Maine Real Estate Law Exam Latest Update with 100% Correct Answers

Call bids at a real estate auction. - Answer-In Maine, a person without a real estate license may: A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation. - Answer-Under Maine law, "real estate brokerage' means: Prospective clients at the time of entering into a brokerage agreement. - Answer-In Maine an agency that has a company policy that permits disclosed dual agency must provide a disclosed dual agency consent agreement to: In writing. Property disclosure must be provided in writing. Maine law does not require anyone to sign the disclosure. However, most designated brokers require the signature of the seller. - Answer-In Maine, property disclosure must be: The location of the private water supply. Since there is a residential component to the property, the licensee must ask the seller about the private water supply. - Answer-Jill lists a convenience store with an apartment on the second floor. Jill must ask the seller for disclosure information on: Malfunctions within the past two years - Answer-Which of the following must a buyer agent disclose to his client regarding the heating system in a residential property? Prior to or during the preparation of the offer - Answer-In Maine, information regarding the location of a leach field must be disclosed to the buyer: A. For a property with less than 1 or more than 4 residential dwelling units. B. If the licensee is acting solely as a principal, not as an agent for another. C. When the written communication from the licensee is a solicitation of business. - Answer-In Maine, a licensee is NOT required to provide a copy of the Real Estate Brokerage Relationships Form to a prospective buyer or seller: Presenting additional offers after the property is securely under contract with a confirmed closing date. The seller agent must present all offers to seller up until the time of closing. These offers may perhaps become back up offers. - Answer-In Maine, a seller agent's obligations to his or her client would include: Selling her own primary residential home. - Answer-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: Race Notice state. - Answer-When it comes to assuring good title, Maine is a: Have the property surveyed by a licensed surveyor. - Answer-The best way for a licensee to determine the boundaries of a property is to: At the time of their signatures - Answer-In Maine, when must a licensee furnish various documents, including copies of offers, counteroffers and all types of contracts to a consumer? Prior to or during the preparation of an offer. - Answer-The Maine Real Estate Commission requires that heating system disclosures be presented to a buyer: High school graduate or equivalent - Answer-An applicant for a Maine Sales Agent license must be which of the following? The licensee must complete the requirements to upgrade