Maine Real Estate Prep Exam Questions and Answers- Latest 2023

Two fiduciary duties that never expire - Answer-confidentiality and accounting when must a client give consent to a disclosed dual agency? - Answer-at the time the client signs a listing agreement or buyer representation agreement with the brokerage agency A maine real estate licensee must present the real estate brokerage relationships form to a consumer when engaged in a substantive communication regarding a - Answer-3-unit residential apartment building. 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? - Answer-Yes, 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? - Answer-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? - Answer-Since this property has a residential component, you must seek all of this information from the seller in order to make mandated property disclosure. At the latest, when must property disclosure information be conveyed to a buyer in Maine? - Answer-Prior to or during the presentation of an offer 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. - Answer-Although a transaction broker has no fiduciary duties to the customer, he or she must still provide mandated property disclosure. Which of the following are the four categories of mandated property disclosure in Maine? - Answer-Private water supply, waste water disposal, heating, hazardous materials 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. - Answer-As the licensee, you are responsible for obtaining the information necessary for making property disclosures. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: - Answer-A statement that the agreement creates an agency-client relationship You are correct. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: - Answer-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 - Answer-The signature of the client to be charged. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: - Answer-The date upon which the agreement will expire In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: - Answer-The method or amount of compensation to be paid A transaction broker is a non-agent with no fiduciary duties to the customer. - Answer-true - A transaction broker has no fiduciary duties to the customer.