Maine real estate laws prep questions. Flashcards

Maine real estate laws prep questions. Flashcards Which of the following is NOT a violation of Maine Fair Housing Law?A. A seller refuses to consider an offer because of the buyer's sexual orientation.B. The owner of a rental property refuses to rent to a tenant because of the large number of people who will occupy the one bedroom apartment.C. A seller instructs his listing agency to tell any Hispanic buyers that the property is no longer for sale.D. A seller decides not to accept an offer from the buyers because the buyers are of French-Canadian ancestry.B.Any person transferring property with a subsurface waste water disposal system located within the shoreland area must provide to the buyer a written statement by the seller as to whether the system has malfunctioned during the 180

days preceding the date of:A. The closing.B. The effective

date of the Purchase and Sale Agreement.C. The home inspection.D. Final mortgage approval.A.In Maine, when must a licensee furnish various documents, including copies of offers, counteroffers and all types of contracts to a consumer?A. At the time of their signaturesB. Within a reasonable amount of time after their signaturesC. Prior to depositing any earnest monies in the agency trust accountD. Prior to the seller signing the deed A.Which of the following must a buyer agent disclose to his client regarding the heating system in a residential property?A. The current price per gallon for heating fuelB.The advisability of replacing electric baseboard heatC.Malfunctions within the past two yearsD. Malfunctions during the time the seller owned the property C.In Maine, information regarding the location of a leach field

must be disclosed to the buyer:A. Prior to or during the

preparation of the offer.B. At the time of the septic inspection.C. Only if requested in the Purchase and Sale Agreement.D. Orally during the first showing of the property.A.The Real Estate Brokerage Relationships form (Form 3)

does NOT need to be presented to the buyer of:A. An 8

unit apartment house.B. Commercial property with no residential component.C. Vacant land.D. All of the above.D.The Shoreland Zoning Law is primarily administered

through:A. Each municipality.B. The Environmental

Protection Agency.C. The Maine Real Estate

Commission.D. The Department of Labor.A.Condominium associations must furnish a certificate containing the information required for the unit owner to

comply with the Maine Condominium Act:A. At least 3 days

prior to the closing.B. Within 10 days of the request of the unit owner.C. Before the property is listed for sale.D. Within

• days of notification of the contract for sale.

B.

In Maine, a person without a real estate license may:A.

Receive a referral fee.B. Receive compensation for finding a buyer for a piece of property.C. Sell a relative's house and receive a fee not to exceed 5%.D. Call bids at a real estate auction.D.In Maine, a seller agent's obligations to his or her client

would include:A. Hosting an open house.B. Presenting

additional offers after the property is securely under contract with a confirmed closing date.C. Advising the seller on matters pertaining to hazardous materials on the property.D. Being present at all showings of the property.B.Bill purchases his neighbor's farmhouse and learns there is a metal underground storage tank on the property. Bill has

10 days to:A. Dig up and replace the tank.B. Notify the

Department of Environmental Protection of the change in ownership.C. Notify his neighbors of his intentions regarding his use of the tank.D. Discontinue use of the tank.B.Which of the following is an example of a ministerial act that an agent of the seller may provide to an unrepresented buyer?A. Suggesting a negotiating strategy so that the buyer may get a good price on the property.B. Filling in the blanks on a Purchase and Sale Agreement form at the direction of the buyer.C. Providing a Comparative Market Analysis (CMA) to the buyer.D. Informing the buyer of the seller's motivation for selling.B

Under Maine law, "real estate brokerage' means:A. The

full-time practice of real estate over a two year period.B. To act solely for the client of a real estate agency to the exclusion of other affiliated licensees.C. A single instance of offering, attempting to conduct, or conducting real estate services on behalf of another for compensation.D. Any entity providing real estate services.C.Which law requires review of developments that may have a substantial effect upon the environment and occupy more than 20 acres?A. Shoreland Zoning ActB. Site Location of Development LawC. Natural Resources Protection ActD.Fair Housing Law B.A new lot that abuts a lake, pond, stream or river must have how many feet of shorefront?A. 75 feetB. 100 feetC.200 feetD. 250 feet B.Lucinda is seller her condominium unit. Before the closing, she must provide to the buyer of her unit all of the following

EXCEPT:A. The declaration including the plats and

plans.B. The bylaws.C. The rules and regulations of the