Maine Real Estate Exam<\/p>\n\n\n\n
A licensee operating a “business within a business.”
Not required to work 40 hours a week. – correct answer An independent contractor is:
The brokerage Policy and Procedures Manual will address the agency relationship policies and the
practices of the company. – correct answer When considering which agency to join, a candidate who
intends to be an independent contractor should consider the company Policy and Procedures Manual
because it will address:
REALTORS – correct answer Which of the following real estate industry organizations has a Code of
Ethics that is to be followed by industry members?
Franchise. – correct answer A licensee is paying a monthly fee to the company. The licensee MOST
LIKELY works for a\/an:
Marital Status – correct answer Which of the following is NOT protected by the Equal Employment
Opportunity Act?
The portable basketball hoop in the driveway. – correct answer All of the following are real property
EXCEPT:
Severance. – correct answer Paul chops down a tree and splits it into firewood. This example of real
property being changed into personal property is an illustration of:
The right to start a foreclosure process – correct answer Which of the following is NOT an element of
the bundle of rights of an owner of property in fee simple absolute?
Real Property – correct answer A fixture is considered to be:<\/p>\n\n\n\n
Permanence of Investment – correct answer Which of the following would NOT be characterized as a
physical characteristic of real estate?
Current ownership. – correct answer Fee simple ownership describes:
so long as Eddie uses the property for religious purposes. – correct answer Clarence grants a property in
fee simple determinable to Eddie. Which of these phrases is most likely to be in the deed?
Present interest in real estate. – correct answer Fee simple absolute is an example of a\/an:
It may take Leila’s property under eminent domain and must pay fair market value to do so. – correct
answer A municipality wants to build a public parking garage on Leila’s land. Which of the following
statements about the municipality is true?
As joint tenants or tenants in common – correct answer In which of these forms may a parent and child
own property together?
file a petition for partition with the court. – correct answer Sally and Martha own 766 Oak Street as
joint tenants. Sally wants to sell the property, and Martha refuses. One way that Sally could pursue
forcing a sale is to:
Weeks – correct answer The owner of a timeshare generally has rights to the property in what
increments of time?
limited common element. – correct answer Lawrence owns Unit #12 at Shady Oaks condominium. Only
Lawrence has use of the deck at Unit #12. The deck is an example of a:
REIT – correct answer Which of the following is a publicly traded investment entity that pool money of
investors who want to invest in real estate in markets around the country\/world?<\/p>\n\n\n\n
The $5000 bonus is paid to Sunshine Realty. – correct answer Gerald, a licensee with Sunshine Realty, is
offered a $5000 bonus if he sells a particular listing before the last day of the year. The transaction
closes on December 28. Which of the following statements is true?
general agent. – correct answer Ben and Jerry want to buy a principal place of residence, so they
contacted Agent Sandy to show them houses. When looking for a home, Sandy would never represent
Ben and Jerry as a:
general agent. – correct answer Willard is a licensee who has been hired by Stephanie to help her buy
as many as ten apartment buildings over the next year. Willard is acting as a\/an:
an oral or written agreement between the parties. – correct answer Express agency is created by:
The agent must be appointed power of attorney by the client. – correct answer An agent has fiduciary
duties to his client. Which of the following is NOT a requirement of the agent?
Obedience – correct answer The seller, Lucy, instructs her agent Linus not to schedule any showings on
Monday afternoons as that is when her book club meets at her home. Linus complies. This is an example
of which fiduciary duty?
owes the buyer and buyer agent a duty of honesty about material defects of the property. – correct
answer A buyer agent asks the listing agent if the seller knows of any needed repairs on the property.
The listing agent:
neither an advocate nor agent of either party. – correct answer A facilitator\/intermediary\/transaction
broker is:
has no fiduciary duties to buyers or sellers. – correct answer All of the following statements regarding
transaction brokers is false EXCEPT that a transaction broker:
dual agency. – correct answer On Sunday, Sara had a buyer who looked at her listing located at 123 Red
Rock Rise. On Tuesday, Sara showed another buyer 123 Red Rock Rise. On Saturday, both buyers
notified Sara they are ready to write an offer on 123 Red Rock Rise. This is an example of:<\/p>\n\n\n\n