Pearson Vue Real Estate Exam Maine Questions with Correct Answers 2 Exam (elaborations) Maine specific- Real Estate Exam prep with 100% Complete Solutions 3 Exam (elaborations) Maine Real Estate 2 Exam (Questions and Answers) 4 Exam (elaborations) Maine Real Estate Exam Questions with 100% Corre...
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Fixture - Answer-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. Improvements - Answer-Benefici...
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Add to cartFixture - Answer-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. Improvements - Answer-Benefici...
In Maine, an agency relationship with a buyer begins when: A. The buyer says it does. B. The potential buyer receives the Real Estate Brokerage Relationships Form (Form 3). C. The licensee says it does. D. The buyer signs an agreement with the real estate brokerage agency establishing an agency ...
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Add to cartIn Maine, an agency relationship with a buyer begins when: A. The buyer says it does. B. The potential buyer receives the Real Estate Brokerage Relationships Form (Form 3). C. The licensee says it does. D. The buyer signs an agreement with the real estate brokerage agency establishing an agency ...
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 - Answer-A. True When must a c...
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Add to cartTrue 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 - Answer-A. True When must a c...
Fred wants to put an addition on his hunting camp located in an unorganized township in Maine. He must apply to ________ for a building permit - Answer-(LUPC) Land Use Planning Committee An employer is responsible for directing a(n)______________as to both what is to be done and how it is to be d...
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Add to cartFred wants to put an addition on his hunting camp located in an unorganized township in Maine. He must apply to ________ for a building permit - Answer-(LUPC) Land Use Planning Committee An employer is responsible for directing a(n)______________as to both what is to be done and how it is to be d...
Ten acres of land sold for $100,000 and the borrower had a 5% down payment. The property appraised for $95,000 and the lender charged 9% interest on a 10-year loan. How much interest is the lender paid the first month? - Answer-$95000 x .95 = $90,250 x .09 = 8122.5 / 12 = $676.88 In the first qua...
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Add to cartTen acres of land sold for $100,000 and the borrower had a 5% down payment. The property appraised for $95,000 and the lender charged 9% interest on a 10-year loan. How much interest is the lender paid the first month? - Answer-$95000 x .95 = $90,250 x .09 = 8122.5 / 12 = $676.88 In the first qua...
What is the definition of Real Estate - Answer-Real Estate is land and everything more or less permanently attached to it, like buildings, sidewalks, and naturally growing trees. What is personal property? - Answer-Pots and pans, garden tools, furniture that can be moved, moveable electronics lik...
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Add to cartWhat is the definition of Real Estate - Answer-Real Estate is land and everything more or less permanently attached to it, like buildings, sidewalks, and naturally growing trees. What is personal property? - Answer-Pots and pans, garden tools, furniture that can be moved, moveable electronics lik...
All of the following are real property EXCEPT - Answer-A Portable Basketball hoop A metes and bounds description of real property relies on - Answer-A point of beginning, measurement of distances, and directions on a compass Fee simple ownership describes - Answer-Current ownership A life e...
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Add to cartAll of the following are real property EXCEPT - Answer-A Portable Basketball hoop A metes and bounds description of real property relies on - Answer-A point of beginning, measurement of distances, and directions on a compass Fee simple ownership describes - Answer-Current ownership A life e...
The right of a landowner and his/her heirs to occupy a parcel of real estate forever is called a: a.) Qualified fee b.) Life estate c.) Estate in fee simple absolute d.) Indeterminable estate - Answer-c.) Estate in fee simple absolute - Fee, fee simple, or fee simple absolute are interchangeabl...
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Add to cartThe right of a landowner and his/her heirs to occupy a parcel of real estate forever is called a: a.) Qualified fee b.) Life estate c.) Estate in fee simple absolute d.) Indeterminable estate - Answer-c.) Estate in fee simple absolute - Fee, fee simple, or fee simple absolute are interchangeabl...
In Maine, a person without a real estate license may: - Answer-Call bids at a real estate auction. Under Maine law, "real estate brokerage' means: - Answer-A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation. In Maine...
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Add to cartIn Maine, a person without a real estate license may: - Answer-Call bids at a real estate auction. Under Maine law, "real estate brokerage' means: - Answer-A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation. In Maine...
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 him? - Answer-I can't pay referral fees to someone who is not a real estate licensee. Elwood holds a Maine auctioneer ...
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Add to cartYou 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? - Answer-I can't pay referral fees to someone who is not a real estate licensee. Elwood holds a Maine auctioneer ...
A client must be informed as to the real estate brokerage agency's appointed agency policy and: - 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 licensee gains from the othe...
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Add to cartA client must be informed as to the real estate brokerage agency's appointed agency policy and: - 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 licensee gains from the othe...
Call bids at a real estate auction. - 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. - Answer-Under Maine law, "real estate brokerage' means: Prospect...
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Add to cartCall bids at a real estate auction. - 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. - Answer-Under Maine law, "real estate brokerage' means: Prospect...
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. O...
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Add to cartSection 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. O...
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 - Answer-a. Suspend or revoke a real estate licens...
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Add to cartThe 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 - Answer-a. Suspend or revoke a real estate licens...
License laws and rules apply to ALL licensees within the state, whereas the NAR _______ applies only to those who join the REALTOR® organization. - Answer-Code of Ethics Each market has a system whereby each company can promote its listed properties to other companies who may have a buyer for it...
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Add to cartLicense laws and rules apply to ALL licensees within the state, whereas the NAR _______ applies only to those who join the REALTOR® organization. - Answer-Code of Ethics Each market has a system whereby each company can promote its listed properties to other companies who may have a buyer for it...
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, that as the selling agent, she wi...
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Add to cartXYZ 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, that as the selling agent, she wi...
Two fiduciary duties that never expire - Answer-confidentiality and accounting when must a client give consent to a disclosed dual agency? - Answer-at the time the client signs a listing agreement or buyer representation agreement with the brokerage agency A maine real estate licensee must pre...
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Add to cartTwo fiduciary duties that never expire - Answer-confidentiality and accounting when must a client give consent to a disclosed dual agency? - Answer-at the time the client signs a listing agreement or buyer representation agreement with the brokerage agency A maine real estate licensee must pre...
Abstract of Title - Answer-A _____ exam summary prepared from the records in the registry of deeds Accounting - Answer-One of the seven fiduciary duties of an agent to a client: agent must report to the client how money held for the client is to be handled Accretion - Answer-The process by whi...
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Add to cartAbstract of Title - Answer-A _____ exam summary prepared from the records in the registry of deeds Accounting - Answer-One of the seven fiduciary duties of an agent to a client: agent must report to the client how money held for the client is to be handled Accretion - Answer-The process by whi...
A. Responsible for the brokerage activities of anyone in her real estate brokerage agency. B. Any licensee with an active Broker license. C. A former licensee who is not actively engaged in the practice of real estate. D. An attorney who assists a client with a real estate transaction. - Answer-A...
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Add to cartA. Responsible for the brokerage activities of anyone in her real estate brokerage agency. B. Any licensee with an active Broker license. C. A former licensee who is not actively engaged in the practice of real estate. D. An attorney who assists a client with a real estate transaction. - Answer-A...
What is a branch office? - 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? - Answer-18 What is the maximum fine that LUPC can impose for a violation? - Ans...
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Add to cartWhat is a branch office? - 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? - Answer-18 What is the maximum fine that LUPC can impose for a violation? - Ans...
Fiduciary duties include... - Answer-OLD CARD Obedience loyalty disclosure confidentiality accounting reasonable care diligence what survives closing? - Answer-confidentiality and accounting associatebroker/broker licensees must complete - Answer-21 hours of approved education R...
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Add to cartFiduciary duties include... - Answer-OLD CARD Obedience loyalty disclosure confidentiality accounting reasonable care diligence what survives closing? - Answer-confidentiality and accounting associatebroker/broker licensees must complete - Answer-21 hours of approved education R...
The maximum security deposit a landlord may take on is - Answer-Up to two months rent Which real estate player estimates the value of real property? - Answer-Appraiser When doing a CMA (Comparative Market Analysis) a licensee must reconcile the adjusted prices of the comparable. This means: - ...
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Add to cartThe maximum security deposit a landlord may take on is - Answer-Up to two months rent Which real estate player estimates the value of real property? - Answer-Appraiser When doing a CMA (Comparative Market Analysis) a licensee must reconcile the adjusted prices of the comparable. This means: - ...
The four industry members on the Maine Real Estate Commission are - Answer-Licensees who have held broker or associate broker licenses for five years The Maine Real Estate Commission has the power to - Answer-Suspend or revoke a real estate license In Maine a person without a real estate licen...
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Add to cartThe four industry members on the Maine Real Estate Commission are - Answer-Licensees who have held broker or associate broker licenses for five years The Maine Real Estate Commission has the power to - Answer-Suspend or revoke a real estate license In Maine a person without a real estate licen...
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. - Answer-call bids at a real estate auction ...
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Add to cartIn 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. - Answer-call bids at a real estate auction ...
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