Exam (elaborations)
Maine Real Estate License Practice Exam Updated with complete solution
- Course
- Institution
Maine Real Estate License Practice Exam Updated with complete solution
[Show more]
Seller
Follow
Wiseman
Reviews received
Content preview
Maine Real Estate License PracticeExam Updated 2024-2025 with complete
solution
Section 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 confidence in the real estate industry
D. Oversee audits and continuing education of practicing licensees - C. Promote public
confidence in the real estate industry
The industry members on the Maine Real Estate Commission are:
a. Citizens with no connection to the real estate business
b. The director of the real estate commission and three legislators
c. Designated brokers from four different counties
d. Licensees who have held a broker or associate broker license for a minimum of five
years - D. Licensees who have held a broker or associate broker license for a
minimum of five years
The Maine Real Estate Commission has the power to:
a. Suspend or revoke a real estate license
b. Impose a criminal penalty of up to $10,000 and one year in jail
c. Do nothing, all penalties must be decided in court
d. Set fees of any amount - a. Suspend or revoke a real estate license
The Maine Real Estate Commission has the power to:
a. Impose fines on licensees in violation of the law
b. Require sellers to make property disclosures
c. Have buyers sign buyer agency agreements
d. Take the licensees commission away for no just cause - a. Impose fines on
licensees in violation of the law
The Maine Real Estate Commission may not impose disciplinary sanctions when a
person is guilty of:
a. Innocent misrepresentation
b. Puffing
c. Class A, B or C crime
,d. Concealment of pertinent information - a. Innocent misrepresentation
Iris Clover has been an active Associate Broker licensee in Maine for nine years. She
may
a. Open her own real estate brokerage company
b. Serve on the Maine Real Estate Commission as an industry member c. Not apply for
the broker license for 1 more year
d. Not provide a broker price opinion for a bank - b. Serve on the Maine Real Estate
Commission as an industry member
The Maine Real Estate Commission has how many members?
a. 4
b. 6
c. 5
d. 7 - B. 6
The Maine Real Estate Commission has how many industry members?
a. 2
b. 4
c. 6
d. 8 - B. 4
A licensee may lose their license for conduct which shows
a. Dishonesty
b. Dealing in bad faith
c. Incompetency
d. All of the above - D. All of the above. Dishonest, dealing in bad faith, incompetency
Leo Allster is a licensee who was convicted of embezzlement of funds from his
Designated Broker. Leo must
a. Report his conviction to the Maine Real Estate Commission within ten days
b. Surrender his real estate license immediately
c. Pay a $2,000 fine to the Maine Real Estate Commission
d. Secure independent errors and omissions insurance to continue to practice in Maine
- a. Report his conviction to the Maine Real Estate Commission within ten days
Which of the following is not a function of the Maine Real Estate Commission?
a. Determine the type of agency relationships that a company will practice
b. Conduct hearings
c. Establish the fees it will charge
,d. Adopt rules governing the practice of real estate - a. Determine the type of agency
relationships that a company will practice
The Director of the Maine Real Estate Commission is responsible for which of the
following:
a. Initiating disciplinary action and fining licensees for prohibited conduct
b. Determining protocol and conducting the Maine Real Estate Commission meetings
c. Making rules and policy in regards to Maine real estate law
d. Managing the Commission affairs - d. Managing the Commission affairs
For how many years is an Associate Broker license valid for:
a. 1
b. 2
c. 4
d. 5 - B. 2
How many continuing education credits must a licensee complete within a two year
period to renew an Associate Broker or Broker license in Maine?
a. 9
b. 12
c. 18
d. 21 - D. 21
How old must a candidate be to apply for a Sales Agent license in the state of Maine?
a. 18 with a high school diploma or GED
b. 21 with a college degree in real estate
c. 18 and a permanent resident of Maine
d. 21 and a high school graduat - a. 18 with a high school diploma or GED
. Mark Swanson from Skowhegan has a Sales Agent license in the state of Maine that
will expire on September 30. Which of the following is true?
a. He must stop practicing real estate of October 1
b. He may apply for a Broker's license as long as he completes the course prior to or on
November 30
c. He must complete the required education for an Associate Broker's license prior to or
on September 30
d. He can apply for a one year extension due to documented extenuating circumstances
- d. He can apply for a one year extension due to documented extenuating
circumstances
The Maine Real Estate Commission has how many public members?
, a. 1
b. 2
c. 3
d. 6 - B. 2
How many days does a licensee have to inform the Maine Real Estate Commission
about a change in home address?
a. 5 days
b. 10 days
c. 30 days
d. At time of next renewal - b. 10 days
What is the maximum fine that may be assessed by the Maine Real Estate
Commission?
a. $10,000 per day
b. $10,000 maximum
c. $2,000 per violation
d. $2,000 maximum for any violation - c. $2,000 per violation
With how many real estate brokerage agencies can a licensee be affiliated with in
Maine?
a. 1
b. 2
c. Indeterminate
d. As needed - a. 1
Who appoints members of the Maine Real Estate Commission?
a. The Executive Director
b. The current member of the commission
c. The Department of Professional Licensing
d. The Governor - d. The Governor
How many days does a licensee have to renew an expired license before they have to
take the test again?
a. 30 days
b. 60 days
c. 90 days
d. 6 years - c. 90 days
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Wiseman. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76658 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now