Maine - Real Estate test package deal 2023/2024 already passed

Real Estate Chapter 15 Quiz 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 purpos...

Real Estate AppraisalThe 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 becom...

Principles of Real EstateAppraisal 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...

Principles of Real Estate 1 - ChampionsLeasehold 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/perio...

MAINE STATE EXAM 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 commo...

Maine sales agent course quiz #1What 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...

Maine real estateThe 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 p...

Maine Real EstateCONVENTIONAL 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 Subs...

Maine Real Estatetype 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 commercia...

Maine real estate 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 LUP...

Maine Real Estate Vocabulary- TRELGAesthetic 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 pa...

Maine Real Estate testFor 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 ...

Maine Real Estate Study 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 ...

Maine Real Estate Sales Agent Course - Chapter 1What 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 licen...

Maine Real Estate Quiz #1Your 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 license...

Maine Real Estate Questions 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 t...

Maine Real Estate PrepTwo 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 ...

Maine Real Estate PracticeWho 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 ...

Maine Real Estate MATH SECTION 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, t...

Maine Real Estate LicenseWho 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 Indep...

Maine Real Estate License Practice ExamSection 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 confi...

Maine Real Estate License Practice Exam part 2 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 t...

Maine Real Estate License Practice Exam PART 1Section 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 publi...

Maine Real Estate LawCall 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 ...

Maine Real Estate Law 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...

Maine Real Estate Law TRELG CourseYou 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 lic...

Maine Real Estate Law Exam Prep! Study StudyIn 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...

Maine Real Estate FinalAn 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...

Maine Real Estate ExamThe 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 vi...

Maine Real Estate ExamTruth 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 payme...

Maine Real Estate Exam 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 ado...

Maine Real Estate ExamWhat 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 decid...

Maine Real Estate Exam studyIndependent 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 ...

Maine real estate exam prepAll 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 descr...

Maine Real Estate Exam Practice QuestionsJohn 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 possess...

Maine Real Estate Commission - Flashcards 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...

Maine Real Estate 1 - 6Fred wants to put an addition on his hunting camp located in an unorganized township in Maine. He must apply to ________ fora building permit - correct answer (LUPC) Land Use Planning Committee An employer is responsible for directing a(n)______________as to both what is to...

The right to use the land of another but not to possess it is called - correct answer Non-Possessory Rights An easement that involves two parcels of land is called an - correct answer Appurtenant Easement. The land that benefits from an appurtenant easement is the - correct answer Dominant Est...

Maine Quiz 11. In Maine, a person without a real estate license may: A. Receive a referral fee. B. Receive compensation for finding a buyer for a piece of property. C. Sell a relative's house and receive a fee not to exceed 5%. D. Call bids at a real estate auction. - correct answer Your answ...

Maine Laws TRELGIn Maine, a person without a real estate license may: A. Receive a referral fee. B. Receive compensation for finding a buyer for a piece of property. C. Sell a relative's house and receive a fee not to exceed 5%. D. Call bids at a real estate auction. - correct answer D. An unli...

Maine Law Real Estate TRELGTrue 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 - corr...

Maine - Real Estate Exam PrepFixture - An object that has been attached to land so as to become real estate. An article of personal property which has been installed in or attached to land or a building thereon, in such a manner that it is now considered to be a part of the real estate. Improvem...

Exercise on Maine Real Estate License Laws TRELGYou 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 can't pay referral fees to someone who is not ...

Chapter 27 Maine Real Estate LawsYou 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 can't pay referral fees to someone who is not a real estate l...