Pearson Vue real estate MAIN EXAM
quizsretake to pass with 6 pages
Most land uses are subject to regulation of Maine's Mandatory Shoreland Zoning Act
when they are within how many feet of a river, wetland, lake, or ocean? -
ANSWERS250 feet
Most land uses are subject to regulation of Maine's Mandatory Shoreland Zoning Act
when they are within how many feet of certain streams? - ANSWERS75 feet
The Shoreland Zoning Act is regulated by whom? - ANSWERSEach municipality and
enforced by the local Code Enforcement Officer
In order for a single family residential property to have a subsurface waste disposal
system, what is the minimum square footage for the property size? - ANSWERS20,000
sq. feet
If a single family residential property abuts a river, stream, lake, pond or tidal area, it
must have at least how much water frontage? - ANSWERS100 feet minimum
Which type of agency is the most commonly practiced in Maine? - ANSWERSAppointed
agency
When a licensee is an affiliated agent of a brokerage agency that practices appointed
agency, must he or she notify a client of dual agency? - ANSWERSNo, because that
agency practices appointed agency and they are appointed agents to the client.
When a brokerage agency does not practice appointed agency, must the licensee
notify a client of dual agency? - ANSWERSYes, because there is no appointed agency,
and licensees represent all clients, notice of dual agency must be given and signed for
both seller and buyer clients.
What form must be provided to the consumer at the first substantive communication,
face-to-face, in writing, via e-mail or by any other electronic communication, regarding a
real estate transaction involving a residential one to four unit dwelling? -
ANSWERSReal Estate Brokerage Relationships Form, also known as Form #3
Must the consumer sign Form #3, The Real Estate Brokerage Relationship Form? -
ANSWERSNo, the Maine Real Estate Commission does not require the consumer's
signature on this form.
The following must be included in what type of Brokerage Contract? The signature of
the client to be charged
, • The terms and conditions of the brokerage services to be provided • The method or
amount of compensation to be paid
• The date upon which the agreement will expire
• A statement that the agreement creates an agency-client relationship - ANSWERSA
Brokerage Contract with a seller
In Maine, the Carryover Clause caps extending a real estate brokerage agency's right
to a fee following expiration of the brokerage agreement at how many months? -
ANSWERS6 months
Real Estate is defined as: - ANSWERSLand and all appurtenances attached to the
land.
An appurtenance is defined as: - ANSWERSBuildings, trees, and rights (such as air
rights to the portion of the neighbor's tree that overhangs your yard, or an easement
("right of way") over a path to the lakefront). Appurtenances run with the land, and
therefore transfer with the transfer of title and sale of the property.
A freehold estate is when, - ANSWERSsomeone has an ownership interest in a
property.
Present freehold estate means - ANSWERSownership interest is now
Future Freehold Estate means, - ANSWERSownership interest won't take place until
sometime in the future
fee/fee simple/fee absolute - ANSWERSThe complete ownership of property, without
condition. The largest and highest interest one can possess in real estate.
fee simple determinable - ANSWERSA fee simple estate qualified by a special
limitation. Language used to describe limitation includes the words SO LONG AS,
WHILE, or DURING.
Fee Simple on Condition Subsequent - ANSWERSA fee simple estate that may be
ended by the grantor or the grantor's heirs or a remainderman if named, upon the
occurrence or nonoccurrence of a stated condition Includes the language, .NEVER TO
BE USED AS
Life Estate - ANSWERSAn interest in real or personal property that is limited in
duration to the lifetime of its owner or some other designated person or
persons/TENANT
Community Property States - ANSWERSStates that classify all property acquired by
either the husband or the wife during the marriage, with the exception of gifts or
inheritance, as marital property to be equally distributed between the spouses at the
time of the divorce. MAINE IS NOT
quizsretake to pass with 6 pages
Most land uses are subject to regulation of Maine's Mandatory Shoreland Zoning Act
when they are within how many feet of a river, wetland, lake, or ocean? -
ANSWERS250 feet
Most land uses are subject to regulation of Maine's Mandatory Shoreland Zoning Act
when they are within how many feet of certain streams? - ANSWERS75 feet
The Shoreland Zoning Act is regulated by whom? - ANSWERSEach municipality and
enforced by the local Code Enforcement Officer
In order for a single family residential property to have a subsurface waste disposal
system, what is the minimum square footage for the property size? - ANSWERS20,000
sq. feet
If a single family residential property abuts a river, stream, lake, pond or tidal area, it
must have at least how much water frontage? - ANSWERS100 feet minimum
Which type of agency is the most commonly practiced in Maine? - ANSWERSAppointed
agency
When a licensee is an affiliated agent of a brokerage agency that practices appointed
agency, must he or she notify a client of dual agency? - ANSWERSNo, because that
agency practices appointed agency and they are appointed agents to the client.
When a brokerage agency does not practice appointed agency, must the licensee
notify a client of dual agency? - ANSWERSYes, because there is no appointed agency,
and licensees represent all clients, notice of dual agency must be given and signed for
both seller and buyer clients.
What form must be provided to the consumer at the first substantive communication,
face-to-face, in writing, via e-mail or by any other electronic communication, regarding a
real estate transaction involving a residential one to four unit dwelling? -
ANSWERSReal Estate Brokerage Relationships Form, also known as Form #3
Must the consumer sign Form #3, The Real Estate Brokerage Relationship Form? -
ANSWERSNo, the Maine Real Estate Commission does not require the consumer's
signature on this form.
The following must be included in what type of Brokerage Contract? The signature of
the client to be charged
, • The terms and conditions of the brokerage services to be provided • The method or
amount of compensation to be paid
• The date upon which the agreement will expire
• A statement that the agreement creates an agency-client relationship - ANSWERSA
Brokerage Contract with a seller
In Maine, the Carryover Clause caps extending a real estate brokerage agency's right
to a fee following expiration of the brokerage agreement at how many months? -
ANSWERS6 months
Real Estate is defined as: - ANSWERSLand and all appurtenances attached to the
land.
An appurtenance is defined as: - ANSWERSBuildings, trees, and rights (such as air
rights to the portion of the neighbor's tree that overhangs your yard, or an easement
("right of way") over a path to the lakefront). Appurtenances run with the land, and
therefore transfer with the transfer of title and sale of the property.
A freehold estate is when, - ANSWERSsomeone has an ownership interest in a
property.
Present freehold estate means - ANSWERSownership interest is now
Future Freehold Estate means, - ANSWERSownership interest won't take place until
sometime in the future
fee/fee simple/fee absolute - ANSWERSThe complete ownership of property, without
condition. The largest and highest interest one can possess in real estate.
fee simple determinable - ANSWERSA fee simple estate qualified by a special
limitation. Language used to describe limitation includes the words SO LONG AS,
WHILE, or DURING.
Fee Simple on Condition Subsequent - ANSWERSA fee simple estate that may be
ended by the grantor or the grantor's heirs or a remainderman if named, upon the
occurrence or nonoccurrence of a stated condition Includes the language, .NEVER TO
BE USED AS
Life Estate - ANSWERSAn interest in real or personal property that is limited in
duration to the lifetime of its owner or some other designated person or
persons/TENANT
Community Property States - ANSWERSStates that classify all property acquired by
either the husband or the wife during the marriage, with the exception of gifts or
inheritance, as marital property to be equally distributed between the spouses at the
time of the divorce. MAINE IS NOT
