- Study guides, Class notes & Summaries

Maine Real Estate Law Review Practice Test 2024. A client must be informed as to the real estate brokerage agency's appointed agency policy and: - correct answer Give written consent to that policy in advance of entering into a brokerage agreement. A disclosed dual agent may disclose any information to one party that the licensee gains from the other party if the information is relevant to the transaction except: - correct answer Confidential negotiating strategy not disclosed in the sales ...

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19 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Law Written Exam 2024. Call bids at a real estate auction. - correct answer In Maine, a person without a real estate license may: A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation. - correct answer Under Maine law, "real estate brokerage' means: Prospective clients at the time of entering into a brokerage agreement. - correct answer In Maine an agency that has a company policy that permits dis...

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5 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate License Practice Exam PART 1 Correctly Answered 2024.Section 1 - Maine Real Estate Commission (2) The primary function of the Maine Real Estate Commission is? A. Enforce the rules and regulations by holding hearings on complaints B. Issue real estate licenses to qualified candidates C.. Promote public confidence in the real estate industry D. Oversee audits and continuing education of practicing licensees - correct answer C. Promote public confidence in the real estate i...

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16 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate License Practice Exam Part 2 Study Guide Test 2024.65 Marsha and Paula both work for Undertow Realty in Castine. The Designated Broker has decided to practice appointed agency at Undertow Realty. Marsha is the appointed agent to the seller at 68 Puffin Lane. Paula is appointed to the buyers. Which of the following statements is true? a. Marsha and Paula both work for Undertow Realty, therefore they are in dual agency and must disclose that fact, in writing to both the seller...

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15 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate License Practice Exam Questions 2024. Who is an employer 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 almost always sign an Independent Contractor Agreement with their company they are called what? - correct answer Independent Contractors Every real estate brokerage adopts this document that identifies and describes the types of real estate brokerage relationships in which the broke...

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2 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate MATH SECTION EXAM CORRECTLY SOLVED 2024.XYZ Realty policy manual shows the following compensation structure: Commission rate charged - 6% to XYZ Realty; 50% to the listing agent. If sold by another company, the commission is split equally. An agent from ABC Realty secured the buyer. Her company policy is, that as the selling agent, she will be paid 40% of her broker's share. If the sales price of the house was $395,000, how much does each party receive? - correct answer $395,0...

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4 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Prep Exam Questions And Answers 2024.Who supervises the activities of affiliated licensees, the activities of the unlicensed persons affiliated with the agency (for example, the administrative staff), and the operation of the agency? - correct answer The Designated Broker Designated Broker - correct answer Supervises activities of affiliated licensees, the activities of unlicensed persons affiliated with the agency, (for example, the administrative staff), and the operation ...

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9 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Final Exam Study Guide Test 2024. Two fiduciary duties that never expire - correct answer confidentiality and accounting when must a client give consent to a disclosed dual agency? - correct answer at the time the client signs a listing agreement or buyer representation agreement with the brokerage agency A maine real estate licensee must present the real estate brokerage relationships form to a consumer when engaged in a substantive communication regarding a - correct a...

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8 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Questions Correctly Answered 2024. Marth lives on one side of a two-family house. She wants to advertise the other side as non-smoking. Can she legally do so? - correct answer Yes, because the right to smoke is not protected by law. Under the Equal Credit Opportunity Act (ECOA) a lender does not have to offer a loan to: a.) a recipient of food stamps b.) recipient of social security c.) a 90-year-old man looking for a 30-year mortgage d.) a recipient of public assista...

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11 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Quiz #1 Review Study Guide 2024.Your real estate brokerage agency provides you with health insurance and a car to use while showing property to clients. Are you an independent contractor or an employee? - correct answer employee In the overwhelming majority of real estate brokerage agencies, the licensees are - correct answer independent contractors

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1 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Sales Agent Course - Chapter 1 Review Practice Test 2024. What does the MREC stand for ? - correct answer Maine Real Estate Commission When was the MREC established and by what act? - correct answer Act of Maine Legislature in 1937 What is the policy/mission of the MREC? - correct answer supervise licensees "in a manner to ensure that they meet standards which will promote public understanding and confidence in the business of real estate brockerage" What are the si...

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4 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Study Practice Test 2024. In Maine, an agency relationship begins when the - correct answer Buyer or seller and agency sign an agreement establishing the agency relationship. Where a licensee has an agency relationship with a client, his/her most important duties are owed to: - correct answer The client. Which of the following statements is true? For an agent to become an appointed agent in Maine: - correct answer -The agency must have adopted the appointed agent concept...

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13 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Complete Test With Complete Solutions 2024. For what minimum period of time must a real estate brokerage agency retain copies of rejected offers and counteroffers? A. 1 year B. 2 years C. 3 years D. 5 years - correct answer No, rejected offers and counteroffers must be retained for 1 year. A designated broker in Maine is: A. Responsible for the brokerage activities of anyone in her real estate brokerage agency. B. Any licensee with an active Broker license. C...

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14 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Vocabulary- TRELG Study Guide Test 2024. Aesthetic zoning: - correct answer This type of zoning requires new builds to meet specific types of architecture styles, may and limit the colors used and the size of signs in commercial areas. Affirmative easement: - correct answer An easement that allows a party to do something that normally would not be allowed. See negative easement. Agency: - correct answer As an adjective, it describes the relationship between an agent and ...

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63 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Final Exam Prediction Questions 2024. What is a branch office? - correct answer A location where business is regularly conducted or that is advertised as where the public may contact the agency. How old must you be to apply for a real estate license in Maine? - correct answer 18 What is the maximum fine that LUPC can impose for a violation? - correct answer $10k per day Shoreland areas include area within how many feet of the normal high-water line of great pond? - co...

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6 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Review Practice Test 2024. type of ownership - correct answer A condominium is NOT a description of an architectural style but a _______ ___ _________. PUD (planned unit development) - correct answer _____ communities usually include single family homes, condominiums, apartments, recreational and commercial areas. Markets, shops and restaurants may be within walking distance of where you live Subserface - correct answer The definition of land includes the surface, the __...

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3 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate Study Guide Exam 2024. CONVENTIONAL LIFE ESTATE - correct answer SET UP BY THE GRANTOR. EXAMPLE: SON GIVES PROPERTY TO HIS MOTHER FOR HER LIFE. UPON HER DEATH THE PROPERTY COULD REVERT BACK TO THE SON OR TO A REMAINDERMAN THAT HE NAMES WHEN HE SETS UP THE LIFE ESTATE. Fee Simple on A Condition Subsequent - correct answer CHARACTERIZED BY THE CONCEPT OF "NEVER TO BE USED AS" POSSIBLE FUTURE INTERST IS CALLED THE RIGHT OF RE-ENTRY FEE SIMPLE WITH A SPECIAL LIMITA...

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4 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Real Estate 2 Study Guide Test 2024. The four industry members on the Maine Real Estate Commission are - correct answer Licensees who have held broker or associate broker licenses for five years The Maine Real Estate Commission has the power to - correct answer Suspend or revoke a real estate license In Maine a person without a real estate license may - correct answer Call bids at a real estate auction Under Maine laws and rules "real estate brokerage" means - correct answer A ...

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4 pages

Written in 2023/2024

Grade A+

ROSEGRADES

Maine Sales Agent Course Quiz #1 Correctly Answered 2024. What powers does the Maine Real Estate Commission have? - correct answer 1. Enforce Real Estate License Law and Rules 2. Discipline Real Estate Licensees 3. Oversight of education programs 4. Issue Licenses What types of licenses does the Maine Real Estate Commission issue? - correct answer 1. Sales Agent 2. Associate Broker 3. Broker 4. Designated Broker (Sometimes referred to as the Broker, DB, Principal Broker, ...

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8 pages

Written in 2023/2024

Grade A+

ROSEGRADES

MAINE STATE PRACTICE EXAM TEST 2024. The most common manner in which to transfer risk in real estate property management is through the use of: A. indemnification agreements. B. insurance policies. C. hold harmless agreements. D. release of liability forms. - correct answer B. In risk management, the most common and effective manner in to transfer risk is by the use of insurance policies. The property owner pays a premium, and the insurance company takes on the liability for the occurren...

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36 pages

Written in 2023/2024

Grade A+

ROSEGRADES