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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...

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...

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...

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...

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...

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...

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 ...

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. ...

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...

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...

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...

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 ...

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...

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...

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...

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...

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...

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 ...

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...

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...