Maine Real Estate License Tests Bundle Set

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 LUPC can impose for a viol...

For 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 in Maine is: A. Res...

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...

All 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 describes CORRECT ANSWER Current own...

Who established the Maine Real Estate Commission (MREC) and when? CORRECT ANSWER The Maine Real Estate Commission (MREC) was established by an Act of the Maine Legislature in 1937. What is the policy/mission of the MREC? CORRECT ANSWER The policy or mission of the MREC is to supervise licensees ...

In 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 services on behalf of another for compensation....

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 call bids at a real estate au...

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 licensee gains from the ...

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? CORRECT ANSWER I can't pay referral fees to someone who is not a real estate licensee. Elwood holds a Maine aucti...

Who 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 Independent Contractors Every r...

Fiduciary duties include... CORRECT ANSWER OLD CARD Obedience loyalty disclosure confidentiality accounting reasonable care diligence what survives closing? CORRECT ANSWER confidentiality and accounting associatebroker/broker licensees must complete CORRECT ANSWER 21 hours of appro...

The maximum security deposit a landlord may take on is CORRECT ANSWER Up to two months rent Which real estate player estimates the value of real property? CORRECT ANSWER Appraiser When doing a CMA (Comparative Market Analysis) a licensee must reconcile the adjusted prices of the comparable. Th...

Two 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 A maine real estate licen...

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...