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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

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...

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...

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...

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 ...

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...

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 __...

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...

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 ...

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, ...

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...

Principles of Real Estate 1 - Champions Final Exam Questions 2024.Leasehold Estates - correct answer possession and use of property without ownership Estate for years (tenancy for years) - correct answer any lease with a specific starting and ending date. Survives the death or sale of the property Periodic Tenancy/periodic estate - correct answer lease that automatically renews itself for like periods. example month to month. Requires notice to terminate Estate at Will - correct answer ...

Principles of Real Estate 1 Written Exam 2024. Appraisal is the business of: (a) Acquiring land for development into residential subdivisions and retail centers (b) Providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for the payment of a debt (c) Providing a professional opinion of the value of real property (d) Locating units for tenants in multifamily complexes - correct answer c. Providing a professional opinion of the value o...

Real Estate Appraisal Final Exam Prediction Questions 2024. The act or process of critically studying a report prepared by another is called: - correct answer A review Federally related transactions are transactions: - correct answer involving a federal agency or regulatory An item that was formerly personal property that has become real property is called: - correct answer A fixture An appurtenance is something that - correct answer Goes along with the ownership of the land Possess...

Real Estate Chapter 15 Review Practice Test 2024. Police Power- Through zoning - correct answer Land use controls that benefits the public health, safety, and general welfare are possible because of the government's Taxation. - correct answer The government's police power can be used for all of the following purpose Except The general plan - correct answer A long-range plan for local development is commonly known as Zoning Ordinance,. - correct answer Minimum parcel size, building h...

Real Estate Exam Maine Laws Questions And Answers 2024. Section 13001 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 cannot pay referral fees to someone who is not a real estate licensee. Section 13002 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...

Real Estate Exam Prep Quiz Correctly Answered 2024. The purpose of the Maine Real Estate Commission is to? - correct answer Promote public understanding and confidence in the business of Real Estate Brokerage The Maine Real Estate Commission consists of? - correct answer 4 industry members and 2 public members The maximum fine that may be imposed by the Maine Real Estate - correct answer $2000 per violation What type of Real Estate development includes a variety of land uses such as *s...

REAL ESTATE FINAL EXAM PREDICTIONS QUESTIONS 2024. 1. In preparing an estimate of value for a client, an agent must consider: A. The principle of contribution. B. The principle of substitution. C. Regional economic forces. D. All of the above. - correct answer All of the above A fixture is considered to be: - correct answer Real Property A seller who defaults on a contract for the sale of real estate may find himself: - correct answer Before a court that may order specific performa...

Real Estate- Maine Learning Group Study Guide Test 2024. Equitable Right of Redemption - correct answer The right of a defaulted borrower to redeem the property after foreclosure proceedings have begun & before the foreclosure sale by paying off the loan balance, plus interest until the day of payoff & costs. Written Policy Manual - correct answer Identifies & describes the types of real estate brokerage relationships in which the broker & affiliated licenses may engage. (Maine requirement) ...

REAL ESTATE FINAL EXAM 2024. How many industry members serve on the Maine Real Estate Commission? - correct answer 4 What type of real estate development includes a variety of land uses such as single family homes, rentals, retail, and recreation space? - correct answer PUD (Planned Unit Development) Two forms of Joint ownership are: - correct answer Joint Tenancy and Tenants in Common If property is owner in severalty, it is owned by: - correct answer One person or corporation The ...