Maine Real Estate Law Exam Questions & Answers
Verified 100% Correct!!
A client must be informed as to the real estate brokerage agency's appointed
agency policy and:
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:
Confidential negotiating strategy not disclosed in the sales offer as
terms of the sale.
The Maine Real Estate Commission may not impose disciplinary sanctions when
a person is guilty of:
Innocent misrepresentation.
Joanna has been an active associate broker licensee in Maine for 7 years. She
may:
Serve on the Maine Real Estate Commission as an industry member.
The Real Estate Brokerage Relationship Form #3 does not need to be provided by
a licensee to a prospective buyer:
Interested in purchasing land without a residential dwelling unit.
A licensee must provide a copy of a newly signed listing agreement to his or her
designated broker within:
5 calendar days after execution of the document.
A buyer's agent anticipates receiving a bonus of $3000 from the seller of a
property. Which of the following is true?
The buyer's agent must disclose this bonus in writing to the buyer client.
To apply for an associate broker license, the licensee must:
Attend 60 hours of training.
The maximum amount of time that a listing agreement may "carry over" is:
6 months.
Which government entity has jurisdiction over zoning for over 10 million
unincorporated acres in Maine?
LUPC
George is a licensee who is convicted of embezzlement of funds from his
employer. George must:
Report his conviction to the Maine Real Estate Commission within 10 days.
An auctioneer needs a real estate license to:
Take custody of the earnest money from the winning bidder.
An attorney must hold a real estate license if:
The attorney is regularly engaged in real estate brokerage.
Jill wants to install a septic system on her lakefront property. The property must:
Have at least 100 feet of frontage on the lake.
Andrew is a veteran of World War II. He may be eligible for a property tax
exemption of:
$6000.
, Jenny wants to apply for a sales agent license. She must be:
At least 18 years old.
Peter's sales agent license expires on June 30. Which of the following is true?
(Which is the BEST answer?)
He can apply for a one year extension due to documented extenuating circumstances.
What words must be imprinted on a trust account check?
Real Estate Trust Account.
A location where business is regularly conducted or that is advertised as where
the public may contact the real estate brokerage agency is called a:
Branch office.
What type of location must every real estate brokerage agency maintain?
A fixed and definite place of business.
How many people serve on the Maine Real Estate Commission?
6
Sally is a sales agent licensee at the Sunshine Real Estate Company. Which of
the following is true?
Sally's designated broker must review and initial her market analyses for her first 90
days at Sunshine Real Estate Company.
The minimum size lot required for a single family residence to have a septic
system is:
20,000 square feet.
A licensee is required to provide copies of contracts to all parties:
At the time of their signatures.
Edward is selling his property that is totally located in a shoreland zone. The
property includes a septic system. What must Edward provide to the buyer?
A written statement as to whether or not the septic system has malfunctioned during the
180 days prior to closing
Jenny wants to build a garage on a piece of land that borders a great pond. The
garage would be 200 feet away from the normal high-water line of the great pond.
Her town does not allow any building in the shoreland zone. Will Jenny be
allowed to build the garage?
No, the garage would be in the shoreland area that is within 250 feet of the great pond.
The designated broker is responsible for having a written company policy
covering:
The type of real estate relationships in which the agency may
engage.
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?
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 license in addition to his auctioneer license in order to
do this?
Yes
Verified 100% Correct!!
A client must be informed as to the real estate brokerage agency's appointed
agency policy and:
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:
Confidential negotiating strategy not disclosed in the sales offer as
terms of the sale.
The Maine Real Estate Commission may not impose disciplinary sanctions when
a person is guilty of:
Innocent misrepresentation.
Joanna has been an active associate broker licensee in Maine for 7 years. She
may:
Serve on the Maine Real Estate Commission as an industry member.
The Real Estate Brokerage Relationship Form #3 does not need to be provided by
a licensee to a prospective buyer:
Interested in purchasing land without a residential dwelling unit.
A licensee must provide a copy of a newly signed listing agreement to his or her
designated broker within:
5 calendar days after execution of the document.
A buyer's agent anticipates receiving a bonus of $3000 from the seller of a
property. Which of the following is true?
The buyer's agent must disclose this bonus in writing to the buyer client.
To apply for an associate broker license, the licensee must:
Attend 60 hours of training.
The maximum amount of time that a listing agreement may "carry over" is:
6 months.
Which government entity has jurisdiction over zoning for over 10 million
unincorporated acres in Maine?
LUPC
George is a licensee who is convicted of embezzlement of funds from his
employer. George must:
Report his conviction to the Maine Real Estate Commission within 10 days.
An auctioneer needs a real estate license to:
Take custody of the earnest money from the winning bidder.
An attorney must hold a real estate license if:
The attorney is regularly engaged in real estate brokerage.
Jill wants to install a septic system on her lakefront property. The property must:
Have at least 100 feet of frontage on the lake.
Andrew is a veteran of World War II. He may be eligible for a property tax
exemption of:
$6000.
, Jenny wants to apply for a sales agent license. She must be:
At least 18 years old.
Peter's sales agent license expires on June 30. Which of the following is true?
(Which is the BEST answer?)
He can apply for a one year extension due to documented extenuating circumstances.
What words must be imprinted on a trust account check?
Real Estate Trust Account.
A location where business is regularly conducted or that is advertised as where
the public may contact the real estate brokerage agency is called a:
Branch office.
What type of location must every real estate brokerage agency maintain?
A fixed and definite place of business.
How many people serve on the Maine Real Estate Commission?
6
Sally is a sales agent licensee at the Sunshine Real Estate Company. Which of
the following is true?
Sally's designated broker must review and initial her market analyses for her first 90
days at Sunshine Real Estate Company.
The minimum size lot required for a single family residence to have a septic
system is:
20,000 square feet.
A licensee is required to provide copies of contracts to all parties:
At the time of their signatures.
Edward is selling his property that is totally located in a shoreland zone. The
property includes a septic system. What must Edward provide to the buyer?
A written statement as to whether or not the septic system has malfunctioned during the
180 days prior to closing
Jenny wants to build a garage on a piece of land that borders a great pond. The
garage would be 200 feet away from the normal high-water line of the great pond.
Her town does not allow any building in the shoreland zone. Will Jenny be
allowed to build the garage?
No, the garage would be in the shoreland area that is within 250 feet of the great pond.
The designated broker is responsible for having a written company policy
covering:
The type of real estate relationships in which the agency may
engage.
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?
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 license in addition to his auctioneer license in order to
do this?
Yes
