Maine Real Estate Exam Prep Quiz

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Questions and Answers

The purpose of the Maine Real Estate Commission is to:

Sanction licensees who break the law.

Make laws that govern the practice of real estate in Maine.

Promote public understanding and confidence in the business of real estate brokerage. (correct)

Refer all violations of real estate law to the state's Attorney General.

The Maine Real Estate Commission consists of:

2 industry members and 4 public members.

4 industry members and 2 public members. (correct)

4 industry members and 4 public members.

2 industry members and 2 public members.

The maximum fine that may be imposed by the Maine Real Estate Commission is $1000 per violation.

False

If a real estate licensee violates Maine real estate law, his real estate license may be suspended by the Maine Real Estate Commission.

True Signup and view all the answers

If a real estate licensee violates Maine real estate law, his real estate license may be revoked by the Maine Real Estate Commission.

True Signup and view all the answers

How many industry members serve on the Maine Real Estate Commission?

4 Signup and view all the answers

How many public members serve on the Maine Real Estate Commission?

2 Signup and view all the answers

The day-to-day business of the Maine Real Estate Commission is managed by the:

Director of the Maine Real Estate Commission. Signup and view all the answers

In Maine, a resale certificate is delivered to the buyer of a(n):

Condominium unit. Signup and view all the answers

The town of Cape Elizabeth, Maine has a document that serves as a guide for public and private land use within the town. This document is called a:

Master or Comprehensive Plan. Signup and view all the answers

In Maine, real estate brokerage advertisements must contain:

The trade name as licensed by the Maine Real Estate Commission of the real estate brokerage agency. Signup and view all the answers

Seashore Realty in coastal Maine offers a $250 Home Depot gift card to any buyer who signs a buyer representation agreement with the brokerage agency during the month of March. This inducement is MOST LIKELY:

Legal in Maine as the value does not distort the value of the real estate service being offered by Seashore Realty. Signup and view all the answers

The parties to the contract agree to resolve disputes regarding earnest money in:

Small claims court. Signup and view all the answers

The definition of a business day excludes Saturdays, Sundays, and:

major religious holidays. Signup and view all the answers

Study Notes

Maine Real Estate Commission Purpose and Structure

The Maine Real Estate Commission aims to promote public understanding and confidence in real estate brokerage practices.
Composition includes 4 industry members and 2 public members.

Fines and License Violations

The maximum fine for violations is $2000 per occurrence.
Licenses may be suspended or revoked for violations of real estate laws.

Daily Operations

The Director of the Maine Real Estate Commission manages daily operations.

Real Estate Documentation

A resale certificate is provided to buyers of condominium units.
Municipalities have a Master or Comprehensive Plan guiding land use.

Advertising Regulations

Real estate advertisements must display the trade name licensed by the Maine Real Estate Commission.

Incentives in Brokerage Agreements

Inducements like gift cards are legal if they do not misrepresent the real estate services provided.

Dispute Resolution

Disputes over earnest money are settled in small claims court.

Definition of Business Day

A business day does not include Saturdays, Sundays, or major religious holidays.

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Description

Test your knowledge with this Maine Real Estate Exam Prep quiz. It features additional questions to help you understand the role of the Maine Real Estate Commission and its functions in promoting confidence in real estate brokerage. Perfect for those preparing for the Maine real estate licensing exam.