Maine Law Real Estate TRELG Exam Questions With Correct Answers Graded A+

Maine Law Real Estate TRELG Exam Questions With Correct Answers Graded A+ True or False: With appointed agency, one affiliated licensee represents the client to the exclusion of all other affiliated licensees of the brokerage agency; more than one may be appointed if there is a team or a licensee is covering for vacation. A. TrueB. False A. True When must a client give consent to disclosed dual agency? A. At the time the client signs a listing agreement or buyer representation agreement with the brokerage agencyB. When the client encounters a situation that brings about the possibility of disclosed dual agency The correct answer is A. The two fiduciary duties that survive the agent/client relationship are: A. Obedience and loyalty.B. Confidentiality and accounting.C. Diligence and confidentiality. the correct answer is B. A Maine real estate licensee must present the Real Estate Brokerage Relationships Form to a consumer when engaged in a substantive communication regarding a: A. Vacant building lot.B. Commercial warehouse.C. 3-unit residential apartment building.D. 10-unit residential apartment building. 3-unit residential apartment building. Yes, this is the correct answer. It is not required for vacant land, commercial property, or residential more than 4 units. Licensee Dustin receives an email from a consumer, Ellen, who lives in Maryland and is moving to Maine in 3 months. Ellen is visiting Maine next week and would like to see one of Dustin's listings. Must Dustin email Ellen a copy of the Real Estate Brokerage Relationships Form? A. YesB. No Yes You are correct. Whenever there is a substantive communication regarding real estate (in person, over the phone, via email, in the mail), provide the Real Estate Brokerage Relationships Form immediately. Which party or parties are required by the Maine Real Estate Commission to sign the Real Estate Brokerage Relationships Form? A. The consumerB. The Maine real estate licenseeC. Nobody The correct answer is C. The Maine Real Estate Commission does not require any signatures on this form. In fact, there are no signature lines. You list a property that has a nail salon on the ground floor and a residential apartment on the second floor. The property obtains its water from a private well. Which of the following information must you seek from the seller? A. Type of system and its locationB. Date of installation and details about any malfunctionsC. Date of most recent water test and results if unsatisfactoryD. All of the above D. All of the above You are correct. Since this property has a residential component, you must seek all of this information from the seller in order to make mandated property disclosure. True or False: When it comes to mandated property disclosure, a Maine real estate licensee in the role of a transaction broker has the same obligation as a licensee in the role of an agent. A. TrueB. False A. True You are correct. Although a transaction broker has no fiduciary duties to the customer, he or she must still provide mandated property disclosure. True or False: If your buyer client wants to make an offer on a property that is For Sale by Owner (FSBO), you as the licensee are responsible for obtaining the information necessary for making property disclosures. A. TrueB. False A. True You are correct. As the licensee, you are responsible for obtaining the information necessary for making property disclosures. Which of the following are the four categories of mandated property disclosure in Maine? A. Access to public utilities, average electrical consumption per month, heating, hazardous materialsB. Type and location of insulation, waste water disposal, current or prior infestations from wood-destroying organisms, moldC. Hazardous materials, mold, heating, type and location of insulationD. Private water supply, waste water disposal, heating, hazardous materials D. Private water supply, waste water disposal, heating, hazardous materials At the latest, when must property disclosure information be conveyed to a buyer in Maine? A. Prior to showing the property for the first timeB. Prior to or during the presentation of an offerC. Anytime before the closingD. At the closing B. Prior to or during the presentation of an offer In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: A. The terms and conditions of the brokerage services to be provided.B. The phone number of the designated broker who is in charge of the real estate brokerage agency. A. The terms and conditions of the brokerage services to be provided. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: A. The permission of the client to hold open houses.B. The method or amount of compensation to be paid. B. The method or amount of compensation to be paid. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: A. The date upon which the agreement will expire.B. The name of the designated broker who is in charge of the real estate brokerage agency. A. The date upon which the agreement will expire. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: A. The signature of the client to be charged.B. The street address of the real estate brokerage agency. A. The signature of the client to be charged. In Maine, a brokerage contract between a real estate brokerage agency and a client must contain: A. A statement that the client may cancel this contract at any time.B. A statement that the agreement creates an agency-client relationship B. A statement that the agreement creates an agency-client relationship Which of the following actions may be performed by a Maine licensee in the role of a transaction broker? A. Research allowed uses of a property at the zoning office at Town HallB. Provide a range of prices in which the buyer should make her offerC. Disclose material defects of a propertyD. Suggest negotiating strategy to the buyer C. Disclose material defects of a property You are correct. Even thought this licensee is not in the role of an agent, she must comply with Maine Laws regarding property disclosure. True or False: In Maine, all brokerage agreements establishing an agent/client relationship must be in writing. A. TrueB. False A. True True or False: A transaction broker is a non-agent with no fiduciary duties to the customer. A. TrueB. False A. True When must earnest money be deposited? A. Within 5 business days of acceptance of the offerB. As soon as practicable after the acceptance of the offer A. Within 5 business days of acceptance of the offer Janet is the licensee working for the buyer of 444 Spruce Street. The buyer's offer is accepted on Monday. By which day must Janet provide her designated broker with a copy of the signed Purchase and Sale Agreement? A. MondayB. TuesdayC. WednesdayD. Saturday D. Saturday Yes, Janet must provide her designated broker with a copy of the signed document with 5 calendar days. What is the maximum amount of a brokerage agency's own funds that may be in the trust account for the purpose of maintaining the account? A. $200B. $500C. $1000 B. $500 The Maine Real Estate Commission is composed of: A. 4 industry members and 2 public members.B. 3 industry members and 3 public members.C. 2 industry members and 4 public members. A. 4 industry members and 2 public members. The maximum find that the Maine Real Estate Commission may impose is: A. $1000 per violation plus amount of compensation received in the subject transaction.B. $2000 per violation plus amount of compensation received in the subject transaction.C. $5000 per violation plus amount of compensation received in the subject transaction. the correct answer is B. The person who manages the day-to-day business of the Maine Real Estate Commission is the: A. Director of the Commission.B. Governor of the state of Maine.C. Attorney General of the state of Maine. A. Director of the Commission. 1. True or False: In Maine, real estate brokerage includes listing real estate for sale on behalf of another for compensation or the expectation of receiving compensation. A. TrueB. False A. True True or False: Leasing, rentals, and property management are activities that require a real estate license in Maine. A. TrueB. False this is a false statement. The maximum amount a landlord may charge for a security deposit is: A. Two times the monthly rent.B. Three times the monthly rent.C. Four times the monthly rent. A. Two times the monthly rent. The maximum amount a landlord may assess as a late fee is: A. 4% of the amount of a month's rent.B. 6% of the amount of a month's rent.C. 10% of the amount of a month's rent. 4% of the amount of a month's rent. Except in cases of emergency, how much notice must the landlord give a tenant before entering the premises? A. 12 hoursB. 24 hoursC. 36 hours B. 24 hours How much notice must a tenant at will (no written lease) provide to the landlord if the tenant will be leaving? A. 14 daysB. 30 daysC. 60 days B. 30 days True or False: A Landlord must provide working smoke detectors and working carbon monoxide detectors at the time a property or unit is rented. A. TrueB. False A. True To claim adverse possession in Maine requires a statutory period of how many years? A. 10B. 15C. 20D. 25 C. 20 Maine uses the recording method called Race Notice. Priority of the title is given to the party who records the deed at the county registry of deeds first, but only if the party also: A. Lacked notice of prior unrecorded claims on the same property.B. Purchased