correct answer Corporation You are the _____________ ___________in a real estate transaction if you are the licensee that started a chain of events that went unbroken, resulting in the closing. NOTE: For example, you are the licensee who brought a buyer to see a property. You assisted this buyer in preparing, presenting and negotiating the offer. You oversaw the process (getting a mortgage, having a home inspection, etc.) until the time of closing. - correct answer Procurring Cause The brokerage industry considers each real estate transaction to have two sides: the Seller's side (called the ________ ________) and the Buyer's side (called the __________ _________). NOTE: You will see industry statistics that say something like "top listing agent in Cumberland County." This means they have more sellers than anyone else. Likewise, your agency might have an annual award for the top selling agent. This is the licensee who brought the most buyers to the closing table. - correct answer Listing Side / Selling Side Fair competition means that companies cannot "fix their prices," that is, have an agreement among brokerages in a market area to set their prices. The law requires each company to establish its own _________ ______________ independent of all others. - correct answer Fee Structure The EEOA of 1995 prohibits discrimination against a ___________ __________ __________ __________because of the person's race, color, religion, sex (including pregnancy), national origin,age (40 or older),disability or genetic information.NOTE: This law has no effect on real estate transactions; rather it governs some employer/employee relationships such as those between a brokerage agency and its administrative staff (who are employees, not independent contractors). - correct answer Job Applicant or Employee