Maine Real Estate License Exam
Questions and Answers
Who is an employer responsible for directing a(n) as to both what is to be done and how
it is to be done? - Answer-Employee
Real estate licensees almost always sign an Independent Contractor Agreement with
their company they are called what? - Answer-Independent Contractors
Every real estate brokerage adopts this document that identifies and describes the
types of real estate brokerage relationships in which the broker and affiliated licensees
may engage? - Answer-Written Company Policy
Is a written company policy a requirement in Maine? - Answer-Yes
License laws and rules apply to ALL licensees within the state, whereas the NAR
_______ applies only to those who join the REALTOR® organization. - 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. -
Answer-Multiple Listing Services (MLS)
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 fees brokerages in your area charge licensees. - 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. - 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. - Answer-LLC
When a __________ partnership is formed, there are one or more general partners who
accept personal liability for the partnership and the other partners are limited partners.
Limited partners are NOT personally responsible for the debts unless they participate in
management of the partnership. - Answer-Limited
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 it daily operations. Shareholders who are not involved in the daily operations simply
own stock shares are not personally responsible. - Answer-Corporation
Questions and Answers
Who is an employer responsible for directing a(n) as to both what is to be done and how
it is to be done? - Answer-Employee
Real estate licensees almost always sign an Independent Contractor Agreement with
their company they are called what? - Answer-Independent Contractors
Every real estate brokerage adopts this document that identifies and describes the
types of real estate brokerage relationships in which the broker and affiliated licensees
may engage? - Answer-Written Company Policy
Is a written company policy a requirement in Maine? - Answer-Yes
License laws and rules apply to ALL licensees within the state, whereas the NAR
_______ applies only to those who join the REALTOR® organization. - 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. -
Answer-Multiple Listing Services (MLS)
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 fees brokerages in your area charge licensees. - 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. - 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. - Answer-LLC
When a __________ partnership is formed, there are one or more general partners who
accept personal liability for the partnership and the other partners are limited partners.
Limited partners are NOT personally responsible for the debts unless they participate in
management of the partnership. - Answer-Limited
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 it daily operations. Shareholders who are not involved in the daily operations simply
own stock shares are not personally responsible. - Answer-Corporation
