- Study guides, Class notes & Summaries

Chapter 27 - ME LAWS Study Guide Test.You are a real estate licensee in Maine. Your friend Andrew, who is not a real estate licensee, asks if you will pay him $250 for every sales lead he sends you. What do you tell Andrew? - correct answer I can't pay referral fees to someone who is not a real estate licensee. Elwood holds a Maine auctioneer license. He wants to call bids at a real estate auction and take custody of the earnest money from the highest bidder. Does Elwood need a real estate l...

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5 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Chapter 27 Maine Real Estate Laws Exam Questions Correctly Answered . You are a real estate licensee in Maine. Your friend Andrew, who is not a real estate licensee, asks if you will pay him $250 for every sales lead he sends you. What do you tell Andrew? - correct answer I can't pay referral fees to someone who is not a real estate licensee Elwood holds a Maine auctioneer license. He wants to call bids at a real estate auction and take custody of the earnest money from the highest bidder. ...

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5 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Exercise on Maine Real Estate License Laws TRELG Practice Exam Questions .You are a real estate licensee in Maine. Your friend Andrew, who is not a real estate licensee, asks if you will pay him $250 for every sales lead he sends you. What do you tell Andrew? - correct answer I can't pay referral fees to someone who is not a real estate licensee. Elwood holds a Maine auctioneer license. He wants to call bids at a real estate auction and take custody of the earnest money from the highest bidd...

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5 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine - Real Estate Complete Test With Complete Solutions. Fixture - An object that has been attached to land so as to become real estate. An article of personal property which has been installed in or attached to land or a building thereon, in such a manner that it is now considered to be a part of the real estate. Improvements - Beneficial attachments to raw land that increase its value or improve its usefulness. Meridians - Imaginary north-south lines which intersect base lines to for...

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21 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Law Real Estate TRELG Study Guide Exam . True or False: With appointed agency, one affiliated licensee represents the client to the exclusion of all other affiliated licensees of the brokerage agency; more than one may be appointed if there is a team or a licensee is covering for vacation. A. TrueB. False - correct answer A. True When must a client give consent to disclosed dual agency? A. At the time the client signs a listing agreement or buyer representation agreement with the bro...

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17 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Laws TRELG Exam Questions Correctly Answered. In Maine, a person without a real estate license may: A. Receive a referral fee. B. Receive compensation for finding a buyer for a piece of property. C. Sell a relative's house and receive a fee not to exceed 5%. D. Call bids at a real estate auction. - correct answer D. An unlicensed person may call bids at a real estate auction. Under Maine law, "real estate brokerage' means: A. The full-time practice of real estate over a two yea...

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10 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Practice Exam Questions With Correct Answers . 1. In Maine, a person without a real estate license may: A. Receive a referral fee. B. Receive compensation for finding a buyer for a piece of property. C. Sell a relative's house and receive a fee not to exceed 5%. D. Call bids at a real estate auction. - correct answer Your answer: D. Call bids at a real estate auction. 2. Under Maine law, "real estate brokerage' means: A. The full-time practice of real estate over a two year...

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15 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate - 7-15 Final Study Guide Questions. The right to use the land of another but not to possess it is called - correct answer Non-Possessory Rights An easement that involves two parcels of land is called an - correct answer Appurtenant Easement. The land that benefits from an appurtenant easement is the - correct answer Dominant Estate or Tenement. The land that provides the rights of the appurtenant easement to the dominant estate is the: - correct answer Servient Esta...

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10 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate 1 - 6 Written Exam Rated A+. Fred wants to put an addition on his hunting camp located in an unorganized township in Maine. He must apply to ________ fora building permit - correct answer (LUPC) Land Use Planning Committee An employer is responsible for directing a(n)______________as to both what is to be done and how it is to be done. - correct answer Employee Real estate licensees are almost always___________ ______________with their company;they sign an Independent Co...

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16 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Commission Study Guide . Maine Real Estate Commission (MREC) - correct answer The Maine based organization meant to protect the public through the regulation of the real estate industry in Maine. Multiple Listing Service (MLS) - correct answer A system that pools the listings of all member companies. National Association of REALTORS® (NAR) - correct answer NAR advocates for policies that foster vibrant real estate markets, support the industry, and protect consumers. Th...

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2 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Exam Practice Questions With 100% Correct Answers . John is a subagent of the seller Nancy. To whom does John owe fiduciary duties? A. The buyer B. Nancy C. Nobody D. All parties to the transaction - correct answer B. Nancy A closing takes place on August 31. After the closing, the buyer takes possession of the property: A. On September 1. B. On August 31. C. On whatever date was agreed upon by the seller and the buyer in the Purchase and Sale Agreement. D. No e...

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6 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Final Exam 2024. All of the following are real property EXCEPT - correct answer A Portable Basketball hoop A metes and bounds description of real property relies on - correct answer A point of beginning, measurement of distances, and directions on a compass Fee simple ownership describes - correct answer Current ownership A life estate interest describes - correct answer Future ownership Which of the following statements about Susan, the tenant of a life estate, i...

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8 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Prep Exam Questions 2024. Independent contractor - correct answer What is the legal relationship of a licensee to an agency Fructus industrials - correct answer Annual crops like corn or lettuce classified as personal property. Seller can harvest fruits of labor only one time after the sale of the property. Also called emblements Fructus naturales - correct answer Apple trees, blueberry bushes. Perennials. Seller can not reenter to harvest. Independent Contractor - co...

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3 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Questions And Answers Rated A+. What is dual agency - correct answer Dual agency is a situation where one or more licensee(s) (or one agency) represent(s) two clients whose interests are adverse Why would an agency decide to practice under the Appointed Agency Concept - correct answer A company might decide to practice Appointed Agency where it believes that one license can represent the seller and another can represent the buyer and the agency can handle both sides of t...

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3 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Exam Questions And Answers 2024. An employer is responsible for direction a ( ) as to both what is to be done and how it is to be done - correct answer employee Real estate licensees are almost always ( ) with their company - correct answer independent contractors Every real estate brokerage should adopt a ( ) that identifies and describes the types of real estate brokerage relationships in which the broke and affiliated licenses may engage - correct answer written compa...

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34 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Final Exam Quiz 2024. Truth in Lending - correct answer Truth in Lending (otherwise known as Regulation Z) is intended to do away with deceptive financing tactics, especially those involving hidden costs- for example, advertising a $250 car lease as zero-down and then tacking a $1,200 upfront payment at the time of contract disguised as an "incidental" acquisition fee. Freehold estates include: - correct answer The distinctive characteristic of freehold estates is that ...

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8 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Exam Correctly Answered 2024. The purpose of the Maine Real Estate Commission is to: A. Sanction licensees who break the law. B. Promote public understanding and confidence in the business of real estate brokerage. C. Make laws that govern the practice of real estate in Maine. D. Refer all violations of real estate law to the state's Attorney General. - correct answer B. Promote public understanding and confidence in the business of real estate brokerage. ...

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30 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Study Practice Test 2024. An adequate legal description of real estate is one: - by which a reasonable person can determine what property is described - the legal description is legally "adequate" if a reasonable person could identify the property based on the description. Ownership of real estate includes: a.) Rights to use the surface, subsurface and airspace over the land b.) Fixtures c.) Naturally growing tree growing on the land d.) All of the above - D.) All of...

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45 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Law Exam Prep Correctly Answered 2024. In Maine, a person without a real estate license may: - correct answer Call bids at a real estate auction. Under Maine law, "real estate brokerage' means: - correct answer A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation. In Maine an agency that has a company policy that permits disclosed dual agency must provide a disclosed dual agency consent agreemen...

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7 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Law TRELG Course Study Guide Test 2024. You are a real estate licensee in Maine. Your friend Andrew, who is not a real estate licensee, asks if you will pay him $250 for every sales lead he sends you. What do you tell him? - correct answer I can't pay referral fees to someone who is not a real estate licensee. Elwood holds a Maine auctioneer license. He wants to call bids at a real estate auction and take custody of the earnest money from the highest bidder. Does Elwood ne...

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9 pages

Written in 2023/2024

Grade A+

ROSEGRADES