Maine Law Real Estate TRELG questions with verified solutions 2023/2024

Maine Law Real Estate TRELGTrue or False: With appointed agency, one affiliated licensee represents the client to the exclusion of all other affiliated licensees of the brokerage agency; more than one may be appointed if there is a team or a licensee is covering for vacation. A. TrueB. False - correct answer A. True When must a client give consent to disclosed dual agency? A. At the time the client signs a listing agreement or buyer representation agreement with the brokerage agencyB. When the client encounters a situation that brings about the possibility of disclosed dual agency - correct answer The correct answer is A. The two fiduciary duties that survive the agent/client relationship are: A. Obedience and loyalty.B. Confidentiality and accounting.C. Diligence and confidentiality. - correct answer the correct answer is B. A Maine real estate licensee must present the Real Estate Brokerage Relationships Form to a consumer when engaged in a substantive communication regarding a: A. Vacant building lot.B. Commercial warehouse.C. 3-unit residential apartment building.D. 10-unit residential apartment building. - correct answer 3-unit residential apartment building. Yes, this is the correct answer. 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? A. YesB. No - correct answer Yes You are correct. 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? A. The consumerB. The Maine real estate licenseeC. Nobody - correct answer The correct answer is C. 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? A. Type of system and its locationB. Date of installation and details about any malfunctionsC. Date of most recent water test and results if unsatisfactoryD. All of the above - correct answer D. All of the above You are correct. Since this property has a residential component, you must seek all of this information from the seller in order to make mandated property disclosure. True or False: 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. A. TrueB. False - correct answer A. True You are correct. Although a transaction broker has no fiduciary duties to the customer, he or she must still provide mandated property disclosure. True or False: 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. A. TrueB. False - correct answer A. True You are correct. As the licensee, you are responsible for obtaining the information necessary for making property disclosures. Which of the following are the four categories of mandated property disclosure in Maine? A. Access to public utilities, average electrical consumption per month, heating, hazardous materialsB. Type and location of insulation, waste water disposal, current or prior infestations from wood-destroying organisms, moldC. Hazardous materials, mold, heating, type and location of insulationD. Private water supply, waste water disposal, heating, hazardous materials - correct answer D. Private water supply, waste water disposal, heating, hazardous materials At the latest, when must property disclosure information be conveyed to a buyer in Maine? A. Prior to showing the property for the first timeB. Prior to or during the presentation of an offerC. Anytime before the closingD. At the closing - correct answer B. Prior to or during the presentation of an offer In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: A. The terms and conditions of the brokerage services to be provided.B. The phone number of the designated broker who is in charge of the real estate brokerage agency. - correct answer A. 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: A. The permission of the client to hold open houses.B. The method or amount of compensation to be paid. - correct answer B. The method or amount of compensation to be paid. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: A. The date upon which the agreement will expire.B. The name of the designated broker who is in charge of the real estate brokerage agency. - correct answer A. The date upon which the agreement will expire. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: A. The signature of the client to be charged.B. The street address of the real estate brokerage agency. - correct answer A. The signature of the client to be charged. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: A. A statement that the client may cancel this contract at any time.B. A statement that the agreement creates an agency-client relationship - correct answer B. A statement that the agreement creates an agency-client relationship Which of the following actions may be performed by a Maine licensee in the role of a transaction broker? A. Research allowed uses of a property at the zoning office at Town HallB. Provide a range of prices in which the buyer should make her offerC. Disclose material defects of a propertyD. Suggest negotiating strategy to the buyer - correct answer C. 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. True or False: In Maine, all brokerage agreements establishing an agent/client relationship must be in writing. A. TrueB. False - correct answer A. True