Maine real estate - Study guides, Class notes & Summaries

. 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. ...

Maine Real Estate Agent License Exam Prep questions with correct answers

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...

An adequate legal description of real estate is one: CORRECT ANSWER 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 includes: a.) Rights to use the surface, subsurface and airspace over the land b.) Fixtures c.) Naturally growing tree growing on the land d.) All of the above CORRECT ANSWER D.) All of the above Subsu...

An 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 includes: a.) Rights to use the surface, subsurface and airspace over the land b.) Fixtures c.) Naturally growing tree growing on the land d.) All of the above - D.) All of the above Subsurface rights in real estat...

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Designated Broker CORRECT ANSWER NH - Principal broker Responsible for reasonable supervision License Equivalents CORRECT ANSWER -NH Salesperson = ME Associate Broker -NH Broker = ME Broker -NH Facilitator = ME Transaction Broker -NH Designated Agency = ME Appointed Agency -Sales agent - non-renewable apprentice license Designated Broker Responsibilities CORRECT ANSWER -Review and initial all contracts, advertising, CMAs for sales agents for the first 90 days -Review Field Experience...

Abstract of Title CORRECT ANSWER A _____ exam summary prepared from the records in the registry of deeds Accounting CORRECT 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 CORRECT ANSWER The process by which a brook, river, stream or oceanic action adds land to an existing parcel Adjustments CORRECT ANSWER For CMA: sold properties are used to estimate a sales price - the __________...

Maine Real Estate Exam