Maine Real Estate 2 Exam (Questions and Answers)

The four industry members on the Maine Real Estate Commission are - Answer-Licensees who have held broker or associate broker licenses for five years The Maine Real Estate Commission has the power to - Answer-Suspend or revoke a real estate license In Maine a person without a real estate license may - Answer-Call bids at a real estate auction Under Maine laws and rules "real estate brokerage" means - Answer-A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation In Maine the designated broker must - Answer-Review and initial all disclosure forms prepared by a sales agent during the first 90 days of the licensing of the sales agent with the agency In Maine an agency that has a company policy that permits disclosed dual agency must provide a disclosed dual agency consent agreement to - Answer-Prospective clients at the time of entering into a brokerage agreement James is the agent of the sellers Mr. and Mrs. Brown. On October 12 James presents an offer to the Browns and the offer is accepted. The property is"under contract" with a closing date of November 30. On October 27 a buyer's agent delivers another offer for the Browns' house to James. What must James do? - Answer-Present the offer to the Browns The parties of a real estate contract agree to deposit the earnest money in an account other than the listing agency's trust account. Which of these statements is correct? - Answer-The listing agency is not responsible as trustee The designated broker must maintain records of her trust account - Answer-a. For at least three years following consummation of a transaction In Maine property disclosure must be: - Answer-In writing Jill listed a convenience store with an apartment on the second floor. Jill must ask the seller for disclosure information on: - Answer-The location of the private water supply Which of the following must a buyer agent disclose to his client regarding the heating system in a residential property? - Answer-Malfunctions within the past two years Information regarding the location of a leach field must be disclosed to the buyer: - Answer-Prior to or during the preparation of an offer The seller has no information or knowledge regarding hazardous waste on his residential property. Which statement is true? - Answer-The fact that information regarding hazardous material is not available shall be conveyed in writing In Maine which of the following is INCORRECT regarding the payment of a real estate commission? - Answer-A listing Agent can receive an additional commission amount from the buyer without disclosing that fact to the seller In Maine what statement best describes what a licensee should do when rendering an opinion of value to a client: - Answer-