Questions and Answers
The purpose of the Maine Real Estate Commission is to:
The Maine Real Estate Commission consists of:
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.
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If a real estate licensee violates Maine real estate law, his real estate license may be revoked by the Maine Real Estate Commission.
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How many industry members serve on the Maine Real Estate Commission?
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How many public members serve on the Maine Real Estate Commission?
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The day-to-day business of the Maine Real Estate Commission is managed by the:
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In Maine, a resale certificate is delivered to the buyer of a(n):
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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:
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In Maine, real estate brokerage advertisements must contain:
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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:
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The parties to the contract agree to resolve disputes regarding earnest money in:
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The definition of a business day excludes Saturdays, Sundays, and:
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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.