Maine Real Estate Law exam 2024<\/p>\n\n\n\n
You are a real estate licensee in Maine. Your friend Andrew, who is not a real estate licensee, asks if you
will pay him $250 for every sales lead he sends you. What do you tell him? – correct answer I can’t pay
referral fees to someone who is not a real estate licensee.
Elwood holds a Maine auctioneer license. He wants to call bids at a real estate auction and take custody
of the earnest money from the highest bidder. Does Elwood need a real estate license in addition to his
auctioneer license in order to do this? – correct answer Yes
What are the maximum penalties that the Maine Real Estate Commission may impose for violating real
estate license law? – correct answer $2000 per violation plus the amount of compensation received in
the subject transaction, revocation or suspension of license.
Each industry member of the commission must have been a broker or associate broker in Maine for at
least how many years prior to appointment? – correct answer 5 years
A licensee may be disciplined by the commission for making any substantial misrepresentation by
omission or commission. May a licensee also be disciplined for innocent misrepresentation? – correct
answer No. A licensee may not be disciplined for innocent misrepresentation.
In addition to fines up to $2000 per violation, suspension or revocation of license, what other penalties
might the commission impose? – correct answer Reprimand, require the person to comply with terms
and conditions and report findings to Attorney General.
The Director concludes an investigation into wrongdoing by licensee Roberta. What three actions may
the Director take? – correct answer Dismiss, execute a consent agreement, issue a petition for a
hearing.
Marcus has the idea to establish a real estate brokerage ahency that only has an internet presence- no
“brick and mortar” location. Is this allowed? – correct answer No, an agency must have a fixed and
definite place of business.<\/p>\n\n\n\n
The Remarkable Real Estate Company is expanding to two new locations that it will advertise as its
branch offices. Does each branch office need a license? – correct answer Yes, they must be licensed as
branch offices.
Michelle was convicted of embezzlement of clients’ funds when she worked in an accounting office. Is
she allowed to own a real estate brokerage agency? – correct answer Probably not. Owners or officials
may not have been convicted of any Class A, B, or C crime or any crime which bears directly on the
practice of real estate.
Justine wants to open a real estate brokerage agency and call it ReMacks. Do you think she will be able
to do this? – correct answer No as this name is too similar to ReMax.
What 5 items must be included in a written brokerage agreement? – correct answer Signature of client
being charged, terms and conditions, method\/amount of compensation, expiration date, statement that
this creates an agency-client relationship.
For a maximum of how many months may a brokerage agreement carry over? – correct answer 6
months unless client subsequently lists with another agency.
What may be deposited in a trust account? – correct answer Earnest money deposits and all other
money held by it as an agency in which its clients or other persons have an interest.
What words must be on a check drawn from the trust account? – correct answer Name of agency, and
“real estate trust account”
Designated Broker Joe fires licensee Eduardo. Whose duty is it to inform the Maine Real Estate
Commission that Eduardo is no longer affiliated with Broker Joe’s real estate brokerage agency? –
correct answer It is the designated Broker’s duty. Joe must inform the Maine Real Estate Commission.
Which license must be conspicuously displayed at the agency’s place of business? – correct answer The
agency license.
How old must a licensee be? – correct answer At least 18 years old.<\/p>\n\n\n\n