Maine Associate Broker – TRELG /| /| /| /| /|
exam questions with answers /| /| /|
In Maine, an agency relationship with a buyer begins when:
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A. The buyer says it does.
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B. The potential buyer receives the Real Estate Brokerage
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Relationships Form (Form 3). /| /| /|
C. The licensee says it does.
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D. The buyer signs an agreement with the real estate brokerage
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agency establishing an agency relationship. - CORRECT ANSWERS
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✔✔The buyer signs an agreement with the real estate brokerage
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agency establishing an agency relationship.
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Which of the following statements about the fiduciary duty of
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confidentiality is true? /| /|
A. It ends when the closing takes place.
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B. It ends as soon as the licensee receives his or her commission
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check.
C. With few exceptions, it survives the agency relationship.
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D. It continues until the licensee retires from real estate -
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CORRECT ANSWERS ✔✔With few exceptions, it survives the
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agency relationship. /|
Suzanne is a licensee hosting an open house. A prospective buyer
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visits the open house and announces that he is represented by
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,another licensee on an exclusive basis. What is Suzanne able to
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do?
A. She may encourage the buyer to sign an agency agreement
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with Suzanne's agency.
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B. She may ask the buyer to sign a buyer agent agreement with
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Suzanne's agency for this property only. /| /| /| /| /|
C. She may not solicit a buyer agent agreement knowing that the
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buyer is already represented.
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D. She may show other property to this buyer as this buyer's
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agent. - CORRECT ANSWERS ✔✔She may not solicit a buyer agent
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agreement knowing that the buyer is already represented. /| /| /| /| /| /| /|
When a licensee has an agent relationship with a client, his or her
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most important duties are owed to:
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A. The client.
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B. The designated broker.
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C. The Maine Real Estate Commission.
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D. All the other affiliated licensees in the real estate brokerage
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agency. - CORRECT ANSWERS ✔✔The client.
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Which of the following statements is true? For an agent to become
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an appointed agent in Maine:
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A. The client must agree in writing to allow the agent to serve as
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an appointed agent.
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B. The agency must have adopted the appointed agent concept.
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,C. It does not matter whether the company allows the practice of
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disclosed dual agency. /| /|
D. All of the above are true statements. - CORRECT ANSWERS
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✔✔All The Above /| /|
Which of the following must a transaction broker disclose to all
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parties of a real estate transaction? /| /| /| /| /|
A. The knowledge that the airport flight path goes directly above
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the property
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B. The fact that asbestos is present in the floor tiles of the family
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room in the basement /| /| /|
C. Information about the crime rate in the neighborhood in which
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the property is located
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D. A hunch that the reason the seller is selling is due to an
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impending divorce - CORRECT ANSWERS ✔✔B. The fact that /| /| /| /| /| /| /| /| /|
asbestos is present in the floor tiles of the family room in the
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basement
The seller, Marianne, requests that no showings be scheduled on
/| /| /| /| /| /| /| /| /| /|
Sundays as her family likes to watch football games. Her agent,
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Andre, complies. This is an example of which fiduciary duty?
/| /| /| /| /| /| /| /| /|
A. Disclosure
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B. Confidentiality
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C. Due diligence
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D. Obedience - CORRECT ANSWERS ✔✔D. Obedience
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, Two months after moving into her new home, Eileen tore down a
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wall in the laundry room and discovered mold. Which of the
/| /| /| /| /| /| /| /| /| /| /|
following statements is true? /| /| /|
A. The agent of the seller should have disclosed the presence of
/| /| /| /| /| /| /| /| /| /| /| /|
mold in the laundry room. /| /| /| /|
B. The presence of mold in a wall is considered a latent defect and
/| /| /| /| /| /| /| /| /| /| /| /| /| /|
no licensee was obligated to discover it.
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C. Eileen's buyer agent should have suggested the Eileen tear
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down the wall during the home inspection.
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D. The seller must pay for the cost of remediating the mold. -
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CORRECT ANSWERS ✔✔B. The presence of mold in a wall is /| /| /| /| /| /| /| /| /| /| /|
considered a latent defect and no licensee was obligated to /| /| /| /| /| /| /| /| /| /|
discover it. /|
You are correct. This scenario is an example of a latent defect for
/| /| /| /| /| /| /| /| /| /| /| /| /| /|
which no licensee has a responsibility for disclosing.
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Buyer agent Lionel received a counteroffer from the agent of the
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seller. Rather than communicate this counteroffer to his buyer
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client immediately, Lionel waited for two days. Which fiduciary
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duty did Lionel violate?
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A. Due diligence
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B. Confidentiality
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C. Obedience
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D. Disclosure - CORRECT ANSWERS ✔✔A. Due diligence
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exam questions with answers /| /| /|
In Maine, an agency relationship with a buyer begins when:
/| /| /| /| /| /| /| /| /|
A. The buyer says it does.
/| /| /| /| /|
B. The potential buyer receives the Real Estate Brokerage
/| /| /| /| /| /| /| /| /|
Relationships Form (Form 3). /| /| /|
C. The licensee says it does.
/| /| /| /| /|
D. The buyer signs an agreement with the real estate brokerage
/| /| /| /| /| /| /| /| /| /| /|
agency establishing an agency relationship. - CORRECT ANSWERS
/| /| /| /| /| /| /| /|
✔✔The buyer signs an agreement with the real estate brokerage
/| /| /| /| /| /| /| /| /| /|
agency establishing an agency relationship.
/| /| /| /|
Which of the following statements about the fiduciary duty of
/| /| /| /| /| /| /| /| /| /|
confidentiality is true? /| /|
A. It ends when the closing takes place.
/| /| /| /| /| /| /|
B. It ends as soon as the licensee receives his or her commission
/| /| /| /| /| /| /| /| /| /| /| /| /|
check.
C. With few exceptions, it survives the agency relationship.
/| /| /| /| /| /| /| /|
D. It continues until the licensee retires from real estate -
/| /| /| /| /| /| /| /| /| /| /|
CORRECT ANSWERS ✔✔With few exceptions, it survives the
/| /| /| /| /| /| /| /|
agency relationship. /|
Suzanne is a licensee hosting an open house. A prospective buyer
/| /| /| /| /| /| /| /| /| /| /|
visits the open house and announces that he is represented by
/| /| /| /| /| /| /| /| /| /| /|
,another licensee on an exclusive basis. What is Suzanne able to
/| /| /| /| /| /| /| /| /| /| /|
do?
A. She may encourage the buyer to sign an agency agreement
/| /| /| /| /| /| /| /| /| /| /|
with Suzanne's agency.
/| /|
B. She may ask the buyer to sign a buyer agent agreement with
/| /| /| /| /| /| /| /| /| /| /| /| /|
Suzanne's agency for this property only. /| /| /| /| /|
C. She may not solicit a buyer agent agreement knowing that the
/| /| /| /| /| /| /| /| /| /| /| /|
buyer is already represented.
/| /| /|
D. She may show other property to this buyer as this buyer's
/| /| /| /| /| /| /| /| /| /| /| /|
agent. - CORRECT ANSWERS ✔✔She may not solicit a buyer agent
/| /| /| /| /| /| /| /| /| /| /|
agreement knowing that the buyer is already represented. /| /| /| /| /| /| /|
When a licensee has an agent relationship with a client, his or her
/| /| /| /| /| /| /| /| /| /| /| /| /|
most important duties are owed to:
/| /| /| /| /|
A. The client.
/| /|
B. The designated broker.
/| /| /|
C. The Maine Real Estate Commission.
/| /| /| /| /|
D. All the other affiliated licensees in the real estate brokerage
/| /| /| /| /| /| /| /| /| /| /|
agency. - CORRECT ANSWERS ✔✔The client.
/| /| /| /| /|
Which of the following statements is true? For an agent to become
/| /| /| /| /| /| /| /| /| /| /| /|
an appointed agent in Maine:
/| /| /| /|
A. The client must agree in writing to allow the agent to serve as
/| /| /| /| /| /| /| /| /| /| /| /| /| /|
an appointed agent.
/| /|
B. The agency must have adopted the appointed agent concept.
/| /| /| /| /| /| /| /| /|
,C. It does not matter whether the company allows the practice of
/| /| /| /| /| /| /| /| /| /| /| /|
disclosed dual agency. /| /|
D. All of the above are true statements. - CORRECT ANSWERS
/| /| /| /| /| /| /| /| /| /| /|
✔✔All The Above /| /|
Which of the following must a transaction broker disclose to all
/| /| /| /| /| /| /| /| /| /| /|
parties of a real estate transaction? /| /| /| /| /|
A. The knowledge that the airport flight path goes directly above
/| /| /| /| /| /| /| /| /| /| /|
the property
/|
B. The fact that asbestos is present in the floor tiles of the family
/| /| /| /| /| /| /| /| /| /| /| /| /| /|
room in the basement /| /| /|
C. Information about the crime rate in the neighborhood in which
/| /| /| /| /| /| /| /| /| /| /|
the property is located
/| /| /|
D. A hunch that the reason the seller is selling is due to an
/| /| /| /| /| /| /| /| /| /| /| /| /| /|
impending divorce - CORRECT ANSWERS ✔✔B. The fact that /| /| /| /| /| /| /| /| /|
asbestos is present in the floor tiles of the family room in the
/| /| /| /| /| /| /| /| /| /| /| /| /|
basement
The seller, Marianne, requests that no showings be scheduled on
/| /| /| /| /| /| /| /| /| /|
Sundays as her family likes to watch football games. Her agent,
/| /| /| /| /| /| /| /| /| /| /|
Andre, complies. This is an example of which fiduciary duty?
/| /| /| /| /| /| /| /| /|
A. Disclosure
/|
B. Confidentiality
/|
C. Due diligence
/| /|
D. Obedience - CORRECT ANSWERS ✔✔D. Obedience
/| /| /| /| /| /|
, Two months after moving into her new home, Eileen tore down a
/| /| /| /| /| /| /| /| /| /| /| /|
wall in the laundry room and discovered mold. Which of the
/| /| /| /| /| /| /| /| /| /| /|
following statements is true? /| /| /|
A. The agent of the seller should have disclosed the presence of
/| /| /| /| /| /| /| /| /| /| /| /|
mold in the laundry room. /| /| /| /|
B. The presence of mold in a wall is considered a latent defect and
/| /| /| /| /| /| /| /| /| /| /| /| /| /|
no licensee was obligated to discover it.
/| /| /| /| /| /|
C. Eileen's buyer agent should have suggested the Eileen tear
/| /| /| /| /| /| /| /| /| /|
down the wall during the home inspection.
/| /| /| /| /| /|
D. The seller must pay for the cost of remediating the mold. -
/| /| /| /| /| /| /| /| /| /| /| /| /|
CORRECT ANSWERS ✔✔B. The presence of mold in a wall is /| /| /| /| /| /| /| /| /| /| /|
considered a latent defect and no licensee was obligated to /| /| /| /| /| /| /| /| /| /|
discover it. /|
You are correct. This scenario is an example of a latent defect for
/| /| /| /| /| /| /| /| /| /| /| /| /| /|
which no licensee has a responsibility for disclosing.
/| /| /| /| /| /| /|
Buyer agent Lionel received a counteroffer from the agent of the
/| /| /| /| /| /| /| /| /| /| /|
seller. Rather than communicate this counteroffer to his buyer
/| /| /| /| /| /| /| /| /|
client immediately, Lionel waited for two days. Which fiduciary
/| /| /| /| /| /| /| /| /|
duty did Lionel violate?
/| /| /|
A. Due diligence
/| /|
B. Confidentiality
/|
C. Obedience
/|
D. Disclosure - CORRECT ANSWERS ✔✔A. Due diligence
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