Maine Real Estate Exam Study Guide
What is a branch office? - ANS - A location where business is regularly conducted or that is
advertised as where the public may contact the agency.
How old must you be to apply for a
...
Maine Real Estate Exam Study Guide
What is a branch office? - ANS - A location where business is regularly conducted or that is
advertised as where the public may contact the agency.
How old must you be to apply for a real estate license in Maine? - ANS - 18
What is the maximum fine that LUPC can impose for a violation? - ANS - $10k per day
Shoreland areas include area within how many feet of the normal high-water line of great pond?
- ANS - 250 feet
how many hours must you attend classroom training in order to apply for an assc broker lic? -
ANS - 60
How must a real estate brokerage agency's trade name be displayed in advertising? - ANS -
Prominently displayed
Who is responsible for the management of the Maine Real Estate Commission affairs? - ANS -
The Director
Shoreland areas include area within how many feet of the high-water line of a stream? - ANS -
250
What level of re lic may only be granted after the lic has completed 2 yrs as a lic re sales agent? -
ANS - associate
How many hours of CEmust an assocbroker complete in a two year period? - ANS - 21
What type of listing is prohibited in Maine? - ANS - net listing
How long must a DB retain copies of paperwork re a closed real estate transaction? - ANS - 3 yr
Whose duty is it to oversee all ads placed by any affil licensee of an agency? - ANS - DB
What is the maximum fine that may be assessed bythe Maine Real Estate Commission? - ANS -
$2000
How many public members serve on the Maine Real Estate Commission? - ANS - 2
Whose duty is it to oversee the filing, storage and maintenance of real estate documents? - ANS -
DB
What grade must you receive in the Sales Agent Course in order to pass the course? - ANS - 75
For how many hours must you attend training in order to apply for a sales agent license? - ANS -
55
What does it mean to commingle funds? - ANS - Mixing funds belonging to the re brokerage ag
with funds belonging to clients and other persons
If you change your home address, how long do you have to notify the MREC of this change? -
ANS - 10 days
Whose responsible for written co.policy identifying type of RErelationships the ag. may engage?
- ANS - DB
When must the "Real Estate Brokerage Relationship Form" be presented? - ANS - When there is
a substantive communication regarding a re
transaction
When must property disclosure be provide
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