MAINE REAL ESTATE LAW STUDY GUIDE 2025/2026
QUESTIONS WITH ANSWERS GRADED A+
✔✔What is the maximum amount of a brokerage agency's own funds that may be in the
trust account for the purpose of maintaining the account?
A. $200B. $500C. $1000 - ✔✔B. $500
✔✔The Maine Real Estate Commission is composed of:
A. 4 industry members and 2 public members.B. 3 industry members and 3 public
members.C. 2 industry members and 4 public members. - ✔✔A. 4 industry members
and 2 public members.
✔✔The maximum find that the Maine Real Estate Commission may impose is:
A. $1000 per violation plus amount of compensation received in the subject
transaction.B. $2000 per violation plus amount of compensation received in the subject
transaction.C. $5000 per violation plus amount of compensation received in the subject
transaction. - ✔✔the correct answer is B.
✔✔The person who manages the day-to-day business of the Maine Real Estate
Commission is the:
A. Director of the Commission.B. Governor of the state of Maine.C. Attorney General of
the state of Maine. - ✔✔A. Director of the Commission.
✔✔1. True or False: In Maine, real estate brokerage includes listing real estate for sale
on behalf of another for compensation or the expectation of receiving compensation.
A. TrueB. False - ✔✔A. True
✔✔True or False: Leasing, rentals, and property management are activities that require
a real estate license in Maine.
A. TrueB. False - ✔✔this is a false statement.
✔✔The maximum amount a landlord may charge for a security deposit is:
A. Two times the monthly rent.B. Three times the monthly rent.C. Four times the
monthly rent. - ✔✔A. Two times the monthly rent.
✔✔The maximum amount a landlord may assess as a late fee is:
A. 4% of the amount of a month's rent.B. 6% of the amount of a month's rent.C. 10% of
the amount of a month's rent. - ✔✔4% of the amount of a month's rent.
✔✔Except in cases of emergency, how much notice must the landlord give a tenant
before entering the premises?
A. 12 hoursB. 24 hoursC. 36 hours - ✔✔B. 24 hours
, ✔✔How much notice must a tenant at will (no written lease) provide to the landlord if the
tenant will be leaving?
A. 14 daysB. 30 daysC. 60 days - ✔✔B. 30 days
✔✔True or False: A Landlord must provide working smoke detectors and working
carbon monoxide detectors at the time a property or unit is rented.
A. TrueB. False - ✔✔A. True
✔✔To claim adverse possession in Maine requires a statutory period of how many
years?
A. 10B. 15C. 20D. 25 - ✔✔C. 20
✔✔Maine uses the recording method called Race Notice. Priority of the title is given to
the party who records the deed at the county registry of deeds first, but only if the party
also:
A. Lacked notice of prior unrecorded claims on the same property.B. Purchased the
property within the previous 72 hours.C. Uses an attorney to record the deed at the
registry of deeds. - ✔✔The correct answer is A.
✔✔What is the TOTAL Maine Transfer tax on a property that sells for $355,200?
A. $711.00B. $782.10C. $1564.20 - ✔✔The correct answer is C.
✔✔What is the BUYER'S portion of the Maine Transfer Tax on a property that sold for
$248,750?
A. $498B. $547.80C. $1095.60 - ✔✔B. $547.80
✔✔What is the Nonresident Withholding tax on a Maine property sold by a resident of
Texas? The sales price is $200,000; the capital gain is $50,000. Assume that no waiver
is filed for exclusion from the tax.
A. $3575B. $5000C. $8575 - ✔✔the correct answer is A.
✔✔For what period of time does the Maine State Bar Association Standards of Title
require a title search to go back?
A. 10 yearsB. 20 yearsC. 30 yearsD. 40 years - ✔✔D. 40 years
✔✔When a condominium is initially created, the declarant records a Declaration of
Condominium at the county registry of deeds. Who is the declarant?
A. The developerB. The purchaser of the model unitC. The code enforcement officer of
the municipality in which the condo development is located - ✔✔A. The developer
✔✔For a condominium resale, which of the following documents must the unit owner
furnish to a purchaser of his or her unit?
QUESTIONS WITH ANSWERS GRADED A+
✔✔What is the maximum amount of a brokerage agency's own funds that may be in the
trust account for the purpose of maintaining the account?
A. $200B. $500C. $1000 - ✔✔B. $500
✔✔The Maine Real Estate Commission is composed of:
A. 4 industry members and 2 public members.B. 3 industry members and 3 public
members.C. 2 industry members and 4 public members. - ✔✔A. 4 industry members
and 2 public members.
✔✔The maximum find that the Maine Real Estate Commission may impose is:
A. $1000 per violation plus amount of compensation received in the subject
transaction.B. $2000 per violation plus amount of compensation received in the subject
transaction.C. $5000 per violation plus amount of compensation received in the subject
transaction. - ✔✔the correct answer is B.
✔✔The person who manages the day-to-day business of the Maine Real Estate
Commission is the:
A. Director of the Commission.B. Governor of the state of Maine.C. Attorney General of
the state of Maine. - ✔✔A. Director of the Commission.
✔✔1. True or False: In Maine, real estate brokerage includes listing real estate for sale
on behalf of another for compensation or the expectation of receiving compensation.
A. TrueB. False - ✔✔A. True
✔✔True or False: Leasing, rentals, and property management are activities that require
a real estate license in Maine.
A. TrueB. False - ✔✔this is a false statement.
✔✔The maximum amount a landlord may charge for a security deposit is:
A. Two times the monthly rent.B. Three times the monthly rent.C. Four times the
monthly rent. - ✔✔A. Two times the monthly rent.
✔✔The maximum amount a landlord may assess as a late fee is:
A. 4% of the amount of a month's rent.B. 6% of the amount of a month's rent.C. 10% of
the amount of a month's rent. - ✔✔4% of the amount of a month's rent.
✔✔Except in cases of emergency, how much notice must the landlord give a tenant
before entering the premises?
A. 12 hoursB. 24 hoursC. 36 hours - ✔✔B. 24 hours
, ✔✔How much notice must a tenant at will (no written lease) provide to the landlord if the
tenant will be leaving?
A. 14 daysB. 30 daysC. 60 days - ✔✔B. 30 days
✔✔True or False: A Landlord must provide working smoke detectors and working
carbon monoxide detectors at the time a property or unit is rented.
A. TrueB. False - ✔✔A. True
✔✔To claim adverse possession in Maine requires a statutory period of how many
years?
A. 10B. 15C. 20D. 25 - ✔✔C. 20
✔✔Maine uses the recording method called Race Notice. Priority of the title is given to
the party who records the deed at the county registry of deeds first, but only if the party
also:
A. Lacked notice of prior unrecorded claims on the same property.B. Purchased the
property within the previous 72 hours.C. Uses an attorney to record the deed at the
registry of deeds. - ✔✔The correct answer is A.
✔✔What is the TOTAL Maine Transfer tax on a property that sells for $355,200?
A. $711.00B. $782.10C. $1564.20 - ✔✔The correct answer is C.
✔✔What is the BUYER'S portion of the Maine Transfer Tax on a property that sold for
$248,750?
A. $498B. $547.80C. $1095.60 - ✔✔B. $547.80
✔✔What is the Nonresident Withholding tax on a Maine property sold by a resident of
Texas? The sales price is $200,000; the capital gain is $50,000. Assume that no waiver
is filed for exclusion from the tax.
A. $3575B. $5000C. $8575 - ✔✔the correct answer is A.
✔✔For what period of time does the Maine State Bar Association Standards of Title
require a title search to go back?
A. 10 yearsB. 20 yearsC. 30 yearsD. 40 years - ✔✔D. 40 years
✔✔When a condominium is initially created, the declarant records a Declaration of
Condominium at the county registry of deeds. Who is the declarant?
A. The developerB. The purchaser of the model unitC. The code enforcement officer of
the municipality in which the condo development is located - ✔✔A. The developer
✔✔For a condominium resale, which of the following documents must the unit owner
furnish to a purchaser of his or her unit?
