Free Maine Real Estate Practice Exam Questions (December 2024) 40+

In lien theory states banks or mortgage lenders never retain title to the property. Instead, the mortgage lender holds a lien against the property. Maine practices lien theory.

“A listing licensee shall be responsible for obtaining information necessary to make disclosures to buyers and shall make a reasonable effort to assure that the information is conveyed to a selling licensee.” This includes the location of a private water supply. Per Section 6 Maine Real Estate License Commission.

Continuing education is required for Maine licensees every 24 months or two years. Per Maine Real Estate Commission.

A fiduciary relationship is one in which the agent is held in a position of special trust and confidence by the principal.

“Advertising must be done in the real estate brokerage agency’s trade name as licensed with the Commission, and the trade name must be prominently displayed.” Per Maine Real Estate License Act Chapter 410.

Regarding real estate license reciprocity, Maine has some. Maine has reciprocity agreements with Pennsylvania and Oklahoma.

“The designated broker shall maintain records and supporting documents sufficient to verify the adequacy and proper use of the real estate trust account. The records and supporting documents shall be maintained for a period of at least 3 years after the date set forth in Section 7(G) of this chapter.” Per Maine Real Estate Section 039-400-2.

“Terms of the members of the commission are for 3 years.” Per Maine Real Estate License Act Chapter 114:13062.

3 hours of the 21 must be in a core course. “Active associate brokers, brokers, and designated brokers are required to complete 21 clock hours of approved continuing education, which includes the 3 clock hour core course that is mandatory at the time of renewal, as a prerequisite to the renewal of a license.” Per Maine Real Estate Commission.

In Maine, all of the following are legal except a Net listing. “A net listing shall be prohibited. A net listing is a type of listing in which the real estate brokerage agency receives, as commission, all excess money over and above the minimum sale price set by the seller.” Per Maine Real Estate License Act 02-039 Chapter 410.

A real estate brokerage agency may act as a disclosed dual agent only with the informed written consent of all parties. Per Maine Chapter 114: Real Estate Brokerage License Act.

“The Real Estate Commission, established by Title 5, section 12004‑A, subsection 37, consists of 4 industry members and 2 public members as defined in Title 5, section 12004‑A.” Per Maine Real Estate License Act Chapter 114:13062.

“An earnest money deposit received by a designated broker, as trustee, shall be deposited within 5 business days of acceptance of the offer. Other earnest money deposits received by the trustee shall be deposited within 5 business days of the trustee's receipt of such earnest money deposits.” Per Maine Real Estate License Act 039-400-2.

"Real estate sales agent" or "sales agent" means any person employed by or on behalf of an agency to perform real estate brokerage services in a training capacity and licensed by the commission as a sales agent.” Per Maine Real Estate License Act Chapter 114:13199.

The Maine Human Rights Act prohibits discrimination based on Ancestry, Sexual Orientation, and Gender Identity. The Federal Fair Housing Act only covers Color, Disability, Familial status, Gender, National Origin, Race, and Religion.

“A listing licensee shall be responsible for obtaining information necessary to make disclosures to buyers and shall make a reasonable effort to assure that the information is conveyed to a selling licensee.” Per Section 6 Maine Real Estate License Commission.

All of the following actions are allowed aside from offer opinions, advice, interpretations, or engage in negotiations. Per Maine Real Estate Commission.

All of the above. This includes having their brokerages trade name in the advertisement and listing a contact/office phone number, and of course, not misrepresenting any terms or services. “Advertising must include information where the public can contact the real estate brokerage agency either by phone or in person at the agency’s place of business as licensed by the Commission.” Per Maine Real Estate License Act Chapter 410.

All of the following actions are prohibited aside from gathering information for a comparative market analysis to be prepared by a broker from public sources (such as the registry of deeds or the town office). Per Maine Real Estate Commission.

The Maine Human Rights Act prohibits discrimination based on Ancestry, Sexual Orientation, and Gender Identity. The Federal Fair Housing Act only covers Color, Disability, Familial status, Gender, National Origin, Race, and Religion.

“The designated broker, at a minimum, shall review and initial, as soon as possible, all contracts, property data sheets, disclosure forms, market analyses, and other relevant information prepared by a sales agent for buyers and sellers during the first 90 days of the licensing of the sales agent with the real estate brokerage agency. The requirements of this Section are not intended to affect the validity of a contract.” Per Maine Real Estate Code Section 039-400-1.

“The appeal for a hearing before the Commission shall be in writing within thirty (30) days following the receipt of the decision of the Director.” Per Maine Real Estate License Act Chapter 114:13195.

“The Real Estate Commission, established by Title 5, section 12004‑A, subsection 37, consists of 4 industry members and 2 public members as defined in Title 5, section 12004‑A.” Per Maine Real Estate License Act Chapter 114:13062.

“Active associate brokers, brokers, and designated brokers are required to complete 21 clock hours of approved continuing education, which includes the 3 clock hour core course that is mandatory at the time of renewal, as a prerequisite to the renewal of a license.” Per Maine Real Estate Commission.

“Any change of address, name or other material change in the conditions or qualifications set forth in the
original application, including but not limited to criminal convictions or suspension or revocation of any
professional license, must be reported to the director no later than 10 days after the change.” Per Maine Real Estate License Act Chapter 114:13195.

The primary function of the Maine Real Estate Commission is to promote public confidence or protect the public through the regulation of the real estate industry. “The Real Estate Commission was established to protect the public through the regulation of the real estate industry in Maine.” Per the Maine Real Estate Commission

“Any change of address, name or other material changes in the conditions or qualifications set forth in the original application must be reported to the director no later than 10 days after the change. Upon application and payment of the fee as set under section 13007, the commission records must be changed and a new license must be issued for the unexpired term of the current license, if appropriate.” Per Maine Real Estate License Act Chapter 114:13175.

“Each industry member of the commission must have been a real estate broker or associate broker by vocation in this State for at least 5 years prior to appointment.” Per Maine Real Estate License Act Chapter 114:13062.

In Maine, property disclosure must be in writing.

“A real estate brokerage agency or its affiliated licensees shall not advertise any real estate for sale without first obtaining the written permission of the owner or the owner’s authorized representative.” Per Maine Real Estate License Act Chapter 410.

“A person or entity who violates any provision of this chapter commits a civil violation for which a forfeiture of not more than $2,000 for each violation may be adjudged, plus the amount of compensation received in the subject transaction.” Per Maine Real Estate License Act Chapter 114:13005.

“Licensees who have remained on inactive status for 6 years or more may have their licenses reinstated to active status by submitting an application and fee and by successfully passing a license examination designated by commission rule for this purpose.” Per Maine Real Estate License Act Chapter 114:13196.

“The Real Estate Commission, established by Title 5, section 12004‑A, subsection 37, consists of 4 industry members and 2 public members as defined in Title 5, section 12004‑A.” Per Maine Real Estate License Act Chapter 114:13062.

Prior to OR during the preparation of an offer.“Such information and any other information pertinent to the heating system(s) and/or source(s) shall be conveyed, in writing, to a buyer prior to or during the preparation of an offer.” Per Maine Real Estate Law 02-039 Chapter 410.

None, all agents and brokers are required to complete required continuing education.

“An earnest money deposit received by a designated broker, as trustee, shall be deposited within 5 business days of acceptance of the offer. Other earnest money deposits received by the trustee shall be deposited within 5 business days of the trustee’s receipt of such earnest money deposits.” Per Maine Real Estate Section 039-400-2.

Credit is not covered. Maine fair housing laws protect against discrimination on race, color, sex, sexual orientation, gender identity, physical or mental disability, religion, ancestry, national origin, and familial status. Per Maine Human Rights Act - Fair Housing 4581-A.

“According to 10 M.R.S. § 8003‐G, licensees (and applicants) must report in writing to the Commission no later than 10 days after revocation, suspension, or other disciplinary action taken in Maine or any other jurisdiction against any occupational or professional license held by the applicant or licensee.” Per Maine Real Estate Commission.

“An applicant for an associate broker license must have practiced as a real estate sales agent for 2 years within the 5 years immediately preceding the date of application and satisfactorily completed a course of study meeting guidelines established by the commission.” Per Maine Real Estate License Act Chapter 114:13199.

“The designated broker shall maintain trust accounts and supporting records in a manner prescribed by commission rule.” Per Maine Real Estate License Act Chapter 114:13069.