Questions and Answers
All real estate brokerage records must be kept under the control of the Designated Broker and made available to the Director of the Commission for a period of _______.
5 years
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 ______ days of the licensing of the sales agent with the real estate brokerage agency.
90 days
Which of the following is considered advertising that promotes real property or real estate brokerage services?
Maine Real Estate License Law and Rules require changes of information on the original application of a real estate company or individual licensee's application to be made within _______.
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What is one of the purposes of RESPA (Real Estate Settlement Procedures Act)?
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Maine License Law and Rules allow a licensee to provide a free opinion of value to a seller before an agreement to provide any services has been reached or executed.
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What is not required to be in a valid brokerage agreement?
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During the pendency of a transaction, the real estate brokerage agency or affiliated licensee can disclose the terms of an offer counter-offer or purchase and sales contract to others, if the seller gives written permission.
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Is it true or false that the Property Disclosure must be signed by both buyers and sellers?
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The seller client or buyer client can be vicariously liable for the actions, omissions, and words of the real estate agent with the consequences of potentially being sued.
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Agency relationship starts at the effective date of the brokerage agreement and ends at the:
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Maine license law and rules require brokerage agreements to contain?
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What may a lender use to qualify a buyer?
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Are Fannie Mae, Ginnie Mae, Freddie Mac, and Farmer Mac examples of the secondary mortgage market?
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What is the maximum amount of time allowed for a carry-over clause in a real estate brokerage agreement?
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A licensee is required to have the Disclosed Dual Agency Disclosure signed _______.
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Is it acceptable to use the team's name in the appointed agent disclosure if you are part of a team?
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For which types of properties must asbestos, lead-based paint, radon, and underground storage tank disclosure be given?
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Which is the best method to find the value of a 30-year-old 24-unit apartment house?
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The law requires that ___________ be provided to the second buyer of a condo.
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What is not protected under federal fair housing laws?
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Landlord has to pay for all the repairs to make a single-family property compliant to the Americans with Disabilities Act.
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Site location act covers residential subdivisions of how many acres or more with how many lots or more in a five-year period?
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An easement is not required to be in writing to be enforceable.
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Effective gross income is defined as?
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Study Notes
Real Estate Brokerage Records
- All brokerage records must be retained under the Designated Broker's control for 5 years.
- Records must be accessible to the Director of the Commission.
Designated Broker Responsibilities
- Contracts and property-related documents must be reviewed and initialed within 90 days after a sales agent starts work.
- This review ensures compliance but does not affect contract validity.
Advertising Regulations
- Advertising by Maine Real Estate License Law includes Your Blog, Your Website, and Electronic Mailings.
Application Information Updates
- Changes to a real estate company or individual licensee's original application must be reported within 10 days.
RESPA Objectives
- The Real Estate Settlement Procedures Act (RESPA) aims to eliminate kickbacks that inflate settlement costs.
Free Opinion of Value
- Licensees can offer a free opinion of value to sellers when soliciting for brokerage services before reaching an agreement.
Brokerage Agreement Requirements
- A valid brokerage agreement does not require a carryover clause.
Transaction Confidentiality
- Real estate agencies or agents cannot disclose offer terms or counteroffers to others unless written permission is given by the seller.
Property Disclosure Signing
- Only the seller is required to sign the Property Disclosure; the buyer's signature is not necessary.
Vicarious Liability
- Clients can be held vicariously liable for the actions of their real estate agents, which may result in lawsuits.
Agency Relationship Duration
- The brokerage agreement defines the agency relationship’s start and end date, including termination, expiration, or completion.
Compensation Disclosure
- Brokerage agreements must disclose if affiliated licensees receive higher commission for in-house listings compared to co-op listings.
Lender Qualification Factors
- Lenders assess buyers based on job history, credit history, and property condition.
Secondary Mortgage Market Entities
- Fannie Mae, Ginnie Mae, Freddie Mac, and Farmer Mac are part of the secondary mortgage market.
Carry-Over Clause Duration
- The maximum duration for a carry-over clause in a real estate brokerage agreement is 6 months.
Disclosed Dual Agency Disclosure
- This disclosure must be signed when entering a written brokerage agreement that creates an agent-client relationship.
Team Name Usage
- Using a team's name in the appointed agent disclosure is not permitted.
Hazardous Material Disclosures
- Asbestos, lead-based paint, radon, and underground storage tank disclosures are required for single-family, multi-family, and certain commercial properties.
Property Valuation Method
- The income approach is the most suitable method for valuing a 30-year-old, 24-unit apartment building.
Condo Buyer Information
- Second buyers of condos must receive bylaws, a resale certificate, and the declaration.
Fair Housing Protections
- Age is not protected under federal fair housing laws.
Landlord Responsibility for Repairs
- Landlords are not required to cover all repairs necessary for single-family properties to comply with the Americans with Disabilities Act.
Site Location Act Coverage
- The site location act applies to residential subdivisions of 30 acres or more with at least 15 lots over a five-year period.
Enforceability of Easements
- Easements must be in writing to be enforceable.
Effective Gross Income Definition
- Effective gross income refers to annual income from all sources, deducting vacancy and collection losses.
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Description
Test your knowledge on the key responsibilities of designated brokers, record-keeping requirements, and advertising regulations in real estate. This quiz covers essential topics including the Real Estate Settlement Procedures Act (RESPA) and the importance of timely application updates. Perfect for aspiring real estate professionals looking to familiarize themselves with industry standards.
