MAINE REAL ESTATE LICENSE PRACTICE
EXAM
MAINE REAL ESTATE LICENSE PRACTICE
EXAM VERIFIED QUESTIONS AND
CORRECT DETAILED ANSWERS WITH
DETAILED RATIONALES GRADED A+
GUARANTEED PASS ACE YOUR EXAM
. The Designated Broker is responsible for having a written company policy that covers the topic of?
a. How the commission split works and how commissions are paid
b. Timing of the mandatory sales meeting and required office dress code
c. Types of relationships the agency engages in such as Appointed Agency, Disclosed Dual Agency,
A+ TEST BANK 1
, MAINE REAL ESTATE LICENSE PRACTICE
EXAM
Seller Agency, Buyer Agency and Subagency
d. How the agency will pay all outstanding and future IRS liabilities of the agent
c. Types of relationships the agency engages in such as Appointed Agency, Disclosed Dual Agency,
Seller Agency, Buyer Agency and Subagency
Section 2 - Maine Laws and Rules Governing Activities of Licensees (18)
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.
B. Promote public understanding and confidence in the business of real estate brokerage.
The purpose of the Maine Real Estate Commission is to promote public understanding and confidence
in the business of real estate brokerage.
Which party customarily pays for the home inspection?
A. The seller
B. The buyer
C. The agent of the buyer
D. The agent of the seller
B. The buyer
In this agreement the buyer acknowledges receipt of information about what substance that may be
present in private water supplies and treated wood?
A. Arsenic
B. Radon
C. Mold
D. Lead paint
A. Arsenic
A+ TEST BANK 2
, MAINE REAL ESTATE LICENSE PRACTICE
EXAM
If in good faith the buyer applies for a mortgage but does not receive an approval letter from the lender,
what happens to the earnest money?
A. The seller keeps the earnest money.
B. The listing broker decides which party gets the earnest money.
C. The seller returns the earnest money to the buyer.
D. The seller and buyer split the earnest money.
C. The seller returns the earnest money to the buyer.
4. True or False: A cash buyer must provide proof of funds to the seller.
A. True
B. False
A. True
5. The parties to the contract agree to resolve disputes regarding earnest money in:
A. A hearing at the REALTOR board.
B. A hearing before the Maine Real Estate Commission.
C. Mediation.
D. Small claims court.
D. Small claims court
6. Photocopies, faxes and email attachments are:
A. Just as valid as the original document.
B. Not valid replacements for the original document.
C. Illegal.
D. Null and void.
A. Just as valid as the original document.
A+ TEST BANK 3
, MAINE REAL ESTATE LICENSE PRACTICE
EXAM
The seller acknowledges that if the property has a septic system in the Shoreland zone, the seller will:
A. Certify whether the system has or has not malfunctioned in the 180 calendar days prior to closing.
B. Relocate the septic system before closing.
C. Update the septic system to the latest technology.
D. Certify whether the system has or has not malfunctioned in the last two years.
A. Certify whether the system has or has not malfunctioned in the 180 calendar days prior to closing.
Withdrawal of offers and counteroffers will be effective:
A. Only if received before 5:00 pm on the day of withdrawal.
B. Only if communicated in person.
C. Only upon written communication.
D. Upon communication, verbally or in writing.
D. Upon communication, verbally or in writing.
3. The definition of a business day excludes Saturdays, Sundays, and:
A. Major religious holidays.
B. Any observed Maine or Federal holidays.
C. Holidays observed in any state.
D. Days when banks are closed due to bad weather.
B. Any observed Maine or Federal holidays.
Information in this purchase and sale agreement may only be disclosed to those involved in the
transaction for the purpose of:
A. Closing this transaction.
B. Advertising the property.
C. Earning a commission.
D. Providing legal advice to either party.
A. Closing this transaction.
A+ TEST BANK 4
EXAM
MAINE REAL ESTATE LICENSE PRACTICE
EXAM VERIFIED QUESTIONS AND
CORRECT DETAILED ANSWERS WITH
DETAILED RATIONALES GRADED A+
GUARANTEED PASS ACE YOUR EXAM
. The Designated Broker is responsible for having a written company policy that covers the topic of?
a. How the commission split works and how commissions are paid
b. Timing of the mandatory sales meeting and required office dress code
c. Types of relationships the agency engages in such as Appointed Agency, Disclosed Dual Agency,
A+ TEST BANK 1
, MAINE REAL ESTATE LICENSE PRACTICE
EXAM
Seller Agency, Buyer Agency and Subagency
d. How the agency will pay all outstanding and future IRS liabilities of the agent
c. Types of relationships the agency engages in such as Appointed Agency, Disclosed Dual Agency,
Seller Agency, Buyer Agency and Subagency
Section 2 - Maine Laws and Rules Governing Activities of Licensees (18)
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.
B. Promote public understanding and confidence in the business of real estate brokerage.
The purpose of the Maine Real Estate Commission is to promote public understanding and confidence
in the business of real estate brokerage.
Which party customarily pays for the home inspection?
A. The seller
B. The buyer
C. The agent of the buyer
D. The agent of the seller
B. The buyer
In this agreement the buyer acknowledges receipt of information about what substance that may be
present in private water supplies and treated wood?
A. Arsenic
B. Radon
C. Mold
D. Lead paint
A. Arsenic
A+ TEST BANK 2
, MAINE REAL ESTATE LICENSE PRACTICE
EXAM
If in good faith the buyer applies for a mortgage but does not receive an approval letter from the lender,
what happens to the earnest money?
A. The seller keeps the earnest money.
B. The listing broker decides which party gets the earnest money.
C. The seller returns the earnest money to the buyer.
D. The seller and buyer split the earnest money.
C. The seller returns the earnest money to the buyer.
4. True or False: A cash buyer must provide proof of funds to the seller.
A. True
B. False
A. True
5. The parties to the contract agree to resolve disputes regarding earnest money in:
A. A hearing at the REALTOR board.
B. A hearing before the Maine Real Estate Commission.
C. Mediation.
D. Small claims court.
D. Small claims court
6. Photocopies, faxes and email attachments are:
A. Just as valid as the original document.
B. Not valid replacements for the original document.
C. Illegal.
D. Null and void.
A. Just as valid as the original document.
A+ TEST BANK 3
, MAINE REAL ESTATE LICENSE PRACTICE
EXAM
The seller acknowledges that if the property has a septic system in the Shoreland zone, the seller will:
A. Certify whether the system has or has not malfunctioned in the 180 calendar days prior to closing.
B. Relocate the septic system before closing.
C. Update the septic system to the latest technology.
D. Certify whether the system has or has not malfunctioned in the last two years.
A. Certify whether the system has or has not malfunctioned in the 180 calendar days prior to closing.
Withdrawal of offers and counteroffers will be effective:
A. Only if received before 5:00 pm on the day of withdrawal.
B. Only if communicated in person.
C. Only upon written communication.
D. Upon communication, verbally or in writing.
D. Upon communication, verbally or in writing.
3. The definition of a business day excludes Saturdays, Sundays, and:
A. Major religious holidays.
B. Any observed Maine or Federal holidays.
C. Holidays observed in any state.
D. Days when banks are closed due to bad weather.
B. Any observed Maine or Federal holidays.
Information in this purchase and sale agreement may only be disclosed to those involved in the
transaction for the purpose of:
A. Closing this transaction.
B. Advertising the property.
C. Earning a commission.
D. Providing legal advice to either party.
A. Closing this transaction.
A+ TEST BANK 4
