Maine Real Estate Exam
1,497+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Maine real estate salesperson exam.
Real Estate Math
183 questions- A Maine property is listed at $425,000 and sells for 96% of the list price. What is the final sales price?
- A seller owes $145,000 on their mortgage. The home sells for $265,000, and closing costs are $6,000 (including a 5% commission). What are the seller's net proceeds?
- An investor buys a property for $150,000 and expects a 9% annual return. What annual income must the property generate?
- A property sold for $295,000. The listing broker and selling broker split a 6% commission equally. Each broker then pays their agent 55% of their share. How much does each agent earn?
- A Maine property listed at $450,000 sells for 96% of the listing price. What is the sale price?
- A Maine broker earns a 5.5% commission on a $380,000 sale. The cooperating broker splits 50/50. How much does each broker receive?
- A rectangular Maine lot is 120 feet wide and 200 feet deep. What is the lot area in square feet?
- A Maine investment property generates gross rental income of $60,000 per year. Vacancy and collection losses are 5%, and operating expenses are $20,000. What is the net operating income (NOI)?
- A Maine property sold for $265,000. The buyer paid 10% down and financed the remainder. What was the loan-to-value ratio?
- A Maine property has an assessed value of $240,000 and a mill rate of 15 mills. What is the annual property tax?
- A Maine licensee earns a 6% commission on a $310,000 sale. The listing broker retains 60% and the buyer's broker receives 40%. How much does the buyer's broker receive?
- A Maine buyer wants to offer $320,000 for a property. The down payment is 20% and the buyer must pay 2 discount points. What is the cost of the points?
- A Maine property appreciated 8% per year for two consecutive years. If the original value was $200,000, what is its value after two years?
- A Maine property measures 2.5 acres. How many square feet is this?
- A Maine property has a monthly gross income of $4,000 and a vacancy rate of 8%. What is the effective gross income per month?
- A Maine agent sold a property and earned a $12,600 commission at 6%. What was the sale price?
- A Maine property has a cap rate of 7% and an NOI of $28,000. What is the value?
- A Maine lot measures 150 ft x 300 ft. How many acres is this?
- A Maine property owner paid $275,000 for a home and sold it 5 years later for $330,000. What was the total percentage gain?
- A Maine duplex generates $2,200/month per unit. Annual operating expenses total $14,400. What is the annual NOI?
- A Maine seller nets $245,000 after paying a 5% commission. What was the sale price?
- A Maine buyer assumes a mortgage with a balance of $185,000 at 5% annual interest. What is the interest portion of the first monthly payment?
- A Maine property's assessed value is $180,000. The tax rate is 20 mills. What is the annual property tax?
- A Maine listing agent's compensation is 3% of the sale price, plus a $500 transaction fee. If the property sells for $400,000, how much does the agent earn?
- A Maine seller lists a home for $425,000 and agrees to pay a 5% commission. The seller's net proceeds after paying off the $310,000 mortgage and the commission would be:
- A Maine property has an annual property tax of $6,600. If the assessed value is $330,000, the mill rate is:
- A rectangular Maine lakefront lot is 150 feet wide by 200 feet deep. What is the lot size in acres? (1 acre = 43,560 sq ft)
- A Maine investor purchases a 6-unit apartment building for $720,000. Each unit rents for $900/month. The gross rent multiplier (GRM) is:
- A Maine agent earned a 6% commission on a sale. If their broker pays them 60% of the commission on a $385,000 sale, how much does the agent earn?
- A Maine buyer pays $265,000 for a home and makes a 10% down payment. The loan amount is:
- At closing in Maine, property taxes are prorated. If annual taxes are $3,650 and closing is on July 1, how much does the buyer owe in prepaid taxes for the remainder of the year (using a 365-day year)?
- A Maine home sells for $310,000. The transfer tax is $2.20 per $500. What is each party's share of the transfer tax?
- A Maine property management company charges 8% of gross monthly rent collected. If the managed property collects $12,500 in rent during a month, the management fee is:
- A Maine home that sold for $180,000 ten years ago now sells for $270,000. The percentage increase in value is:
- A Maine seller receives $398,500 at closing after paying a 5% commission and a $1,500 closing cost. What was the sale price?
- A Maine apartment building has a potential gross income of $96,000, a 5% vacancy rate, and operating expenses of $35,000. The net operating income (NOI) is:
- A Maine buyer makes an offer 8% below the list price of $375,000. The offer price is:
- A Maine property's assessed value is $240,000 and the mill rate is 18. The annual property tax is:
- A Maine home depreciates $8,000 per year for tax purposes. If the original cost basis was $280,000 (land value $40,000), in how many years will the building be fully depreciated?
- A Maine commercial property produces $80,000 NOI. If the owner wants a 9% return on their investment, what price should they pay?
- A Maine listing agent advertises a property at $459,900 and the seller accepts an offer at $445,000. The commission rate is 5.5%. What is the commission?
- A Maine investor buys a rental property for $500,000 and sells it 5 years later for $625,000. The simple (non-compounded) annual appreciation rate is:
- A Maine homeowner has a $320,000 mortgage at 7% annual interest. The first month's interest charge is:
- A Maine agent lists a home for $289,000. It sells for $279,500 after 45 days on market. What percentage of list price did the seller receive?
- A Maine rectangular parcel measures 330 feet by 660 feet. How many acres is this? (1 mile = 5,280 feet; 1 acre = 43,560 sq ft)
- A Maine property's annual gross rent is $48,000 and the sale price is $480,000. The gross rent multiplier (GRM) is:
- A Maine property sold for $390,000. The seller paid the buyer's closing costs of $4,500, a 5% commission, and had a mortgage balance of $220,000. What were the seller's net proceeds?
- A Maine buyer's loan requires a 20% down payment on a $340,000 purchase. Their monthly mortgage payment (P&I) at 7% for 30 years uses a factor of $6.65 per $1,000 borrowed. The monthly payment is:
- A Maine home was purchased for $220,000 and the buyer obtains an 80% LTV mortgage. If the interest rate is 6% and the loan is fully amortized in 30 years, the loan amount is:
- A Maine broker's escrow account contains $45,000 in client funds. The broker accidentally pays a $300 office supply bill from this account. This is known as:
- A Maine property has an annual NOI of $36,000 and sells for $450,000. The capitalization rate is:
- A Maine seller wants to net $275,000 after paying a 6% commission. What must the selling price be?
- Maine transfer tax on a $550,000 property (buyer's share only) is:
- A Maine agent earns a 3% commission on the buyer's side of a $480,000 sale. The agent's broker pays the agent 55% of that commission. The agent earns:
- A Maine property with 8 units rents each unit at $800/month. At 10% vacancy, the effective gross income (EGI) is:
- A Maine homeowner takes out a 30-year, $240,000 mortgage at 6%. Using a monthly factor of $6.00 per $1,000, the monthly P&I payment is:
- A Maine investor buys a property at $600,000 with 25% down and an NOI of $48,000. The cash-on-cash return is:
- A Maine agent sells a property for $520,000 and receives 2.5% as a buyer's agent. What is the buyer's agent commission?
- A Maine rental property has monthly income of $2,400. The owner pays $800/month in expenses (excluding mortgage). If the owner paid $240,000 for the property, the gross income multiplier (annual) is:
- A Maine property's building is worth $250,000 with a 40-year economic life. Using straight-line depreciation, the annual depreciation for income tax purposes (residential rental is 27.5 years per IRS) is approximately:
- A Maine investor puts $60,000 down on a $300,000 property. The loan amount is $240,000. The loan-to-value ratio is:
- A Maine home is assessed at $185,000 with a homestead exemption of $20,000 applied. The taxable assessed value is:
- A Maine property's net income (NOI) is $42,000 and the capitalization rate is 6%. The indicated value is:
- A Maine property is sold for $285,000. The transfer tax at $2.20/$500 is split between buyer and seller. Each party pays:
- A Maine property management company manages 20 properties. In one month, one property collects $1,800 in rent, four collect $1,200 each, and five collect $950 each. The management fee is 10% of total rent collected. The fee is:
- A Maine home's purchase price is $375,000 with a 5% down payment. The FHA loan amount (rounding to nearest dollar) is:
- A Maine property with a market value of $350,000 is assessed at 90% of market value. The mill rate is 15. The annual property tax is:
- A Maine investor acquires 5 acres of land for $125,000 and divides it into 10 equal lots to sell. If the total development costs are $25,000 and the investor wants a 20% profit, what must each lot sell for?
- A Maine commercial property is listed at $1,200,000 with a cap rate of 7.5%. The NOI implied by the listing price is:
- A Maine buyer's agent earns $8,400 from a transaction. If this represents 3% of the sale price, what did the property sell for?
- A Maine agent lists a home for $479,000 and it sells for $465,000. The days on market is 38. The list price to sale price ratio is approximately:
- A Maine 4-unit apartment building sells for $480,000. Monthly rents are $1,000 each. The gross rent multiplier (GRM, based on annual rent) is:
- A Maine home was listed at $329,000, reduced to $315,000, and sold at $308,000. The total reduction from original list price is:
- A Maine listing agent co-broke on a sale with a buyer's agent. The total commission is 5% on a $360,000 sale, split 50/50. The listing agent's brokerage receives:
- A Maine home sells for $450,000. The buyers put down $90,000 and finance the rest. The mortgage recording fee is $30 per $1,000 of the loan amount (hypothetical). The fee is:
- A Maine property has a potential gross income of $120,000, 6% vacancy, and operating expenses equal to 35% of effective gross income. The NOI is:
- A Maine buyer makes a $285,000 offer that is 5% below the list price. The list price was:
- A Maine seller pays 6% commission on a $500,000 sale. The listing broker and cooperating buyer's broker split the commission 50/50. Each agent within their respective brokerage receives 60% of their brokerage's commission share. The cooperating (buyer's) agent earns:
- A Maine buyer finances $256,000 at 6.5% for 30 years. Using a factor of $6.32 per $1,000, the monthly P&I payment is:
- A Maine property is purchased for $250,000 with a 30-year mortgage at 7.5%. Using a payment factor of $6.99 per $1,000 on the full price (100% financing hypothetically), the monthly P&I payment would be:
- A Maine agent earns 3% commission on the buyer's side. If the property sells for $415,000 and the agent's split with their broker is 65%, the agent nets:
- A Maine property has a total assessed value of $420,000. The homestead exemption is $20,000 and the mill rate is 12.5. The annual tax bill is:
- A Maine investor wants a 10% cash-on-cash return. They invest $80,000 in equity on a rental property. The annual cash flow (before taxes) needed is:
- Maine's lodging tax on vacation rentals is collected on rentals of fewer than how many days?
- A Maine lakefront property sells for $685,000. The total transfer tax (paid by both parties combined) is:
- A Maine seller received $387,500 after paying a 5% commission. The sale price was approximately:
- A Maine commercial property has a building area of 8,000 square feet and rents at $18 per square foot per year. Annual gross rent is:
- A Maine buyer offers $355,000 on a home asking $375,000. The seller counters at $368,000. If the buyer accepts, the final price is what percentage below the original asking price?
- A Maine apartment building has 6 units. Three rent for $1,100/month, two for $1,050/month, and one for $975/month. The annual potential gross income is:
- A Maine property was purchased for $185,000 five years ago and is now appraised at $240,500. The total appreciation is what percentage?
- A Maine property has an NOI of $55,000 and the cap rate in the market is 7%. If the NOI increases to $60,000 and the cap rate remains 7%, how much does the value increase?
- A Maine property is appraised at $380,000 with a LTV limit of 75% for a commercial loan. The maximum loan amount is:
- A Maine agent receives a total annual income of $85,000 from real estate. If all income came from 3% buyer's agent commissions, what is the total value of properties sold?
- A Maine commercial property has a lease with a rent of $24 per square foot per year. The building is 5,500 square feet. Annual gross rent is:
- A Maine property generates $9,600 per year in net income. If the investor paid $120,000, their cap rate is:
- A Maine seller accepts an offer of $348,000. After paying off a $205,000 mortgage, a 5.5% commission, and $2,200 in closing costs, the seller's net proceeds are:
- A Maine homeowner's mortgage has a principal balance of $180,000 at 6% interest. After the first payment of $1,079.19, how much principal was paid?
- A Maine real estate investor uses the 1% rule to screen rental properties. Under this rule, the monthly rent should be at least 1% of the purchase price. For a $250,000 property, the minimum monthly rent should be:
- A Maine home purchased for $195,000 with a 90% LTV loan has monthly taxes of $325 and monthly insurance of $110. The principal and interest payment is $1,180. The total PITI payment is:
- A Maine investor purchases a foreclosure property for $185,000, spends $35,000 on renovations, and sells it for $260,000. The gross profit is:
- A Maine homebuyer's annual gross income is $72,000. Using a 28% front-end ratio, the maximum monthly housing payment (PITI) is:
- A Maine property's NOI is $72,000. Operating expenses including vacancy equal 40% of potential gross income. What is the potential gross income?
- A Maine lakefront cabin rents for $1,800/week during a 12-week peak season and $900/week for 8 additional weeks. Total seasonal rental income is:
- In a Maine property tax proration, annual taxes are $4,380 and closing is on April 30. The seller owes how many months of taxes at closing (assuming taxes are paid in arrears and the year runs January–December)?
- A Maine property valued at $550,000 is purchased with a 15% down payment. The mortgage amount is:
- A Maine seller pays $21,000 in commission on a sale that represents 6% of the sale price. The sale price was:
- A Maine building sells for $1,500,000. The buyer pays 25% down and finances the rest. The annual debt service on the $1,125,000 loan at 6.5% for 20 years is approximately $105,840. The debt coverage ratio (NOI/Annual Debt Service) if NOI = $126,000 is:
- A Maine property's effective gross income is $115,200. Operating expenses are 38% of EGI. The NOI is:
- A Maine property management company charges 9% of collected rents plus a $200 monthly management fee. On a month with $8,500 in collected rents, the total management cost is:
- A Maine house has a lot of 0.75 acres and a house footprint of 1,800 sq ft. What percentage of the lot is covered by the structure?
- A Maine property has 10 units at $800/month, 5 units at $1,000/month, and 3 units at $1,200/month (monthly). Annual potential gross income is:
- A Maine investor uses the 50% rule as a screening tool: operating expenses (excluding mortgage) are estimated at 50% of gross rent. Monthly gross rent is $2,800. Estimated monthly operating expenses are:
- A Maine office building has a 3-year escalating lease: Year 1 = $22/sq ft, Year 2 = $23/sq ft, Year 3 = $24/sq ft. The building is 4,000 sq ft. Total rent over 3 years is:
- A Maine agent lists 6 properties in a quarter. Two sell for $280,000 (5% commission), two sell for $350,000 (5.5% commission), and two sell for $425,000 (5% commission). Total commissions earned by the brokerage are:
- A Maine property is listed at $519,000. After 60 days, the agent suggests a 4% price reduction. The new list price would be:
- A Maine investment property has a net operating income of $54,000 and annual debt service of $42,000. The annual cash flow before taxes is:
- A Maine single-family home rents for $1,650/month. The owner wants a 7% annual return on their $275,000 investment. Are they achieving their target?
- A Maine buyer's mortgage of $325,000 at 6.75% for 30 years uses a payment factor of $6.49 per $1,000. The monthly P&I payment is:
- A Maine home was purchased for $295,000 with a 5% down payment. The PMI rate is 0.85% of the loan amount annually. Monthly PMI is:
- A Maine property with an assessed value of $320,000 and a homestead exemption of $20,000 has a mill rate of 16.5. The semi-annual tax bill is:
- A Maine property's income for the first year after purchase is $48,000 NOI. If the property was bought at a 6.5% cap rate, what was the purchase price?
- A Maine investor purchases 3 rental properties: $185,000 (8% cap rate), $250,000 (7.5% cap rate), and $320,000 (7% cap rate). Total annual NOI from all three is:
- A Maine vacation home is rented 18 weeks per year at $2,200/week. The owner's annual rental income is:
- A Maine home's list price is $385,000. The seller accepts an offer at 96.5% of list price. The accepted offer price is:
- A Maine buyer obtains a $340,000 mortgage. The origination fee is 1% of the loan amount. The origination fee is:
- A Maine commercial property has a potential gross income of $200,000, vacancy of 5%, and operating expenses of $70,000. Using a 7% cap rate, the estimated value is:
- A Maine property sells for $625,000. The transfer tax is $2.20 per $500. The total transfer tax on the transaction is:
- A Maine property investor's debt service on a $400,000 property loan is $2,800/month. The monthly NOI is $3,500. The monthly cash flow is:
- A Maine agent lists a commercial property for $1,800,000. The commission is 4% for the first million and 2% for anything above $1M. Total commission on a full-price sale is:
- A Maine property's mill rate is 22 and the assessed value is $275,000. There is a $20,000 homestead exemption and a $10,000 veteran's exemption. The annual tax is:
- A Maine investor buys a duplex for $280,000 with a 20% down payment. Annual NOI is $19,600. Cash-on-cash return based on equity invested is:
- A Maine buyer pays $415,000 for a home and finances 80% with a 30-year mortgage at 6.5%. Using a factor of $6.32 per $1,000, the monthly payment is:
- A Maine home's list price is $598,000. After 90 days with no offers, the seller agrees to a 6% price reduction. What is the new list price?
- A Maine property has an operating expense ratio (OER) of 42%. If operating expenses are $63,000, what is the effective gross income?
- A Maine seller wants their agent to net them $350,000 after paying a 5.5% commission and $5,000 in closing costs. The required sale price is approximately:
- A Maine buyer pays $485,000 for a home. The homestead exemption is $20,000 and the mill rate is 14. After one year, annual property taxes are:
- A Maine broker runs a 10-agent office with average annual sales of $3.5 million per agent. The office charges 6% commission, split 50% with cooperating brokers. The listing side earns what annually?
- A Maine investor buys a property for $480,000 and sells it 3 years later for $550,000. After $15,000 in selling costs, the net profit is:
- A Maine property's annual gross income is $84,000. If the operating expense ratio is 45%, what is the NOI?
- A Maine property manager charges 8.5% of collected rent on a property collecting $3,200/month. Annual management fee is:
- A Maine property was listed for $325,000 in January. By June, after two price reductions totaling 8%, the new list price is:
- A Maine property has a fair market value of $450,000 and is assessed at 95% of market value. With a mill rate of 13.5, the annual property tax is:
- A Maine buyer wants to offer $340,000 for a $360,000 listed property. Their agent advises that comparable properties are selling for 97% of list price on average. Based on the comps, the fair market value is approximately:
- A Maine buyer finances $280,000 at 7% for 30 years. The monthly payment factor is $6.65 per $1,000. Monthly P&I is $1,862. In month 1, how much principal is paid?
- A Maine property's square footage is 2,150 sq ft. If the listing agent erroneously advertises it as 2,500 sq ft and the buyer pays $225 per square foot based on that figure, the buyer overpaid by:
- A Maine seller is in the 22% federal income tax bracket and has a $150,000 long-term capital gain on their home sale (above the $250,000 exclusion). The capital gains tax rate on this gain is:
- A Maine condominium association has 24 units, each with an equal undivided interest. Annual common expenses are $96,000. Each unit's annual assessment is:
- A Maine commercial property generates $150,000 in gross rental income. After 7% vacancy and $48,000 in operating expenses, the NOI is:
- A Maine homeowner took a $300,000 30-year mortgage at 6.5% (payment factor $6.32/thousand). After 5 years, they've made 60 payments. Approximately how much principal remains? (Monthly payment ≈ $1,896)
- A Maine homebuyer has $50,000 available for a down payment and closing costs. Closing costs are estimated at $6,500. If the sale price is $350,000, what LTV ratio will the buyer achieve?
- A Maine buyer makes an offer $12,000 below list price. The list price is $398,000. The offer price is:
- A Maine homeowner refinances from a $250,000, 30-year loan at 7% (payment $1,663/month) to a $250,000, 20-year loan at 5.5%. If the new payment is $1,714/month, how much extra principal is paid over the old loan in the first year?
- A Maine commercial building of 12,000 sq ft is leased at $20/sq ft per year (NNN). Annual rent is:
- A Maine agent sells a waterfront home for $895,000. The commission is 5% split 50/50. After the broker-agent 60/40 split, the listing agent earns:
- A Maine homeowner's insurance policy has a $1,000 deductible and covers $280,000 in dwelling coverage. After a $15,000 fire loss, the insurance company pays:
- A Maine investment property generates $72,000 annual gross income. Vacancy and collection loss is 8%. Operating expenses are $28,000. The NOI is:
- A Maine buyer pays $425,000 for a property. The Maine transfer tax on this transaction is:
- A Maine property sold for $390,000. The listing broker received 3% and the buyer's broker received 2.5%. Total commission paid was:
- A Maine property appraised at $340,000. The owner wants to list it 5% above appraisal. The listing price should be:
- A Maine rental property has an asking price of $500,000 and generates $48,000 in annual gross rent. The annual GRM is:
- A Maine commercial property has a net operating income of $95,000 and a market capitalization rate of 7%. The estimated value is:
- A Maine property has annual taxes of $6,400 and the local tax rate is $16.00 per $1,000 of assessed value. The assessed value is:
- A Maine buyer obtains an 80% LTV mortgage on a $375,000 purchase. The down payment required is:
- A Maine property has a potential gross income of $84,000. The vacancy rate is 6% and operating expenses are $32,000. The net operating income (NOI) is:
- A Maine seller nets $285,000 after paying a 5% commission and $4,500 in closing costs. What was the sale price?
- A Maine home was purchased for $240,000 and sold 4 years later for $288,000. The percentage appreciation over 4 years was:
- A Maine property manager charges 8% of monthly rent for management. The property has 6 units renting for $1,200 each per month. Monthly management fee is:
- A Maine property's assessed value is $320,000 and the assessment ratio is 80%. The market value implied is:
- A Maine buyer pays $445,000 for a home. The state transfer tax is $2.20 per $500 of consideration, split equally between buyer and seller. Each party pays:
- A Maine tenant's monthly rent is $1,450. The annual rent represents what percentage of a $174,000 annual gross property income?
- A Maine property generates a monthly NOI of $4,500. At a 7.5% cap rate, the property's value is:
- A Maine property has a gross rent multiplier of 12 and monthly rents of $3,500. The estimated market value is:
- A Maine property's annual NOI is $60,000 and the purchase price was $750,000. The overall capitalization rate (OAR) is:
- A Maine property sells for $520,000. The listing agent earns 3% and the buyer's agent earns 2.5%. The listing agent's company keeps 60% of the listing side commission. The listing agent personally earns:
- A Maine investor purchases a duplex for $380,000. Each unit rents for $1,400 per month. The annual gross rent multiplier (GRM) is:
- A Maine investor purchases a property for $600,000 and finances 70%. Annual interest at 6.5% on the loan balance is:
- A Maine home was purchased for $200,000. After 10% appreciation, then a 5% decline, the current value is:
- A Maine broker charges a 5.5% commission on a $450,000 sale. The buyer's agent receives 47% of the total commission. The buyer's agent's share is:
- A Maine property's operating expenses are $38,000 and the effective gross income is $95,000. The operating expense ratio is:
- A Maine property's effective gross income is $108,000. Operating expenses are $43,200. The operating expense ratio is:
- A Maine property's land is valued at $85,000 and the improvements at $265,000. Improvements are being depreciated using straight-line depreciation over 27.5 years. Annual depreciation on improvements is:
- A Maine seller nets $340,000 after paying a 5% commission. The sale price was approximately:
- A Maine buyer finances $310,000 at 6.75% for 30 years. The approximate monthly P&I payment is $2,011. The total amount paid over 30 years is:
Maine License Law
166 questions- Which state agency regulates real estate licenses in Maine?
- How many hours of pre-license education are required to sit for the Maine real estate salesperson exam?
- The Maine real estate licensing exam consists of how many questions?
- What is the minimum passing score on the Maine real estate licensing exam?
- Under Maine law, a real estate salesperson license must be held under:
- In Maine, what is the license renewal period for real estate licensees?
- How many hours of continuing education must Maine licensees complete per two-year renewal period?
- In Maine, which of the following persons is generally exempt from needing a real estate license?
- Under Maine license law, a broker who supervises a salesperson may be held responsible for:
- Which of the following activities requires a real estate license in Maine?
- Under Maine real estate law, a licensee who comingles client funds with personal funds may face:
- In Maine, what is the required period for retaining transaction records?
- What is the total number of continuing education hours required for Maine real estate license renewal?
- In Maine, which of the following can a real estate licensee NOT do without a broker's license?
- How many hours of pre-license education must a broker candidate complete in Maine?
- A Maine real estate salesperson who wishes to upgrade to a broker license must have at least how many years of experience?
- The Maine Real Estate Commission has authority to do all of the following EXCEPT:
- Which statement is true about a Maine broker associate?
- In Maine, real estate licenses expire on:
- What happens to a Maine real estate license if the CE requirement is not completed before the renewal deadline?
- In Maine, a real estate licensee who is found guilty of fraud in a real estate transaction may face:
- Under Maine law, a real estate salesperson changes employing brokers. What must happen with the license?
- A Maine real estate licensee may NOT receive compensation from:
- Which of the following activities requires a Maine real estate license?
- Maine's Real Estate Brokerage Act (Title 32 MRSA Chapter 114) requires that the Maine Real Estate Commission consist of:
- An unlicensed assistant in Maine may legally do which of the following?
- In Maine, a real estate license becomes inactive when:
- Under Title 32 MRSA Chapter 114, how many members serve on the Maine Real Estate Commission?
- A Maine real estate salesperson license must be renewed every:
- How many hours of continuing education must a Maine real estate salesperson complete during each 2-year renewal period?
- In Maine, a person who negotiates the sale of real estate without a license is subject to:
- A Maine broker who wishes to operate as an independent sole proprietorship must hold a:
- Under Maine license law, a real estate company's designated broker is responsible for:
- Maine license law requires a licensee to disclose their license status when:
- Which of the following is NOT an exemption from Maine real estate licensing requirements?
- A Maine real estate license applicant must be at least how old?
- A Maine real estate licensee who is found to have engaged in fraud may face which penalty from the MREC?
- In Maine, a licensee operating under a 'limited service agreement' must:
- The Maine Real Estate Commission's primary purpose is to:
- A Maine real estate salesperson who changes employing brokers must:
- Under Maine license law, a licensee who represents a buyer in a transaction where the listing broker offers compensation is:
- Maine real estate continuing education hours may be earned through which of the following?
- A Maine real estate licensee who pays a referral fee to an unlicensed person is:
- The Maine Real Estate Commission requires applicants to pass a background check that reviews:
- A Maine real estate licensee who assists a client in making a false statement on a mortgage application has committed:
- Maine law requires real estate brokerages to keep transaction records (contracts, offers, agency disclosures) for a minimum of:
- Under Maine license law, a licensee may NOT use the term 'REALTOR®' unless they are:
- A Maine licensee who wishes to place a 'For Sale' sign on a property must:
- In Maine, an inactive licensee may NOT:
- Maine license law defines 'commingling' of funds as:
- A Maine licensee who misrepresents a property's square footage in marketing materials has violated:
- Maine license law requires that advertising by real estate licensees include:
- A Maine licensee must complete which mandatory topic in their continuing education curriculum?
- A Maine broker who holds money in escrow for parties who cannot agree on its disposition must:
- Maine license law allows a salesperson to receive compensation only from:
- A Maine real estate license is considered 'personal property' of the licensee in the sense that:
- When is a Maine real estate licensee required to provide the 'Consumer Information Statement'?
- Under Maine license law, a broker who allows their license to lapse but continues to practice real estate is:
- Which of the following describes a 'designated broker' in Maine?
- A Maine real estate license examination candidate who fails the exam may:
- Maine's real estate license law requires licensees to use 'good faith and fair dealing' with all parties. This means:
- A Maine licensee who 'converts' client funds to personal use is committing:
- If the Maine Real Estate Commission receives a complaint against a licensee, the investigation process typically:
- In Maine, 'net listing agreements' are:
- A Maine broker who advertises on a website must ensure the website:
- When a Maine real estate licensee accepts a gift from a client (such as a bottle of wine) in appreciation for their services, this is:
- Maine license law prohibits a real estate broker from:
- Under Maine law, the designated broker of a real estate company must:
- A Maine licensee who is convicted of a felony involving moral turpitude may face:
- A Maine real estate licensee who receives an offer while the seller is traveling must:
- Under Maine law, a real estate brokerage's trust account must be reconciled:
- Maine license law defines 'real estate brokerage' to include which activities?
- In Maine, the real estate licensing exam is administered by:
- A Maine licensee who fails to disclose a known material defect in a property they personally own and are selling may be subject to:
- Maine real estate licensees are required to 'account for' all money or property received on behalf of clients. This duty means:
- The statute of limitations for filing a complaint against a Maine real estate licensee with the MREC is typically:
- A Maine salesperson who wants to become a designated broker must first:
- A Maine agent who purchases a property that is being sold by one of their clients must:
- Under Maine law, a real estate license applicant with a criminal record may:
- In Maine, 'cold calling' potential clients is governed by which federal law?
- In Maine, a licensee who is also a property owner and lists their own home must disclose to buyers that:
- Which of the following is NOT required for a Maine listing agreement to be valid?
- Maine's real estate pre-license 55-hour course must be completed at which of the following?
- Maine's Title 32 MRSA Chapter 114 governs real estate licensing. Who enforces compliance with these statutes?
- Which of the following Maine real estate license types may NOT independently supervise other licensees?
- A Maine real estate company that is organized as a limited liability company (LLC) must have a designated broker who:
- Maine's MREC may impose a fine of up to how much per violation for licensees who violate real estate license law?
- A Maine licensee's continuing education must include which 'core' topics designated by the MREC?
- Maine law requires all real estate advertising to be truthful and non-misleading. Disciplinary action for deceptive advertising can include:
- A Maine real estate agent who earns $50,000 per year and claims to be a 'top agent in Maine' must:
- Maine license law requires that a buyer's brokerage agreement specify:
- Maine requires that any real estate team operating within a brokerage must:
- Maine license law's prohibition on 'steering' applies to licensees who:
- Maine real estate license law requires that a licensee's advertising include which prohibition?
- In Maine, a real estate broker who operates from their home must:
- A Maine salesperson who moves to another state but wants to keep their Maine license active must:
- A Maine broker who receives multiple earnest money deposits on the same property must:
- Maine license law defines 'material fact' in real estate as:
- A Maine real estate company must have its trust account in a federally insured institution located:
- Maine law requires that all real estate advertising include the brokerage name. This rule applies to which types of advertising?
- In Maine, a licensee who becomes aware that their client is planning to commit fraud in a real estate transaction should:
- Under Maine law, licensees must immediately disclose to their clients any situation where they may have a conflict of interest. This duty of disclosure is part of which fiduciary duty?
- The Maine Real Estate Commission's authority to regulate licensees derives from:
- In Maine, a licensee who represents the seller in a transaction where the buyer is unrepresented owes the unrepresented buyer:
- Maine licensees must report any change of address to the MREC within:
- A Maine broker who learns that one of their agents is conducting unlicensed commercial mortgage brokerage activity on the side has an obligation to:
- In Maine, an associate broker who wants to work independently (without affiliation to another broker) must obtain what license?
- In Maine, a licensee's errors and omissions (E&O) insurance protects against claims arising from:
- Which of the following is required before a Maine real estate license applicant sits for the licensing exam?
- A Maine broker who accepts an 'advance fee' from a seller before the property sells must:
- Under Maine law, a broker-salesperson relationship may be structured as:
- In Maine, a real estate licensee who receives a 'cease and desist' order from the MREC must:
- The Maine Real Estate Commission consists of members appointed to serve how many years?
- In Maine, a licensee who 'churns' a client's account (repeatedly encouraging unnecessary transactions for additional commissions) violates the duty of:
- Maine licensees are required to take 'ethical' continuing education courses. The primary purpose of real estate ethics education is to:
- Maine license law requires that a 'team name' used by real estate agents within a brokerage:
- Maine license law requires licensees to keep their real estate education records for how long?
- When a Maine licensee participates in a transaction where they have an undisclosed financial interest, they may face:
- Maine reciprocity agreements allow licensed real estate agents from which states to obtain a Maine license more easily?
- Under Maine law, a licensee must complete their continuing education requirement how long before their license renewal deadline?
- Maine's MREC publishes disciplinary decisions to protect the public. The purpose of publishing these decisions is to:
- Under Maine law, a broker's written employment agreement with a salesperson must include which of the following?
- In Maine, a 'real estate brokerage service' is distinguished from other services because it involves:
- In Maine, an 'active' license means the licensee:
- Maine license law's requirement that all funds held in trust be promptly deposited means:
- Under Maine law, misrepresentation by a real estate licensee can be 'innocent' (without intent to deceive) and still be actionable. This means:
- Maine license law requires a broker to supervise affiliated salespersons through which of the following?
- In Maine, a real estate agent who assists in a 'straw buyer' transaction (using a fictitious buyer to obtain a mortgage) has committed:
- In Maine, what is the purpose of the 'Maine Real Estate Commission Education Fund'?
- In Maine, a licensee must have a 'written agency agreement' to collect a commission from a seller. If no written listing agreement exists and the property sells, the broker:
- In Maine, when does a real estate transaction create an obligation for a licensee to maintain records?
- A Maine real estate license examination applicant must be a legal resident of:
- Under Maine law, a real estate broker must maintain their trust account records in a way that allows the MREC to:
- Under Maine license law, a real estate licensee who acts as a buyer's agent must provide the buyer with a written agency disclosure:
- A Maine real estate licensee's license is automatically suspended if the licensee:
- The Maine Real Estate Commission consists of how many members?
- A Maine real estate licensee who is also a licensed mortgage broker must disclose this dual role to:
- A Maine real estate associate broker who wants to open their own brokerage must first:
- A Maine real estate licensee who assists a buyer in purchasing property in New Hampshire must:
- Under Maine law, a licensee who receives a written complaint from a client should forward it to their designated broker:
- A Maine real estate broker who deposits client funds into their personal account has committed:
- A Maine real estate licensee who has been inactive for 3 years wishes to reactivate their license. They must:
- Under Maine license law, a designated broker is responsible for:
- A Maine real estate licensee who wishes to place a 'For Sale' sign on a property must:
- In Maine, a real estate license applicant must be at least:
- A Maine real estate licensee convicted of a felony involving fraud must:
- In Maine, the statutory penalty for practicing real estate without a license is:
- A Maine real estate license must be renewed every:
- A Maine real estate licensee who takes money from a client escrow account for personal use has committed:
- Maine requires real estate licensees to complete how many hours of continuing education per renewal period?
- A Maine real estate licensee who is also the buyer in a transaction they are helping purchase must:
- Under Maine law, which of the following does NOT require a real estate license?
- A Maine real estate broker who advertises a property without the owner's consent is guilty of:
- When a Maine real estate licensee changes their designated broker, they must:
- Under Maine's real estate license law, a licensee who fails to disclose a material fact to a buyer may face:
- A Maine real estate salesperson license can be issued to an individual who has:
- The Maine Real Estate Commission's primary mission is to:
- A Maine real estate associate broker is employed by a large real estate firm. The associate broker's license hangs with:
- A Maine real estate agent who is paid a referral fee must:
- A Maine real estate licensee is required to keep transaction records for a minimum of:
- Under Maine license law, a broker who violates MREC rules may face all of the following EXCEPT:
- A Maine designated broker who fails to properly supervise an affiliated licensee may be held:
- A Maine real estate licensee who actively solicits listed properties in violation of a seller's 'Do Not Contact' preference may be:
- A Maine real estate broker must place all client funds received in a transaction into escrow:
- Maine's Real Estate License Law (Title 32 MRSA Chapter 114) grants authority to the Maine Real Estate Commission to:
- In Maine, real estate salesperson applicants must complete how many hours of pre-license education?
Finance
139 questions- What is the primary difference between a fixed-rate and an adjustable-rate mortgage?
- Under the Equal Credit Opportunity Act (ECOA), a lender may NOT deny a loan based on:
- What does 'amortization' mean in the context of a mortgage loan?
- A 'balloon mortgage' is characterized by:
- Which federal agency insures deposits in banks and savings institutions up to $250,000?
- In Maine, which law requires mortgage lenders to disclose the annual percentage rate (APR) to borrowers?
- A Maine property sells for $320,000. The buyer obtains a conventional mortgage with a 20% down payment. What is the loan amount?
- Private Mortgage Insurance (PMI) is typically required in Maine when the buyer's down payment is less than:
- The Maine State Housing Authority (MaineHousing) primarily serves:
- In Maine, a 'due-on-sale' clause in a mortgage means:
- An adjustable-rate mortgage (ARM) in Maine is characterized by:
- A Maine seller agrees to take back a purchase money mortgage. This means:
- Under RESPA, a Closing Disclosure must be provided to Maine home buyers:
- What is the purpose of a 'title search' in a Maine real estate transaction?
- A Maine buyer obtains a 30-year fixed mortgage for $240,000 at 6.5% annual interest. What is the approximate monthly interest charge for the first payment?
- A Maine FHA loan requires a minimum down payment of:
- A Maine veteran purchasing a home may qualify for which loan program with no down payment required?
- In Maine rural areas, buyers may qualify for which government loan program with no down payment?
- What is 'amortization' in the context of a Maine real estate mortgage?
- In Maine, 'points' paid at closing on a mortgage loan are best described as:
- Maine's transfer tax (real estate excise tax) is paid by:
- What is a 'balloon payment' in a Maine mortgage?
- A Maine borrower has a gross monthly income of $5,000. Under conventional lending guidelines, what is the maximum allowable monthly housing payment (front-end ratio at 28%)?
- In Maine, a 'home equity line of credit' (HELOC) uses:
- Under Maine's usury laws, lenders are restricted from charging:
- Maine uses which type of foreclosure process?
- In a Maine judicial foreclosure, the borrower's statutory redemption period is:
- In Maine, the transfer tax on a property selling for $300,000 would be:
- Maine's real estate transfer tax of $2.20 per $500 is typically paid by:
- A Maine homebuyer obtains a $280,000 mortgage at 6.5% interest for 30 years. The approximate monthly principal and interest payment using a factor of $6.32 per $1,000 borrowed is:
- Under the Truth-in-Lending Act (TILA), the Annual Percentage Rate (APR) disclosed to a Maine borrower:
- A Maine lender requires a borrower to maintain a loan-to-value ratio no higher than 80% to avoid private mortgage insurance (PMI). On a $350,000 home, the minimum down payment would be:
- Which federal law prohibits discriminatory lending practices (redlining) in Maine and other states?
- A Maine borrower with an adjustable-rate mortgage (ARM) should be aware that their monthly payment may increase when:
- Under RESPA (Real Estate Settlement Procedures Act), a Maine settlement agent must provide the Closing Disclosure to the buyer at least:
- A Maine home buyer uses a USDA Rural Development loan. This loan type is available for properties located in:
- A Maine veteran purchasing a home using a VA loan is required to pay:
- On a $200,000 FHA loan in Maine, the upfront mortgage insurance premium (UFMIP) is 1.75%. The amount added to the loan is:
- Maine Housing (Maine State Housing Authority) provides mortgage assistance to:
- A Maine lender charges 2 'points' on a $175,000 mortgage. The dollar amount of the points is:
- A Maine property owner sells their home and carries back a purchase money mortgage from the buyer. In this arrangement, the seller is acting as:
- A Maine home buyer is considering a 15-year vs. a 30-year mortgage. Compared to the 30-year loan, the 15-year loan typically has:
- Under Maine law, a due-on-sale clause in a mortgage means:
- A Maine borrower who cannot make mortgage payments may negotiate a 'short sale' in which:
- In Maine, the annual percentage rate (APR) on a mortgage loan will typically be HIGHER than the note rate because:
- A Maine lender's 'debt-to-income ratio' (DTI) requirement limits the borrower's total monthly debt payments to what percentage of gross monthly income for most conventional loans?
- Under the Community Reinvestment Act (CRA), Maine banks are evaluated on:
- A Maine reverse mortgage allows a senior homeowner (62+) to:
- The 'amortization' of a Maine mortgage means:
- A Maine buyer's 30-year mortgage has a monthly payment of $1,650 for principal and interest. Over the life of the loan, the total amount paid in P&I is:
- A Maine bank offers a home equity line of credit (HELOC). This is best described as:
- A Maine buyer with a conventional mortgage puts down less than 20%. The lender requires private mortgage insurance (PMI) to protect:
- A Maine lender 'red-flags' a loan application because the purchase price is significantly higher than the appraised value. The lender is concerned about:
- Maine Housing's First Home loan program is designed for:
- A Maine buyer obtains an FHA loan. FHA mortgage insurance protects:
- A Maine homeowner has a 30-year, $200,000 mortgage at 7% with a monthly P&I payment of $1,331. After 10 years, approximately what percentage of each payment goes to principal?
- A Maine property sells for $400,000 with a 20% down payment. The buyer's total closing costs (excluding the down payment) are 3% of the loan amount. The total cash needed at closing is:
- A Maine homeowner with a $200,000 balance on a 30-year mortgage at 7% has been paying for 20 years. To determine the remaining balance, the homeowner would look at:
- Maine's usury laws set limits on:
- A Maine borrower's loan application is denied because of information in their credit report. Under the Fair Credit Reporting Act, the borrower has the right to:
- Maine Housing's 'Advantage' program offers eligible first-time homebuyers:
- A Maine buyer's lender requires an escrow account for taxes and insurance. The lender collects monthly amounts to ensure:
- A Maine homeowner 'refinances' their mortgage. This means they:
- A Maine homebuyer with excellent credit applies for a conventional loan. The lender offers a 'buydown' option. A buydown means:
- What Maine state program helps low-income homebuyers and renters with energy-efficient home improvements?
- In Maine, which lien generally has the highest priority?
- The Maine 'homestead protection' under federal bankruptcy law allows a debtor to protect up to what amount of equity in their primary residence?
- A Maine borrower applies for a $300,000 mortgage. The lender requires a debt-to-income ratio of no more than 43%. If the borrower's monthly gross income is $7,000, the maximum total monthly debt is:
- Maine homebuyers may qualify for the federal first-time homebuyer credit (if reinstated) or mortgage interest deduction if they:
- A Maine buyer's agent advises their client to get a 'pre-approval letter' rather than just a pre-qualification. The difference is that a pre-approval:
- Under RESPA, a Maine lender who refers a borrower to an affiliated title company may be required to:
- Maine allows homeowners to deduct mortgage interest from state income taxes. The mortgage interest deduction on Maine state taxes generally mirrors:
- A Maine property buyer assumes the seller's FHA mortgage. For FHA loans originated after a certain date, the lender:
- In Maine, a 'subordinate lien' is a mortgage or lien that:
- A Maine homeowner's first mortgage is $350,000 and a second mortgage is $40,000. The property sells for $380,000 at foreclosure. After paying costs of $8,000, how much does the second mortgage holder receive?
- A Maine buyer wants to know the true monthly cost of homeownership beyond P&I. The agent should advise them to budget for:
- A Maine borrower with a $225,000 30-year mortgage at 7% has a monthly P&I payment of approximately $1,497. How much of the very first payment goes to interest?
- A Maine lender who is subject to the Community Reinvestment Act must:
- Maine Housing's Income Limits for its homebuyer programs are based on:
- Under the Equal Credit Opportunity Act (ECOA), a Maine lender must notify an applicant of a credit decision within:
- Maine's 'usury' laws historically applied to loans made by private lenders. Today, most residential mortgages are governed by:
- In Maine, a 'balloon mortgage' is one where:
- Maine's judicial foreclosure process typically takes how long from the lender filing suit to completed foreclosure?
- A Maine property going to foreclosure has a senior lien of $280,000 and sells for $310,000 at the foreclosure auction. The foreclosing lender's costs are $12,000. Remaining proceeds distributed to junior lienholders are:
- A Maine buyer using an FHA loan must meet which minimum credit score requirement (as of recent FHA guidelines)?
- A Maine buyer's debt-to-income ratio before their new mortgage would be 38%. Adding the proposed mortgage payment of $1,450/month brings the total DTI to 48%. If the maximum DTI is 43%, which option helps the buyer qualify?
- Under the Home Mortgage Disclosure Act (HMDA), Maine lenders are required to:
- In Maine, which government-sponsored enterprise (GSE) purchases conventional conforming mortgages from lenders in the secondary mortgage market?
- A Maine homebuyer chooses a 7/1 ARM (adjustable rate mortgage). This means:
- A Maine buyer is purchasing a property using seller financing (a purchase money mortgage). Which document pledges the property as collateral for the seller's loan?
- Under the Homeowners Protection Act (HPA), a Maine borrower with a conventional loan must be informed of their right to cancel PMI when:
- A Maine homeowner who is 120 days delinquent on their mortgage payment receives a 'notice of default' from the lender. This marks the beginning of the formal:
- In Maine, a 'wraparound mortgage' involves:
- A Maine seller carries back a $75,000 second mortgage for the buyer at 6% for 5 years. The annual interest income to the seller from this mortgage is approximately:
- A Maine lender must provide which document to the buyer within 3 business days of receiving a mortgage application?
- Under Maine law, a residential mortgage lender must provide a borrower the Closing Disclosure how many business days before consummation?
- In Maine, the 'Equal Credit Opportunity Act' (ECOA) prohibits credit discrimination based on all of the following EXCEPT:
- In Maine, a home equity conversion mortgage (HECM/reverse mortgage) becomes due and payable when:
- In Maine, which type of mortgage loan allows the borrower to pay only interest for an initial period before full amortization begins?
- What Maine state program assists first responders, veterans, and other qualifying individuals with mortgage assistance?
- A Maine home buyer is comparing a 15-year mortgage at 5.5% vs. a 30-year mortgage at 6.0% on a $300,000 loan. The 15-year loan has a monthly payment of approximately $2,451 and the 30-year loan has approximately $1,799. The difference in total interest paid over the life of each loan (15-year vs. 30-year) favors the 15-year loan by approximately:
- In Maine, a 'construction loan' differs from a permanent mortgage in that it:
- In Maine, a mortgage recorded against a property that has been paid off but not formally discharged is called a:
- When a Maine homeowner makes an 'extra principal payment' on their mortgage, the effect is:
- Maine's Homestead Protection Act exempts a primary residence from certain creditor claims up to a specified dollar amount. This exemption CANNOT protect against:
- Maine's HomeOwnership Assistance Program helps low-income households by providing:
- In Maine, the 'Home Equity Conversion Mortgage' (HECM) must be the only mortgage on the property or all other mortgages must be:
- Under Maine law, a 'notice of foreclosure' must be served on the mortgagor (borrower) before the foreclosure process can proceed. This requirement ensures:
- A Maine homebuyer obtains a $320,000 mortgage at 6.5% for 30 years. The monthly principal and interest payment is approximately $2,023. Over 30 years, total interest paid is approximately:
- A Maine FHA loan requires a minimum down payment of 3.5% for borrowers with a credit score of at least:
- A Maine seller is asked to carry back a second mortgage at 7% for $50,000. The monthly interest-only payment would be:
- A Maine lender charges 2 discount points on a $280,000 loan. The total cost of the discount points is:
- A Maine property buyer applies for a USDA Rural Development loan. This loan type:
- A Maine borrower has an adjustable-rate mortgage with a 2/6 cap structure and an initial rate of 5%. The maximum rate the loan can ever reach is:
- A Maine couple's combined gross monthly income is $7,500. Their monthly mortgage payment is $1,800. Their front-end (housing) debt ratio is:
- A Maine homeowner's adjustable-rate mortgage has a 5-year initial fixed period. After the initial period, SOFR is 4.5% and the margin is 2.75%. The new rate is:
- A Maine homebuyer's closing disclosure shows a loan origination fee of 1% on a $260,000 loan. The origination fee is:
- Maine Housing Authority's First Home Loan program is designed to assist:
- A Maine property's loan-to-value ratio is 75%. The appraised value is $480,000. The loan amount is:
- A Maine buyer is purchasing a home using a VA loan. VA loans are available to:
- A Maine homebuyer's debt-to-income (DTI) ratio is 42%. Most conventional lenders prefer a maximum DTI of:
- A Maine borrower has a $250,000 mortgage at 7% interest. The first month's interest payment is:
- A Maine property has a $200,000 first mortgage and a $50,000 second mortgage. The combined LTV against an appraised value of $300,000 is:
- A Maine homebuyer applies for a conventional mortgage requiring PMI. PMI is typically required when the loan-to-value ratio exceeds:
- A Maine property is purchased with a 30-year fixed-rate mortgage at 6%. After 5 years of payments, the remaining balance is approximately $272,000. The homeowner has paid approximately how much principal in 5 years on a $280,000 loan?
- A Maine property closing takes place on March 20. Annual property taxes of $4,800 have been paid in full by the seller. The buyer owes the seller a property tax proration credit for approximately:
- Maine Housing's Advantage Loan program provides down payment and closing cost assistance to eligible Maine homebuyers in the form of:
- A Maine property is subject to a mortgage that has a due-on-sale clause. If the seller transfers title without paying off the mortgage, the lender may:
- A Maine homebuyer's closing costs include prepaid items such as homeowner's insurance and prepaid interest. These prepaid items are paid at closing to:
- A Maine lender's Truth-in-Lending disclosure must provide the borrower with the:
- A Maine commercial lender requires a debt coverage ratio (DCR) of at least 1.25. A property has an annual NOI of $75,000. The maximum annual debt service the lender will approve is:
- A Maine homebuyer uses a bridge loan. A bridge loan is a:
- A Maine buyer uses an FHA 203(k) loan. This type of loan is designed for:
- A Maine homeowner's monthly PITI payment is $2,400. P&I is $1,750, taxes are $420/month, and insurance is $230/month. The loan balance is $270,000 at 6.5%. The monthly P&I allocation is:
- A Maine homeowner refinances their $300,000 mortgage to take out $40,000 in equity. This is called a:
- A Maine buyer's loan application is denied based on information in a credit report. Under the Fair Credit Reporting Act (FCRA), the lender must:
- A Maine property with a purchase price of $400,000 and a 20% down payment is financed with a 30-year fixed mortgage at 7%. The loan amount is:
- A Maine mortgage lender is required to provide the buyer with a Loan Estimate within how many business days of receiving a complete loan application?
- A Maine homebuyer applies for a conventional loan with a 15% down payment on a $350,000 home. PMI is required. PMI is typically cancelable when the LTV reaches:
Property Ownership
133 questions- In Maine, which form of co-ownership requires all four unities — time, title, interest, and possession — to be created simultaneously?
- A property owner who grants an easement for a utility company to run power lines across their land has created an:
- In Maine, adverse possession allows a trespasser to acquire title to land after:
- Which of the following is an example of an involuntary alienation of property?
- Which of the following best describes 'bundle of rights' in real estate?
- In Maine, which form of co-ownership includes the right of survivorship?
- In Maine, a married couple who owns property as tenants by the entirety:
- What is an 'easement appurtenant' on a Maine property?
- In Maine, property held in fee simple absolute gives the owner:
- A 'life estate' in Maine grants the holder:
- In Maine, which of the following is an example of an 'encumbrance' on real property?
- Under Maine's homestead exemption, qualifying homeowners may protect how much equity from certain creditors?
- In Maine, an 'adverse possession' claim requires continuous, open, notorious, hostile, and actual use of the property for a minimum of:
- What is a 'riparian right' in Maine real estate?
- In Maine, a condominium owner holds:
- In Maine, 'constructive notice' is provided by:
- What is an 'easement by necessity' in Maine real estate?
- In Maine, 'littoral rights' apply to property owners whose land borders:
- A Maine property is described as 'subject to a covenant running with the land.' This means:
- Maine recognizes which type of deed most commonly used to transfer property without any warranties?
- In Maine, 'personal property' includes all of the following EXCEPT:
- The 'bundle of rights' in Maine real estate refers to:
- In Maine, a 'leasehold estate' is best described as:
- Which of the following is considered real property in Maine?
- In Maine, 'tenancy at will' describes a rental arrangement where:
- In Maine, a deed that conveys property with covenants of seisin, quiet enjoyment, and warranty is called a:
- The most commonly used deed type in Maine residential transactions is:
- In Maine, which type of ownership allows two unmarried individuals to hold title with equal, undivided shares and a right of survivorship?
- Tenancy by the entirety in Maine is available only to:
- Under Maine law, for a deed to be valid and recordable, it must contain:
- In Maine, where must a deed be recorded to provide constructive notice to the public?
- A Maine property owner has a right-of-way crossing a neighboring parcel for access to their land. This is an example of:
- In Maine, adverse possession requires continuous, open, hostile, and exclusive use of another's property for:
- A life estate in Maine is a property interest that:
- Maine follows the 'race-notice' recording statute, meaning a subsequent purchaser is protected if they:
- In Maine, a condominium unit owner owns:
- Under Maine's Condominium Act, the condominium declaration must be recorded with:
- A Maine timberland owner who allows a timber company to harvest trees without conveying fee title is granting a:
- Maine's Tree Growth Tax Law provides reduced property tax assessments for timberland enrolled in the program if the owner:
- In Maine, a property owner whose land is enrolled in the Farmland Tax Program receives a lower property tax assessment because the land is assessed based on:
- In Maine, a property owner who grants a conservation easement to a land trust is restricting future development in exchange for:
- Maine's Open Space Tax Law provides tax relief for land enrolled in which of the following uses?
- A Maine 'mineral rights' owner holds the right to:
- In Maine, riparian rights give a landowner who borders a stream the right to:
- A Maine coastal property owner's rights to the shoreline extend to:
- Under Maine's 'public trust doctrine,' the public has rights on coastal intertidal land (between high and low water marks) for:
- A deed restriction (restrictive covenant) in a Maine residential subdivision that prohibits commercial uses:
- A Maine property has a 'right of first refusal' granted to a neighbor. This means the neighbor has the right to:
- A Maine property owner grants an easement by express grant, which must be:
- In Maine, a property described as 'the Northwest Quarter of Section 12, Township 3 North, Range 4 West' uses the:
- In Maine's metes and bounds legal description, 'metes' refers to:
- In Maine, a 'ground lease' is an arrangement where:
- Under Maine's condominium law, what vote of unit owners is typically required to amend the condominium declaration?
- Under Maine law, the 'bundle of rights' concept in real estate ownership includes all EXCEPT:
- In Maine, a mobile home park tenant owns their mobile home but rents the land it sits on. If the park owner closes the park, the tenant:
- A Maine landowner sells the timber rights on their property but retains ownership of the land. The timber company's right to enter the land and harvest timber is a:
- In Maine, 'intestate succession' determines how property passes when a person dies:
- A Maine homeowner receives a notice of a tax lien. If they do not pay, the next step in the tax collection process is typically:
- Under Maine law, when a property is held in a revocable living trust, the trustee:
- In Maine, a 'boundary survey' conducted by a licensed land surveyor establishes:
- In Maine, which of the following is an example of a 'freehold estate'?
- A Maine property owner has a 'fee simple defeasible' estate. This means their ownership:
- A Maine landowner whose neighbor's fence encroaches 2 feet onto their property should consider:
- A Maine owner of a lakefront camp dies without a will. Their property passes to their heirs through:
- Under Maine law, a 'prescriptive easement' is established after how many years of open and continuous use?
- A Maine property owner who dies leaving a valid will conveys real property through:
- In Maine, when two or more people hold property as 'tenants in common,' each co-owner has the right to:
- In Maine, a 'partition action' is a court proceeding to:
- A Maine homeowner grants a 'utility easement' to the power company to run electric lines across their property. This is an example of:
- In Maine, when a property is conveyed 'subject to' an existing mortgage, who remains personally liable for the debt?
- In Maine, a deed must be recorded to be effective against:
- Maine law allows a spouse to waive their homestead rights in a property by:
- In Maine, a property deed that says 'to John Smith, to have and to hold for life' creates which type of estate?
- Maine's 'Uniform Disposition of Unclaimed Property Act' requires that abandoned property held by real estate brokers be:
- In Maine, 'constructive notice' of a recorded deed means:
- In Maine, which of the following methods of conveying real property does NOT require a deed?
- In Maine, when a joint tenant dies, their interest in the property:
- In Maine, a 'declaration of homestead' for protection from creditors can be filed by:
- In Maine, a 'deed of trust' is:
- Maine's 'Open Space Tax Law' provides property tax relief for land that is:
- In Maine, a property tax exemption is available to which of the following?
- Maine's 'Circuit Breaker Program' (now Property Tax Fairness Credit) provides relief to:
- Under Maine's Condominium Act, a 'limited common element' is:
- In Maine, a 'right-of-way by necessity' is created when:
- A Maine landowner builds a fence that encroaches 3 feet onto the neighbor's property. This is called:
- In Maine, a homestead declaration must be filed with which office to be effective against creditors?
- In Maine, 'eminent domain' proceedings begin with the government providing:
- Maine's 'Uniform Commercial Code (UCC)' applies to real estate transactions when:
- In Maine, the term 'fee simple absolute' means the owner has:
- In Maine, which form of co-ownership provides the greatest protection from the individual debts of one co-owner?
- In Maine, when a married couple purchases a home and takes title as 'John and Mary Smith, husband and wife,' this creates:
- In Maine, 'condemnation' as used in real estate law can mean two different things:
- In Maine, a 'general warranty deed' covenant of 'seisin' means the grantor warrants that:
- Maine recognizes 'time-share' ownership under the Condominium Act. In a time-share arrangement, the owner receives:
- In Maine, a property owner dedicates a portion of their land to the public for a road. This means the owner:
- In Maine, the term 'fixture' in real estate law refers to personal property that has become:
- In Maine, 'curtesy' and 'dower' rights historically gave a spouse interest in the other spouse's real property. Under modern Maine law:
- In Maine, a 'bilateral mistake' in a real estate contract means:
- In Maine, a 'dedication by prescription' occurs when the public has used a roadway for so long that:
- In Maine, a 'tenancy at will' is a tenancy that:
- In Maine, a property described in a deed as 'the south 5 acres of Lot 3 on the Plan of Camp Sunrise' uses which legal description method?
- In Maine, a 'scenic easement' on a property might be held by:
- In Maine, a condominium unit owner's interest in the common elements is:
- In Maine, a 'license to use property' (as a legal concept) is revocable whereas an 'easement' is generally not revocable. This means a license to use a neighbor's driveway:
- A Maine 'homeowner's association' (HOA) typically has the power to:
- A Maine property owner who plants trees on a neighbor's land, believing it to be their own, acquires no ownership rights unless:
- A Maine couple owns property as tenants by the entirety. If one spouse dies, the property:
- In Maine, a deed restriction that prohibits future owners from painting the house any color other than white is an example of a:
- In Maine, a condominium owner's interest in the common elements is typically:
- A Maine homeowner grants a neighbor a right-of-way across their property for driveway access. This is an example of:
- In Maine, the fee simple absolute estate is best described as:
- In Maine, which type of deed provides the greatest protection to a buyer?
- In Maine, a landowner has the right to the timber on their land but not the mineral rights below. This is an example of:
- In Maine, a life estate terminates upon the death of the:
- Under Maine's Tree Growth Tax Law, landowners who enroll their forestland receive:
- In Maine, which of the following is an example of real property?
- In Maine, a property owner may lose their farm use tax classification under the Farmland Tax Law if they:
- In Maine, a fixture is personal property that has become real property. The primary test for determining if an item is a fixture is:
- In Maine, a landowner whose property abuts a river typically has:
- In Maine, a homestead exemption provides property tax relief to:
- In Maine, a pur autre vie life estate is one that:
- In Maine, the right to use a neighbor's well under an easement is an example of what type of property right?
- In Maine, a fee simple determinable estate automatically reverts to the grantor when:
- In Maine, a tenant in common who wants to sell their undivided share without the other co-owners' consent may:
- In Maine, a prescriptive easement is acquired through:
- In Maine, a commercial property owned by a limited liability company (LLC) is conveyed by:
- In Maine, a condominium declaration must be filed with:
- In Maine, when a joint tenancy is severed by one joint tenant conveying their interest to a third party, the result is:
- In Maine, a property owner who is delinquent on property taxes may redeem the property after a tax sale within:
- In Maine, which of the following best describes an easement by necessity?
- Under Maine law, a landowner's right to exclude others from their property is:
- In Maine, a property transferred to two people who are not married with equal shares and the right of survivorship is held as:
- In Maine, a homeowner's association (HOA) lien for unpaid assessments typically:
Agency
130 questions- In Maine, a 'buyer's agent' owes fiduciary duties exclusively to:
- Under Maine agency law, a 'facilitator' (transaction broker) may:
- Maine law requires that agency disclosure be provided to consumers:
- A Maine licensee who represents a seller must disclose to all buyers:
- Dual agency in Maine is:
- The fiduciary duty of 'accounting' in a Maine agency relationship requires the agent to:
- In Maine, which document must be provided to a consumer at the first substantive contact in a real estate transaction?
- Under Maine agency law, a seller's agent owes which duty to the buyer?
- In Maine, what is a 'designated agent'?
- A buyer's agent in Maine owes the buyer the duty of:
- Under Maine law, a seller's agent must disclose to the seller:
- In Maine, a transaction broker:
- An agency agreement in Maine is terminated by all of the following EXCEPT:
- When must a Maine licensee disclose their agency relationship to a potential buyer at an open house?
- In Maine, 'subagency' means:
- In Maine, which document is used to establish a buyer brokerage relationship?
- Under Maine law, when must a licensee provide the 'Understanding Agency' disclosure form to a buyer?
- A Maine real estate agent who represents both the buyer and seller in the same transaction with both parties' written consent is acting as:
- In a designated agency arrangement in Maine, who designates the individual agents for buyer and seller?
- Which fiduciary duty requires a Maine listing agent to inform the seller of all offers received, even after the seller has accepted another offer?
- A Maine buyer's agent who learns that the seller is going through a divorce and must sell quickly has a duty to:
- Under Maine agency law, the duty of 'obedience' means the agent must:
- When a Maine real estate agent represents only one party but provides services to both buyer and seller, this is called:
- Under Maine's agency disclosure requirements, when a listing agent first meets a potential buyer, the agent represents:
- A Maine seller's agent discovers a material defect in the property during a showing. Their duty is to:
- In Maine, 'vicarious liability' means that a broker may be liable for the actions of their salespersons:
- Maine law requires a real estate agent to present ALL written offers to the seller:
- A Maine listing agent who discovers their seller has not disclosed a known roof leak should:
- In Maine, a licensee who has a personal financial interest in a property transaction must:
- Under Maine law, when a buyer's agent receives an offer of subagency from a listing broker, accepting the offer means the agent:
- In Maine, the agency relationship between a broker and client is typically created by:
- A Maine buyer's agent who knows their buyer is willing to pay up to $300,000 must:
- A Maine real estate agent who, without authorization, promises a seller that the property will sell within 30 days has exceeded their authority. This is an example of:
- A Maine buyer's agent accompanies their client to view a home listed by a competing broker. The buyer's agent owes fiduciary duties to:
- In a Maine transaction where a buyer is unrepresented, the listing agent should:
- In Maine, 'puffery' in real estate marketing is:
- A Maine listing agent who tells a prospective buyer that the seller 'needs to be out by a certain date' has:
- In Maine, which of the following is an example of 'express agency'?
- Maine requires that buyer brokerage agreements include:
- A Maine salesperson working under a broker who has a designated agency policy may be designated to represent only the buyer in a transaction where another agent in the same office represents the seller. This arrangement:
- Under Maine license law, can a listing broker be liable for misrepresentations made by a salesperson working under them?
- A Maine real estate agent who helps a client prepare an offer 'too low to be taken seriously' because the agent does not want to lose their relationship with the listing agent has violated their duty of:
- When a Maine buyer's agent submits an offer for their client, the agent should:
- A Maine buyer tells their agent they would be willing to pay up to $350,000 for a home listed at $335,000. The buyer's agent should:
- Under Maine's agency disclosure law, which form must be provided to sellers before entering into a listing agreement?
- Maine's 'Consumer Information Statement' must be provided to buyers and sellers at which point in the transaction?
- In Maine, if a buyer's agent wants their buyer to submit an offer above the asking price to compete with other offers, the agent is exercising their duty of:
- In Maine, 'implied agency' may be created when:
- In Maine, which of the following is a common reason for terminating an agency relationship?
- A Maine listing agent receives two simultaneous offers on a property. The agent must:
- A Maine buyer's agent who notices during a showing that the seller's agent has misrepresented the property's features should:
- A Maine buyer's agent is negotiating a purchase price on behalf of their buyer. The seller's agent reveals that the seller needs to close by a certain date. The buyer's agent should:
- A Maine listing agent's obligation to disclose known material defects exists even if the seller instructs them not to disclose. This is because:
- In Maine, a real estate agent who has not been formally hired by a buyer but shows them property and assists them may have inadvertently created:
- In Maine, a broker may represent both buyer and seller in the same transaction as a dual agent only if:
- In Maine, a buyer's agent who assists their buyer in preparing an offer for a property listed by the same company must, under designated agency:
- A Maine buyer's agent has a client interested in a property where the agent has a personal financial stake. The agent must:
- Under Maine law, 'reasonable care and diligence' as an agent duty means the agent must:
- Under Maine law, who bears the burden of proving that a dual agency disclosure was made and consent was obtained?
- In Maine, a 'facilitator' (transaction broker) owes duties to both parties that include all EXCEPT:
- When a Maine broker learns that their salesperson has been secretly representing both buyer and seller without disclosure, the broker should:
- In Maine, a 'non-exclusive' buyer brokerage agreement means the buyer:
- Maine's law requires real estate agents to treat 'all parties' to a transaction honestly. 'All parties' includes:
- In Maine, the agency disclosure law requires the Consumer Information Statement to be provided in what language?
- In Maine, 'procuring cause' determines which agent is entitled to a commission when a buyer is shown a home by multiple agents. Procuring cause is generally the agent who:
- Maine's fiduciary duties end when:
- A Maine buyer's agent learns from the listing agent that the property is the subject of pending litigation (a boundary dispute). The buyer's agent must:
- In Maine, a real estate agent who earns a referral fee from a mortgage lender for referring a borrower must:
- Maine law allows a listing broker to offer compensation to cooperating buyer's agents. This offer of compensation must be made through:
- In Maine, a listing agent has the duty to market the property diligently. If the listing agent fails to actively market a property for months, the seller may be entitled to:
- Maine's disclosure requirements state that the Consumer Information Statement must be provided 'at the first substantive contact.' What constitutes 'substantive contact'?
- Under Maine law, a real estate agent 'facilitating' a transaction (as a transaction broker) is different from a 'dual agent' primarily because:
- Under Maine's agency disclosure requirements, a listing agent who works with a buyer must clarify their agency relationship because:
- A Maine buyer's agent who fails to investigate the property's condition or research comparable sales before helping their buyer make an offer may be in violation of their duty of:
- A Maine listing agent is required to present all offers including those that are:
- In Maine, a seller who lists their home with a broker retains the right to accept or reject any offer. This means the broker:
- Maine real estate law requires 'prompt' presentation of offers. 'Prompt' in this context generally means:
- Maine licensees who wish to advertise as 'buyer specialists' or 'buyer's agents' must ensure their advertising:
- In Maine, a seller who sells their own home without a real estate agent is called a:
- In Maine, when a listing agent's client (seller) receives a full-price offer but with conditions the seller dislikes, the agent should:
- A Maine buyer's agent learns during a showing that a listing agent has represented the property as having a 2-car garage when in fact it has a 1-car garage. The buyer's agent should:
- In Maine, a real estate agent who tells a buyer that a property is in a good school district when the agent has no knowledge of the schools is:
- Under Maine law, a listing agent who fails to disclose that the property is located in a flood zone (a material fact) may be liable for:
- A Maine buyer's agent who discovers their client has made misrepresentations on a mortgage application should:
- Under Maine law, 'apparent authority' of a real estate agent arises when:
- In Maine, a buyer's agent who discloses the buyer's financial capacity to the listing agent without authorization has breached which duty?
- In Maine, a 'subagent' of the listing broker owes fiduciary duties to:
- Under Maine's disclosure requirements, when two agents in the same brokerage represent buyer and seller respectively under a designated agency arrangement, what does the broker's role become?
- Maine's 'Understanding Agency' (Consumer Information Statement) explains to consumers that a buyer's agent owes the buyer:
- In Maine, an agent who 'sits on' an offer for two days before presenting it to the seller may be violating their duty of:
- Maine requires that the Consumer Information Statement be signed by the consumer to:
- In Maine, a real estate agent who provides a 'Comparative Market Analysis' (CMA) to a seller before listing is:
- In Maine, an agent's fiduciary duty of 'loyalty' to a seller means the agent must:
- In Maine, which of the following activities by a real estate agent would NOT constitute an independent contractor relationship (and might imply employment)?
- Under Maine's agency law, a buyer's agent who knows their buyer will make a below-market offer because they believe the seller is desperate must:
- Maine law allows a listing broker to sign a disclosure form on behalf of a seller in which circumstance?
- Under Maine law, a real estate agent's duty of disclosure includes disclosing which of the following to a buyer?
- A Maine licensee who 'pads' a property description with false statistics (like exaggerating the lot size by 20%) is guilty of:
- A Maine real estate agent representing a seller accidentally discloses the seller's financial urgency to the buyer. This is a breach of:
- Under Maine's designated agency rules, the designated buyer's agent within a real estate company owes the buyer:
- A Maine listing agent who receives an offer from an unrepresented buyer must:
- In Maine, a transaction broker (limited agent) owes which of the following duties to BOTH parties?
- A Maine seller's agent discovers during a showing that the basement has a mold problem not disclosed in the listing. The agent must:
- In Maine, the agency relationship between a broker and a client is formally created by:
- A Maine buyer's agent who has a personal financial interest in the property they are helping the buyer purchase must:
- A Maine real estate company practices designated agency with an internal information barrier policy that prevents designated agents from sharing client confidential information. This practice is known as:
- A Maine buyer's agent learns that their buyer-client is willing to pay $20,000 more than their offer. The agent must:
- When a Maine real estate agent represents both the buyer and seller in the same transaction as a dual agent, the agent must:
- A Maine buyer's agent discovers that the seller has received a higher offer but not yet accepted it. The buyer's agent must:
- A Maine real estate agent who is a seller's agent and presents a lowball offer must:
- A Maine seller's agent who knows the roof has active leaks but says nothing to prospective buyers is guilty of:
- A Maine real estate company that represents both buyers and sellers in many transactions uses designated agency to avoid:
- In Maine, a subagency relationship exists when:
- A Maine real estate brokerage may represent both the buyer and seller as a dual agent only if:
- A Maine buyer's agent who represents a buyer in multiple transactions with the same seller may have a conflict of interest and should:
- When a Maine seller's agent has a buyer-client for their own listing, one way to handle this conflict is to:
- A Maine buyer's agent who negotiates aggressively on behalf of their buyer-client is fulfilling the duty of:
- A Maine seller's agent who learns their client has received a low appraisal should:
- A Maine real estate agent who promises a seller they can obtain a specific sale price to secure a listing is engaging in:
- A Maine real estate agent has a buyer under a written buyer agency agreement. The agent finds a FSBO (for sale by owner) property that perfectly matches the buyer's needs. The agent should:
- A Maine real estate agent who completes a transaction but fails to account for all funds received from or on behalf of the client has breached the duty of:
- A Maine listing agent who is showing their own listing to a buyer without buyer representation should advise the buyer that:
- In Maine, an agent's authority to act on behalf of a principal may be terminated by:
- A Maine seller's agent who discovers their seller's property has a failing septic system not yet disclosed must:
- In Maine, a buyer's agent must present all offers the buyer wishes to make, even if the agent believes the offer is not competitive. This reflects the duty of:
- A Maine real estate agent who is also a seller's principal (not just their agent) in a transaction has a conflict that requires:
- In Maine, a real estate licensee who is asked by their client to engage in an illegal act (such as discriminating against a buyer) must:
- A Maine real estate agent whose client asks them to write an offer far above what comparable properties have sold for should:
- A Maine buyer's agent signs a buyer agency agreement for 90 days. Before the agreement expires, the buyer's agent is diagnosed with a terminal illness. The agency relationship is:
- A Maine real estate agent who provides their buyer-client with accurate, complete, and timely information throughout the transaction is fulfilling the fiduciary duty of:
Contracts
121 questions- Under Maine law, which of the following is required for a real estate purchase agreement to be enforceable?
- In Maine, when a buyer includes an inspection contingency in a purchase agreement, the buyer has the right to:
- In Maine, 'consideration' in a real estate contract refers to:
- Which type of listing agreement gives the broker the exclusive right to sell and earn a commission regardless of who finds the buyer?
- If a seller receives two offers simultaneously, the seller may:
- Which of the following is true about an 'as-is' clause in a Maine purchase agreement?
- In Maine, which type of deed provides the greatest protection to the buyer?
- In Maine real estate transactions, a purchase and sale agreement is legally binding when:
- Maine is considered a 'title theory' or 'lien theory' mortgage state?
- The Statute of Frauds in Maine requires that real estate contracts:
- A Maine real estate contract contains an 'as-is' clause. This means:
- Under Maine contract law, 'time is of the essence' in a real estate contract means:
- In Maine, a buyer who defaults on a purchase and sale agreement may lose their:
- A Maine purchase and sale agreement contains a financing contingency. If the buyer cannot obtain financing:
- In Maine, which of the following is a unilateral contract?
- A Maine listing agreement is a contract between:
- In Maine, an 'earnest money' deposit in a real estate contract serves as:
- A Maine purchase and sale agreement has an inspection contingency. The buyer's inspector finds a significant foundation crack. The buyer may:
- Under Maine contract law, an offer is revoked when:
- In Maine, a counteroffer by the seller legally:
- Which of the following is NOT a required element of a valid Maine real estate contract?
- In Maine, the Statute of Frauds requires real estate contracts to be:
- A purchase and sale agreement in Maine is considered legally binding when:
- Under Maine contract law, earnest money held by a broker belongs to:
- A buyer in Maine makes an offer contingent on obtaining financing at 7% interest. The buyer cannot obtain a loan below 7.5%. The buyer may:
- In Maine, a counteroffer legally:
- Maine's standard purchase and sale agreement typically includes which of the following seller representations?
- Under Maine law, when a seller accepts an offer with an inspection contingency, the buyer typically has the right to:
- In Maine, an option contract gives the optionee the:
- Under Maine law, specific performance is a remedy available to a buyer when:
- In Maine, an 'as-is' sale means:
- Under Maine law, the Maine Seller's Disclosure of Property Condition form must be provided by the seller to the buyer:
- In Maine, a purchase and sale agreement may include a 'time is of the essence' clause, which means:
- When a Maine seller accepts an offer with an escape clause (kick-out clause), it means:
- In Maine, a lease for more than one year must be:
- In Maine real estate, 'consideration' in a contract means:
- A Maine real estate contract may be voided (found unenforceable) due to lack of:
- A Maine seller accepts an offer on their house but dies before closing. What happens to the contract?
- In Maine, 'novation' in a real estate contract means:
- In Maine, an 'addendum' to a purchase and sale agreement:
- In Maine, a 'right of rescission' under the federal Truth-in-Lending Act applies to:
- A Maine purchase and sale agreement includes an inspection contingency. The buyer submits an inspection report showing minor issues. The seller refuses to repair. The buyer's options typically include:
- In Maine, which type of listing agreement gives the broker the exclusive right to collect a commission regardless of who sells the property?
- An 'open listing' in Maine allows the seller to:
- A Maine purchase and sale agreement that is 'contingent upon the sale of the buyer's home' means:
- In Maine, 'rescission' of a real estate contract means:
- In Maine, an 'earnest money deposit' serves what primary purpose in a real estate contract?
- In Maine, a contract signed under duress is:
- In Maine, a 'bilateral contract' in real estate means:
- In Maine, a 'material breach' of a purchase and sale agreement by the seller means the buyer may:
- In Maine, an 'exclusive agency listing' allows the seller to:
- In Maine, a purchase and sale agreement is typically accompanied by which contingency to ensure the property has no major defects?
- In Maine, if a buyer makes an offer and the seller responds with different terms, the original offer is:
- A Maine buyer backs out of a purchase contract without a valid contingency. The seller may be entitled to:
- A Maine real estate purchase agreement that lacks a specific closing date is:
- Maine's standard purchase and sale agreement typically provides for 'prorations' at closing. Prorations adjust for:
- In Maine, an offer that contains an 'irrevocable' period means the offeror:
- In Maine, the doctrine of 'merger' means that after closing:
- In Maine, a 'force majeure' clause in a commercial lease protects parties from:
- In Maine real estate, an 'addendum' differs from an 'amendment' in that:
- A Maine seller's property is listed at $450,000. A buyer submits an offer at $430,000 with a 10-day financing contingency. The seller makes a counteroffer at $445,000 but changes the financing contingency to 7 days. The buyer's options are:
- In Maine, a 'backup offer' is accepted 'subject to' the first contract. If the first contract falls through, the backup offer:
- A Maine buyer's offer states 'this offer expires at 5 PM on Friday.' The seller's signed acceptance is faxed to the buyer's agent at 5:05 PM Friday. Is there a binding contract?
- In Maine, which of the following would make a real estate contract void (not just voidable)?
- In Maine, if a purchase contract contains a 'liquidated damages' clause, in the event of buyer default the seller's remedy is typically:
- A Maine purchase contract that is 'voidable' differs from one that is 'void' in that:
- A Maine buyer and seller sign a purchase agreement for a property with a known roof leak. The seller has disclosed the issue and the buyer agrees to accept the property with the leak. The contract is:
- A Maine commercial lease with an 'escalation clause' means the rent:
- In Maine, a letter of intent (LOI) in a commercial real estate transaction is typically:
- In Maine, a 'seller's concession' in a real estate contract means the seller agrees to:
- A Maine purchase agreement contains a 'survival clause' for the seller's representations about the septic system. This means:
- Maine's standard residential purchase agreement typically includes a section on 'inclusions and exclusions.' This section specifies:
- In Maine, 'anticipatory breach' occurs when:
- In Maine, a contract that is 'unconscionable' may be:
- In Maine, a 'seller's disclosure of property condition' form is intended to inform buyers of:
- In Maine, a buyer who makes a written offer that contains a mistake (buyer intended to offer $280,000 but typed $28,000) may seek:
- When a Maine real estate contract states '10 days for inspection,' does this mean 10 calendar days or 10 business days?
- In Maine, a 'listing agreement renewal' requires:
- In Maine, a seller who accepts a contract contingent on home inspection then receives a 'better' cash offer is generally:
- In Maine, a 'right of first offer' differs from a 'right of first refusal' in that:
- Under Maine law, which of the following is considered 'personal property' rather than real property, and would NOT automatically transfer with a real estate sale unless specified?
- In Maine, a commercial lease often contains an 'assignment clause' that:
- A Maine purchase agreement requires the seller to have the property 'professionally cleaned' before closing. This is an example of a:
- In Maine, a 'triple net lease' (NNN) in commercial real estate requires the tenant to pay:
- In Maine, when a buyer 'waives' an inspection contingency in writing, they are:
- A Maine purchase agreement's 'rider' is:
- A Maine purchase agreement includes a 'financing contingency' with a 'loan commitment date.' If the buyer fails to apply for the loan in time to meet the commitment date, this is:
- In Maine, a purchase and sale agreement for vacant land should include which important provision?
- In Maine, a 'release' signed by a party waiving a contingency in a purchase agreement is:
- In Maine, a 'promissory note' given in connection with a real estate purchase is:
- In Maine, a purchase and sale agreement signed by a minor is:
- In Maine, a real estate listing agreement that does not specify a termination date is:
- Under Maine contract law, the parol evidence rule means that:
- Under Maine law, a seller's acceptance of an offer that contains different terms than the offer constitutes:
- In Maine, 'time is of the essence' in a purchase and sale agreement means:
- In Maine, earnest money is typically held by:
- In Maine, a real estate sales contract that is signed under duress is:
- In Maine, a purchase and sale agreement becomes binding when:
- A Maine home inspection contingency typically gives the buyer the right to:
- A Maine seller receives two offers simultaneously. The seller may:
- A Maine purchase and sale agreement includes a financing contingency. If the buyer cannot obtain financing and properly invokes the contingency, the earnest money:
- In Maine, the doctrine of caveat emptor (buyer beware) has been significantly limited by:
- Under Maine real estate law, which of the following is NOT a required element for a valid contract?
- A Maine real estate purchase contract is an executory contract until:
- A Maine seller accepts an offer contingent on the buyer selling their current home. If the current home does not sell, the purchase contract is:
- In Maine, which of the following is required for a deed to be legally recorded?
- A Maine seller provides a $10,000 seller concession toward buyer closing costs. This amount is subtracted from:
- A Maine seller's disclosure form reveals a history of roof leaks. The buyer still proceeds with the purchase. If the same roof leaks after closing, the buyer's recourse against the seller is:
- A Maine real estate purchase and sale agreement that has been fully signed by all parties is best described as:
- In Maine, a buyer who is unable to close on the scheduled closing date due to a bank delay may:
- In Maine, a contract for the sale of real estate must be in writing to be enforceable under the:
- In Maine, a buyer who breaches a purchase and sale agreement by failing to close without justification is subject to:
- In Maine, a real estate contract that is void from its inception is one that:
- In Maine, a buyer's offer to purchase that includes an escalation clause automatically increases the offer up to a maximum price if:
- A Maine seller's listing agreement expires while the property is under contract. The broker's right to a commission:
- In Maine, an addendum to a purchase and sale agreement must be:
- Under Maine law, a seller who accepts an offer and then decides not to sell may be sued by the buyer for:
- In Maine, which of the following would make a real estate contract unenforceable under the Statute of Frauds?
- Under Maine law, when a buyer is in default of a purchase contract, the seller's options typically include:
- In Maine, the term 'consideration' in a real estate contract refers to:
- In Maine, a real estate contract that includes an 'as-is' clause means the buyer:
Property Valuation
111 questions- In real estate appraisal, a 'comparable sale' (comp) used in the sales comparison approach should be:
- The principle of 'regression' in real estate valuation states that:
- Which of the following is NOT a factor that affects real property value?
- The net operating income (NOI) of a property is calculated as:
- The sales comparison approach to value is MOST appropriate for appraising:
- In Maine real estate appraisal, 'market value' is best defined as:
- A Maine appraisal uses the income capitalization approach. A property generates $36,000 net operating income annually. Using a 6% cap rate, the indicated value is:
- In the cost approach to appraisal, 'depreciation' refers to:
- A Maine appraiser uses three comparable sales to estimate value. The comparables show adjusted values of $285,000, $292,000, and $288,000. What is the simple average value indication?
- In Maine, 'functional obsolescence' in a property is best described as:
- A Maine vacant lot sold for $80,000. A similar lot with a lake view recently sold for $110,000. The appraiser would make what adjustment for the lake view?
- An appraiser in Maine is determining the assessed value of a property. The municipality uses an assessment ratio of 80%. If the market value is $350,000, what is the assessed value?
- In real estate valuation, 'highest and best use' means:
- A Maine property has a replacement cost new of $400,000 and total accrued depreciation of $60,000. The land value is $75,000. What is the value indication using the cost approach?
- In Maine, 'gross rent multiplier' (GRM) is used to estimate value by:
- A Maine cottage rents for $2,500/month. Comparable properties have a GRM of 120. What is the estimated value?
- Which type of depreciation is NOT recoverable through repairs or renovation of the property?
- A Maine home has four bedrooms but only one bathroom. This is an example of:
- In Maine, the principle of 'substitution' in appraisal states that:
- In Maine, 'economic life' of a building refers to:
- A Maine property's 'effective age' is different from its 'actual age' because:
- Which appraisal approach is MOST commonly used for special-purpose properties like a lighthouse or fire station in Maine?
- In Maine, 'plottage' or 'assemblage value' refers to:
- The 'principle of progression' in Maine real estate appraisal suggests that:
- An appraiser in Maine uses the sales comparison approach and finds three comparable sales at $275,000, $290,000, and $285,000. The unadjusted average value would be:
- The income approach to value is MOST appropriate for valuing:
- A Maine commercial property has a net operating income (NOI) of $45,000 per year. Using a capitalization rate of 7.5%, the estimated value is:
- In Maine real estate appraisal, 'functional obsolescence' refers to:
- When a Maine appraiser adjusts a comparable sale that has a garage when the subject property does not, the appraiser should:
- Seasonal and vacation properties in Maine are typically valued using which primary approach?
- A Maine appraiser notes that houses in a neighborhood are declining in value due to an increase in commercial development nearby. This is an example of:
- The cost approach to value is MOST reliable when valuing:
- Maine property taxes are based on assessed value, which municipalities typically set at:
- A Maine homeowner believes their property is over-assessed. Their first step in challenging the assessment is typically to:
- In Maine, the homestead exemption reduces the assessed value of a primary residence by:
- The capitalization rate for a Maine investment property can be described as:
- A Maine appraiser uses the 'gross rent multiplier' (GRM) method. A property rents for $1,200/month and comparable sales suggest a GRM of 130. The estimated value is:
- When valuing a Maine vacation cabin on a remote lake, an appraiser would consider which factor as MOST important?
- Highest and best use in Maine appraisal means the use that is:
- A Maine appraiser is valuing a 3-unit residential property. Which approach to value would typically be given the most weight?
- In Maine, a property assessed at $180,000 has an assessment ratio of 80% (assessed value ÷ market value). The estimated market value is:
- A Maine appraiser making paired sales analysis is comparing two similar homes, one with a garage and one without. The garage home sold for $265,000 and the non-garage home sold for $252,000. The indicated value of the garage is:
- In Maine, 'effective age' in appraisal refers to:
- The 'principle of substitution' in Maine real estate appraisal states that:
- A Maine appraiser calculates depreciation on a 20-year-old building with an economic life of 50 years. Using straight-line depreciation, the depreciation percentage is:
- A Maine waterfront home's value is primarily enhanced by 'locational value.' This is best described as value attributable to:
- In Maine, a property's 'plottage value' refers to:
- A Maine appraiser is determining the value of a vacant lot for a proposed single-family home. The appraiser would primarily use which approach?
- In Maine, the 'principle of progression' in real estate valuation means a lower-value home in a neighborhood of higher-value homes will:
- A Maine appraiser values a single-family home using three approaches: sales comparison ($315,000), cost approach ($320,000), and income approach ($305,000). The appraiser's final reconciled value is typically:
- When a Maine appraiser uses the cost approach, the value of the land is estimated:
- Maine's 'Tree Growth Tax Law' affects appraisal because land enrolled in the program:
- A Maine appraiser notes that a home's single-car garage has been converted to living space. This modification most likely represents:
- A Maine appraiser is asked to provide a 'retrospective appraisal' (appraising as of a past date). This may be needed for:
- In Maine, properties located near the Portland International Jetport may experience a reduction in value due to airplane noise. This is an example of:
- Maine's 'Tree Growth' land can be challenging to appraise because its value is based on:
- A Maine vacant waterfront lot sells for $120,000. A similar lot without waterfront access sells for $45,000. The 'water premium' indicated by these sales is approximately:
- In Maine, 'economic life' of a building means:
- A Maine appraiser making an income approach to value uses a 'vacancy and collection loss' factor to:
- In Maine, a 'drive-by' or 'exterior-only' appraisal provides what level of reliability compared to a full interior appraisal?
- A Maine appraiser uses the cost approach on a 15-year-old home. Physical depreciation based on straight-line over a 50-year economic life is:
- A Maine appraiser is valuing a lakefront home. The home is 30 years old with a physical life of 60 years. Using age-life depreciation, the physical depreciation percentage is:
- In Maine real estate, 'under improvement' of a site means:
- A Maine appraiser is asked to provide a 'restricted use appraisal report.' This type of report is:
- An appraiser in Maine performing a 'retrospective appraisal' for a property that sold 3 years ago will use comparable sales that are:
- In Maine, an 'arm's length transaction' is one where:
- In Maine, 'assemblage' in real estate refers to:
- In Maine, an appraiser discovers that a property is in a flood zone and flood insurance is required. This would affect value because:
- In Maine, a 'contaminated site discount' in a property appraisal accounts for:
- When a Maine appraiser makes final reconciliation, they are:
- A Maine appraiser is preparing an appraisal for a proposed subdivision. This type of appraisal is called:
- When a Maine appraiser applies the principle of 'contribution' to a home addition, they are determining:
- In Maine, 'superadequacy' (a type of functional obsolescence) in appraisal refers to:
- A Maine appraiser performing a 'narrative appraisal report' provides the most detail in which format?
- In Maine, the 'principle of regression' means that a very expensive home in a neighborhood of modest homes will:
- In Maine, a 'fee simple subject to condition subsequent' estate affects appraised value because:
- In Maine, a property's value may be affected by 'deed restrictions' because restrictions:
- In Maine appraisal practice, 'Uniform Standards of Professional Appraisal Practice (USPAP)' sets:
- A Maine appraiser is asked to determine the 'as improved' vs. the 'as if vacant' value. This distinction is important for:
- In Maine, when an appraiser finds that the subject property's location causes a loss in value compared to interior properties (e.g., next to a busy road), this is:
- A Maine appraiser uses the '1004 form' (Uniform Residential Appraisal Report). This form is used for:
- Maine's rural properties (farms, timberland, hunting camps) present appraisal challenges because:
- In Maine, a property with a 'deed restriction' limiting use to single-family residential is being appraised for potential commercial development. The appraiser should:
- In Maine, a licensed appraiser discovers a property has significant underground oil tank contamination. The appraiser should:
- When using the income approach for a Maine apartment complex, the gross rent multiplier (GRM) method uses:
- When appraising a unique Maine waterfront estate with no direct comparable sales, an appraiser would most likely rely on the:
- In the income approach, the capitalization rate for a Maine commercial property is calculated as:
- A Maine appraiser uses a paired sales analysis to determine that a garage adds $18,000 to property value. This technique is used in the:
- A Maine appraiser estimates a home's value at $310,000 using the cost approach, $325,000 using the sales comparison approach, and $290,000 using the income approach. For a primary residence, the appraiser would most likely weight which approach most heavily?
- External obsolescence affecting a Maine coastal property due to a nearby highway construction is best classified as:
- A Maine appraiser determines that a property has an effective age of 20 years and a total economic life of 60 years. The straight-line depreciation percentage is:
- A Maine appraiser adjusts a comparable sale upward by $5,000 for a feature the subject property has that the comparable lacks. This is a:
- When appraising a Maine waterfront cottage, the appraiser notes that similar properties on the same lake have been selling rapidly above list price. This market condition is called:
- In Maine, a property with a deferred maintenance issue such as a worn roof is experiencing:
- A Maine appraiser must maintain independence from the client and produce an appraisal that reflects:
- A Maine bank orders an appraisal for a $350,000 mortgage. The appraiser's fee is $600. Under USPAP, the fee:
- In Maine, a certified residential appraiser may appraise:
- In Maine, the market data (sales comparison) approach is most useful when:
- In Maine, which appraisal approach would typically be most appropriate for a 20-unit apartment building?
- A Maine appraiser making adjustments to comparable sales adjusts:
- In Maine, the principle of substitution in real estate valuation states that:
- In Maine, the cost approach to value begins with an estimate of the:
- In Maine, the highest and best use of a property is defined as the use that is:
- When a Maine appraiser reconciles three value approaches, they should:
- In Maine, when the subject property in an appraisal is superior to a comparable sale in one feature, the adjustment is:
- Functional obsolescence in a Maine residential property is caused by:
- A Maine appraiser notes that the neighborhood contains properties with a mix of residential and light commercial uses. This is an example of which neighborhood characteristic?
- A Maine property has a replacement cost of $350,000 and total accrued depreciation of $87,500. The depreciated cost of improvements is:
- When reconciling appraisal approaches for a Maine income-producing property, the appraiser would typically give the LEAST weight to the:
- A Maine appraiser's report is considered confidential and may be shared with:
- In Maine, the principle of progression in real estate value states that:
Fair Housing
108 questions- In Maine, in addition to the seven federal protected classes, state fair housing law adds which protected class?
- A real estate agent who tells a minority buyer that no homes are available in a neighborhood where homes are actually for sale is engaging in:
- Under the Fair Housing Act, which of the following is a permissible exemption from the law?
- A reasonable accommodation under the Fair Housing Act may include:
- The Maine Human Rights Act (MHRA) protects against housing discrimination based on which characteristic NOT covered by the federal Fair Housing Act?
- Under the federal Fair Housing Act, blockbusting is defined as:
- In Maine, a landlord who refuses to rent to a family with children is likely violating:
- Which of the following is an example of 'steering' in Maine real estate?
- The Maine Human Rights Commission handles complaints filed under the Maine Human Rights Act. Within how many days must a housing complaint be filed after the alleged discriminatory act?
- Under the Fair Housing Act, a landlord may refuse to rent to an individual with a disability if:
- Redlining in Maine real estate refers to:
- The Americans with Disabilities Act (ADA) as it applies to real estate primarily covers:
- A Maine property manager may legally ask a prospective tenant about their:
- Under the Fair Housing Act, a reasonable accommodation for a tenant with a disability might include:
- A Maine real estate agent tells a prospective buyer that there 'aren't many people like you' in a particular neighborhood. This is most likely an example of:
- Under Maine law, which of the following properties is generally exempt from the Fair Housing Act's prohibition against discrimination based on familial status?
- An advertisement for a Maine rental property that states 'ideal for Christian families' violates the Fair Housing Act because it:
- Under the Maine Human Rights Act, sexual orientation is a protected class in housing. This means a landlord in Maine may NOT:
- Which federal agency has primary enforcement authority for the federal Fair Housing Act?
- A Maine condominium association refuses to allow a wheelchair ramp to be installed by a resident with a disability. This likely violates:
- The Fair Housing Act of 1968 originally protected which classes?
- A Maine lender requires higher credit scores from applicants of a certain national origin. This practice is called:
- The Equal Credit Opportunity Act (ECOA) in Maine prohibits credit discrimination based on:
- A Maine property manager has a blanket policy of rejecting all applicants with any criminal history. Under the Fair Housing Act, this policy may:
- The Maine Human Rights Act prohibits housing discrimination based on which protected class NOT included in the federal Fair Housing Act?
- Under Maine's Human Rights Act, discrimination in housing based on source of income means a landlord cannot refuse to rent to someone because:
- A Maine landlord refuses to rent to a family with children, claiming the apartment is too small for families. This is likely a violation of:
- Steering in real estate means:
- Under the Fair Housing Act, which of the following is a permitted exception to the prohibition on discrimination based on familial status?
- A Maine real estate agent refuses to show homes in a particular neighborhood to a prospective buyer because of the buyer's national origin. This agent has committed:
- Under the Fair Housing Act, a person with a disability who rents an apartment in Maine has the right to:
- Blockbusting is an illegal practice in which an agent:
- The Maine Human Rights Commission handles complaints of housing discrimination in Maine. A complaint must generally be filed within:
- A Maine property owner who owns a single-family home and does not use the services of a real estate agent may be exempt from which fair housing requirement?
- A Maine landlord advertises a rental as 'perfect for young professionals.' This advertisement could violate fair housing laws because:
- Under the Fair Housing Act, which of the following statements about reasonable accommodations for persons with disabilities is TRUE?
- Disparate impact under Maine and federal fair housing law means:
- The Maine Human Rights Commission enforces fair housing laws. If a complaint is found to have merit, possible remedies include:
- In Maine, housing advertising that uses the phrase 'no Section 8' is:
- In Maine, the 'Mrs. Murphy' exemption from the federal Fair Housing Act applies to:
- A Maine property manager tells a prospective tenant there are no vacancies even though units are available, because of the applicant's race. This is:
- Under the Americans with Disabilities Act (ADA), new commercial construction must:
- A Maine real estate agent uses different qualification standards to screen buyers of different racial backgrounds. This practice is called:
- The protected class 'familial status' under the federal Fair Housing Act includes:
- A Maine landlord requires all applicants to provide references from prior landlords, a credit check, and proof of income. A disabled applicant who has poor credit due to medical bills applies. The landlord should:
- Maine's Human Rights Act protects against housing discrimination based on 'physical or mental disability.' This includes:
- A Maine real estate agent refuses to show a buyer homes in neighborhoods with high concentrations of their own ethnic group, intending to 'diversify' the area. This is:
- Under Maine's Human Rights Act, which of the following is a protected class in employment, housing, and public accommodation?
- A Maine landlord asks a prospective tenant if they have children because the building has a pool. The question about children is:
- Under the Fair Housing Act, a news publication in Maine runs a housing ad that uses the phrase 'ideal for Christian families.' This is:
- Maine's Human Rights Act was amended to add which protected class related to gender identity?
- A Maine seller instructs their agent not to show the home to buyers who are members of a specific nationality. The agent should:
- Under the Fair Housing Amendments Act, 'handicap' (disability) includes which condition?
- A Maine newspaper publishes an ad for a rental property that says 'quiet neighborhood, no children.' This ad violates the Fair Housing Act because:
- Maine's landlord-tenant law and fair housing law intersect when a tenant with PTSD (a mental disability) requests permission to keep an emotional support animal in a no-pets building. The landlord should:
- Under the Maine Human Rights Act, 'marital status' as a protected class in housing means a landlord cannot discriminate against applicants because they are:
- Under Maine's Human Rights Act, a landlord may ask about a prospective tenant's ability to pay rent by requesting:
- In Maine, the federal Fair Housing Act requires accessible design in newly constructed multifamily buildings with 4 or more units built after:
- Maine's law on accessibility in housing covers both sale and rental properties. A developer building new condominiums must comply with accessible design requirements for units:
- A Maine apartment complex advertises in publications targeted primarily at one ethnic group, consistently avoiding advertising in media reaching other groups. This is an example of:
- A Maine real estate agent who consistently recommends that African American clients look in certain neighborhoods while recommending different neighborhoods to white clients is engaging in:
- A Maine seller's agent who receives instructions to 'find only qualified white buyers' must:
- The purpose of the 'Section 8' Housing Choice Voucher Program in Maine is to:
- Maine's Human Rights Act prohibits housing discrimination based on 'ancestry.' This protects individuals from discrimination based on:
- Maine's Human Rights Act enforcement allows a complainant to file a complaint with the Maine Human Rights Commission within how many days of the discriminatory act?
- Under Maine law, which of the following practices by a homeowner's association would likely violate fair housing laws?
- In Maine, a landlord's blanket ban on renting to anyone with any criminal conviction may violate the Fair Housing Act because:
- In Maine, a real estate company whose agents consistently provide fewer services to minority clients than to white clients, even without explicit direction, has created a policy of:
- A Maine property manager who tells a fair housing tester there are no apartments available but then rents to a non-protected-class tester immediately after is:
- In Maine, the 'exemption' for single-family homes sold without the use of a real estate broker under the Fair Housing Act does NOT apply to:
- Maine's source of income protection means that a property manager who rejects an otherwise-qualified Section 8 applicant solely because they have a housing voucher is committing:
- Maine's fair housing law requires all landlords (with limited exceptions) to provide tenants with notice of their fair housing rights. This is typically done by:
- The 'Matthew Shepard and James Byrd, Jr. Hate Crimes Prevention Act' expanded federal protections against bias-motivated crimes. In Maine, these protections relate to real estate in that:
- Maine's 'source of income' protection in fair housing is particularly relevant to housing vouchers. A landlord may legitimately decline a Section 8 applicant ONLY if:
- Maine's Fair Housing law covers which types of housing transactions?
- Under the Maine Human Rights Act, 'sexual orientation' is a protected class in housing. This covers discrimination based on:
- Maine's fair housing protections also apply to:
- Maine's fair housing enforcement has a 'right to a jury trial' provision. This means that in cases that proceed to court:
- Maine's 'testers' (individuals who pose as real estate consumers to identify discriminatory practices) are:
- Maine's Human Rights Commission can investigate housing discrimination complaints and may:
- A Maine landlord refuses to rent to a person who uses a wheelchair, claiming the building cannot accommodate the tenant. Under the Maine Human Rights Act, the landlord:
- A Maine real estate agent shows only properties in one neighborhood to a minority buyer, claiming the other neighborhoods 'wouldn't be a good fit.' This is an example of:
- A Maine condo association adopts a rule prohibiting children under 18 from using the swimming pool except on designated days. This rule likely violates:
- Maine's Human Rights Act covers sexual orientation and gender identity in housing discrimination. This means:
- Under the Maine Human Rights Act, which of the following is NOT a protected class in housing?
- A Maine real estate agent advertises a home as being in a 'great Christian neighborhood.' This advertisement:
- A Maine apartment complex manager denies an application because the applicant is a single mother with two children. This violates which protected class?
- A Maine landlord accepts tenants who meet a 3x income requirement and refuses a housing voucher holder who meets the same standard. Under Maine's Human Rights Act, this may violate which protected class?
- A Maine real estate agent who 'blockbusts' a neighborhood is engaged in the illegal practice of:
- Under the Fair Housing Act, which of the following exemptions applies to certain small landlords in Maine?
- A Maine landlord who requires a higher security deposit from a tenant with a disability than from non-disabled tenants is:
- A Maine landlord who provides different lease terms or conditions to tenants based on their national origin is committing:
- The Maine Human Rights Commission is the state agency that:
- Under the Maine Human Rights Act, a landlord may ask about which of the following during the tenant screening process?
- A Maine real estate agent tells a prospective buyer that a particular neighborhood 'isn't really for people like you.' This statement is:
- A Maine property owner converts their 4-unit building to condominiums and wants to sell only to buyers over 55. To qualify as 55+ housing under HUD rules, the building must:
- A Maine property manager who accepts only applicants with 'no children' is violating:
- Under the Maine Human Rights Act, 'source of income' as a protected class means landlords cannot refuse:
- A Maine hotel refuses to allow a service dog because of a 'no pets' policy. Under the Americans with Disabilities Act:
- A Maine housing complex qualifies as 'housing for older persons' under the Fair Housing Act. Which protections does this affect?
- A Maine landlord asks a prospective tenant on a rental application: 'Do you have any physical or mental disabilities?' This question is:
- A Maine real estate agent posts on social media that they specialize in helping 'families with young children find homes in great school districts.' This statement:
- Under the Maine Human Rights Act, 'marital status' as a protected class in housing prohibits:
- Under the Maine Human Rights Act, a landlord's application of an objective screening criteria (minimum credit score, income requirement) uniformly to all applicants is:
- Maine's Human Rights Act provides broader fair housing protections than federal law by adding which protected classes NOT in the federal Fair Housing Act?
- A Maine property manager requires all applicants to provide proof of income. However, the manager refuses to accept Social Security income as qualifying income. This may violate:
- The Maine Human Rights Act covers employment, credit, education, and housing discrimination. With respect to housing, the Act's provisions apply to:
- Under Maine law, a landlord who retaliates against a tenant for complaining about habitability conditions by increasing rent may be liable for:
Escrow & Title
107 questions- In Maine, where are real estate deeds recorded to provide constructive notice?
- A 'cloud on title' is best described as:
- Which of the following is required for a deed to be valid in Maine?
- Earnest money that is properly held in a broker's trust account must be:
- Maine is an attorney closing state. This means:
- In Maine, earnest money deposited with a broker must be held in:
- A title insurance policy in Maine protects against:
- What is the difference between an owner's title insurance policy and a lender's title insurance policy?
- In Maine, a deed is legally effective to transfer title when it is:
- Recording a deed in Maine's registry of deeds:
- A Maine closing involves proration of property taxes. The seller's closing is July 1. Annual taxes of $3,600 are paid in advance. How much does the seller receive back as a credit?
- In Maine, 'chain of title' refers to:
- A 'lis pendens' filed against a Maine property provides notice that:
- In Maine, the document used to transfer title to real property from one person to another is called a:
- In Maine, a 'mechanic's lien' can be filed by:
- In Maine, a 'subordination agreement' in a real estate transaction means:
- In Maine, property taxes that are unpaid result in what type of lien?
- In Maine, a buyer who discovers a deed was forged in the chain of title would be protected by:
- What is the purpose of a 'settlement statement' (Closing Disclosure) at a Maine real estate closing?
- In Maine, 'actual notice' means:
- A Maine property is sold at a foreclosure auction. The original owner's right to reclaim the property by paying the debt is called:
- In a Maine real estate transaction, when is a deed considered 'delivered'?
- A 'marketable title' in Maine real estate means:
- In Maine, 'commingling' of client funds is:
- In Maine, real estate closings are typically conducted by:
- A title search in Maine typically reviews records going back how many years to establish marketable title?
- Maine's Marketable Record Title Act (MRTA) extinguishes claims against title that are older than:
- An owner's title insurance policy in Maine protects the:
- Which of the following encumbrances would NOT be extinguished at a Maine foreclosure sale?
- In Maine, a 'cloud on title' refers to:
- A Maine property sold at a tax lien foreclosure. The previous owner's right to reclaim the property by paying taxes and costs before the redemption period expires is called:
- In Maine, which type of title insurance policy is required by most mortgage lenders?
- After a Maine closing, surplus funds remaining in escrow after all costs are paid belong to:
- Which document in a Maine real estate closing conveys title from the seller to the buyer?
- A title insurance commitment (binder) in Maine is:
- In Maine, a 'discharge of mortgage' must be recorded after a mortgage is paid off to:
- At a Maine closing, the settlement agent distributes funds according to:
- An abstract of title in Maine is:
- In Maine, a mechanic's lien filed by a contractor who performed unpaid work on a property:
- In Maine, a 'lis pendens' recorded against a property notifies potential buyers that:
- In Maine, a 'quitclaim deed' is commonly used in which of the following situations?
- A title search finds a 15-year-old mortgage that was never formally discharged. Under Maine's Marketable Record Title Act (40 years), this mortgage would typically be:
- A Maine closing attorney discovers a lien filed by a contractor three years ago that was never paid. Before closing, the attorney should:
- A Maine buyer discovers after closing that there is an easement across the back of their property that was not disclosed. They may have a claim against:
- A Maine title search reveals that a prior owner used a 'wild deed' to convey title. A wild deed is:
- In Maine, a property tax lien is created when:
- A Maine deed that has been signed but not delivered to the grantee is:
- A Maine condominium purchase requires a review of which additional documents beyond a standard residential closing?
- In Maine, a 'title opinion' issued by a real estate attorney after examining the chain of title is:
- A Maine closing disclosure (CD) shows the buyer's cash due at closing as $42,350. The buyer brings a cashier's check for that amount. At closing it is discovered the final amount is $42,475. The buyer should:
- In Maine, the county Registry of Deeds uses which system to index and retrieve recorded documents?
- In Maine, a 'subordination agreement' in a real estate transaction allows:
- A Maine property has a covenant restricting use to residential purposes only. This covenant 'runs with the land,' meaning it:
- In Maine, a 'subordination, non-disturbance, and attornment' (SNDA) agreement in commercial real estate protects:
- In Maine, a 'foreclosure by entry and possession' is a historical method of foreclosure in which the lender:
- A Maine buyer's title insurance premium is typically a one-time charge paid:
- When a Maine transaction closes, the deed is typically delivered to:
- In Maine, 'actual notice' means a party has:
- In Maine, a 'certificate of title' (as distinct from title insurance) is:
- When a Maine property is sold 'subject to' outstanding real property taxes, who is responsible for paying those taxes?
- In Maine, the term 'proration' in a real estate closing refers to:
- In Maine, 'title by estoppel' may arise when:
- In Maine, a 'discharge of attachment' must be recorded when a court-ordered attachment on property is resolved because:
- In Maine, if a property is sold with an existing tenant whose lease predates the new mortgage, the tenant's lease:
- In Maine, which party typically pays for the owner's title insurance policy in a residential transaction?
- In Maine, a 'mortgagee clause' in a homeowner's insurance policy protects:
- In Maine, 'constructive fraud' in a real estate transaction can occur when a party:
- In Maine, a 'deed in lieu of foreclosure' occurs when a borrower:
- In Maine, 'survey exception' in a title insurance policy means:
- In Maine, when does legal ownership of real property pass from seller to buyer?
- In Maine, an 'estoppel certificate' in commercial real estate is a document signed by a tenant that:
- In Maine, when a property is sold to a trust, the deed should name:
- In Maine, recording a deed serves which important purpose for the grantee?
- In Maine, a 'deficiency judgment' after a foreclosure occurs when:
- In Maine, a 'preliminary title report' is issued before closing to:
- In Maine, when a title search reveals a 'gap' in the chain of title, it means:
- In Maine, a real estate closing 'settlement statement' or Closing Disclosure shows the buyer and seller their respective:
- In Maine, a 'quiet title action' is a lawsuit filed to:
- In Maine, 'intestate succession' for real property means that if a Maine resident dies without a will, their Maine real property passes:
- A Maine title search reveals a mechanic's lien filed 18 months ago. The seller claims the contractor was paid. The proper resolution before closing is:
- In Maine, title insurance protects the policyholder against:
- In Maine, a lis pendens recorded against a property provides notice that:
- In Maine, a mechanic's lien must generally be enforced by filing a lawsuit within how many years of recording?
- In Maine, a buyer's owner's title insurance policy purchased at closing protects:
- In Maine, the warranty deed covenant of 'quiet enjoyment' means the grantor warrants:
- In Maine, a title search typically covers how many years to establish a marketable chain of title under the Marketable Record Title Act?
- In Maine, a deed must be delivered to and accepted by the grantee to be effective. If a grantor signs a deed but keeps it in a safe deposit box, the deed:
- In Maine, a subordination agreement allows a:
- In Maine, a buyer receives a quitclaim deed. This means the grantor is conveying:
- In Maine, a judgment lien against a property owner attaches to:
- In Maine, a deed that is recorded in the Registry of Deeds provides:
- In Maine, a tax deed is issued when a property is sold by the municipality for:
- In Maine, when a borrower pays off their mortgage, the lender is required to record a discharge of mortgage within:
- In Maine, a buyer who receives a warranty deed has recourse against the grantor if a title defect is discovered because the warranty deed includes covenants of:
- At a Maine closing, the HUD-1 Settlement Statement (or Closing Disclosure) is provided to:
- In Maine, a buyer discovers a tax lien on the property after closing. If the lien was recorded before closing and not found by the title search, the buyer should file a claim under their:
- In Maine, a real estate closing for a residential transaction is typically handled by:
- A Maine title examiner discovers a gap in the chain of title. The most common remedy is to:
- In Maine, a buyer's earnest money check is made out to the listing broker. If the seller breaches the contract, the earnest money:
- In Maine, the registry of deeds is located at the:
- In Maine, a RESPA (Real Estate Settlement Procedures Act) violation occurs when a settlement service provider receives:
- In Maine, a seller's failure to disclose known material defects may expose them to liability for:
- In Maine, the grantor in a deed conveyance is the:
- In Maine, a real estate broker's escrow account must be reconciled:
- In Maine, a buyer's final walk-through inspection is typically conducted:
- In Maine, a release of mortgage signed by the lender but not yet recorded in the Registry of Deeds provides:
- In Maine, at closing, the seller receives the 'net proceeds' which is the sale price minus:
Environmental
104 questions- In Maine, which environmental hazard is commonly associated with older residential properties built before 1978?
- Maine has some of the highest radon levels in the country. What is the EPA's recommended action level for radon in a home?
- Under federal law, sellers of pre-1978 homes in Maine must provide buyers with:
- Which Maine law governs development activity within 250 feet of a great pond or river?
- CERCLA (Superfund) gives the federal government authority to:
- A Maine property has an underground storage tank (UST) that has been leaking petroleum. Who may be held liable for remediation costs?
- Asbestos in a Maine commercial building is regulated as a hazardous material when it is in what condition?
- A Maine property owner discovers a wetland on their land. Development on Maine wetlands is regulated by:
- Which of the following best describes a 'Phase I Environmental Site Assessment' in a Maine commercial real estate transaction?
- In Maine, the presence of mold in a property is primarily a concern because:
- Maine's Natural Resources Protection Act (NRPA) regulates activities that could harm which of the following?
- Under Maine's Site Location of Development Act, projects over how many acres require state approval?
- Lead-based paint disclosure requirements under federal law apply to residential properties built before:
- Radon is a significant environmental concern in Maine because:
- Maine requires disclosure of the presence of underground storage tanks (USTs) because they can cause:
- The Maine DEP's Voluntary Response Action Program (VRAP) allows property owners to:
- Asbestos found in a Maine home built before 1980 is considered a material defect that must be disclosed because:
- A Maine coastal property buyer wants to build a dock. They would likely need permits from which state agency?
- Maine's Shoreland Zoning Act requires that new structures be set back at least how far from the normal high water mark of most lakes and ponds?
- A Maine property contains a wetland regulated under the Natural Resources Protection Act. The landowner wants to fill part of the wetland for a driveway. They must:
- Maine's Shoreland Zoning Act applies to land within how far of the normal high water mark of most rivers and streams?
- CERCLA (Superfund) in Maine means that a current property owner may be liable for cleanup costs of hazardous substances on their property even if:
- A Phase I Environmental Site Assessment (ESA) in Maine involves:
- Maine's subsurface septic system regulations are enforced by which agency?
- What is the significance of arsenic contamination in Maine private wells?
- Maine requires that buyers of residential properties be given a lead paint disclosure and EPA pamphlet for homes built before 1978. If a seller fails to provide this disclosure, the buyer can:
- A Maine property near Sebago Lake is subject to the Lake Region Water District's watershed protection regulations. These regulations exist to:
- Under CERCLA, the innocent landowner defense requires a buyer to have conducted:
- Maine's Solid Waste Management Law regulates the disposal of hazardous waste. A homebuyer who discovers an illegal dump on the property they purchased:
- Maine's Stormwater Management Program requires certain development projects to manage stormwater to prevent:
- In Maine, a 'vernal pool' is an ecologically significant habitat because it:
- Maine requires disclosure of any known oil tank (UST or AST) on a property because:
- Maine's 38 MRSA (Environmental Protection laws) requires developers to receive a permit before undertaking activities that would:
- A Maine property owner discovers their well water contains coliform bacteria. This is most likely caused by:
- Maine's 'Alteration of Terrain' permit may be required for development projects that disturb more than:
- Maine's Mercury Education and Reduction Act requires contractors to handle mercury-containing devices in buildings (such as old thermostats) by:
- When a Maine property's previous use included dry cleaning, an environmental concern would be:
- Maine's Brownfields program assists with the:
- Radon testing in Maine is typically measured in:
- Maine's Forest Practices Act regulates clear-cutting and other harvesting activities on Maine forestland to:
- Maine requires property sellers to disclose if the property is in a designated flood zone. This is important because:
- Maine property buyers purchasing land on or near Pushaw Lake, China Lake, or other popular recreational lakes should be concerned about:
- Maine requires that private wells be tested for water quality when:
- Maine's Shoreland Zoning prohibits or restricts which activities within 250 feet of great ponds?
- In Maine, the Natural Resources Protection Act (NRPA) covers which type of project?
- Maine's Pesticide Control Board regulates the use of pesticides on property. A real estate disclosure that involves known pesticide contamination is significant because:
- Maine's Clean Water Act compliance requires that development projects near waterways:
- Maine's drinking water program requires public water systems to test for and reduce which naturally occurring contaminant found in areas with granite bedrock?
- Maine's 'Lakes Saved from Invasives Program' helps protect Maine lakes from aquatic invasive species that can be spread by:
- Maine's Coastal Zone Management Program regulates development in coastal areas to:
- Maine requires a septic system inspection when a property is sold if the system:
- A Maine buyer's Phase I Environmental Site Assessment (ESA) is completed and the report contains a 'Recognized Environmental Condition' (REC). What should happen next?
- Maine imposes strict regulations on the storage of home heating oil because spills can:
- Maine's Groundwater Act protects Maine's groundwater by regulating:
- Maine property buyers purchasing land in Aroostook County should inquire about which agricultural environmental concern?
- In Maine, the 'significant wildlife habitat' designation under NRPA can affect development by:
- Maine's Oil and Hazardous Material Spill Prevention and Response Law requires property owners who discover a spill or leak to:
- Maine's Erosion and Sedimentation Control Law requires construction sites to:
- Maine's 'Act to Improve Community Knowledge of Waste Sites' requires disclosure of certain known contaminated sites to:
- Maine's lakes and ponds are often described as having 'tropic state' classifications (oligotrophic, mesotrophic, eutrophic). A eutrophic lake in Maine is characterized by:
- Maine's Natural Resources Protection Act (NRPA) protects 'significant wildlife habitat.' Which of the following is NOT a typical NRPA significant wildlife habitat?
- Maine's DEP administers a '0.01-acre threshold' for certain NRPA permits. This means a permit is required for:
- Maine's 'Voluntary Response Action Program' (VRAP) is significant for real estate because it allows:
- Maine's coastal 'bluff stabilization' regulations restrict development on unstable coastal bluffs primarily to prevent:
- Maine's 'Working Waterfront' protection laws are designed to preserve:
- Maine's 'Indian Stream Research Center' and various state programs monitor which environmental issue critical to Maine's forest economy?
- Maine's largest environmental challenge facing real estate in coastal communities is:
- Maine's radon mitigation typically involves installation of:
- Which Maine shoreland zone is specifically designed for areas with lower environmental sensitivity that still need some protection near water?
- Maine's 'Coastal Sand Dune Rules' protect coastal dunes because they:
- Maine's 'Comprehensive Environmental Response, Compensation, and Liability Act' (state version of CERCLA) creates what type of liability for property owners?
- Maine is known for its pristine wilderness in the North Woods region. Development proposals in this area raise concerns about impacts on:
- Maine property buyers should be aware that certain historic dry cleaning sites, gasoline stations, and industrial properties may contain 'orphan sites' where:
- Maine is one of the few states to regulate 'PFAS' (per- and polyfluoroalkyl substances) contamination. PFAS are significant in real estate because:
- Maine's regulation of 'asbestos-containing materials' (ACM) during renovation of older buildings is governed by Maine DEP rules that require:
- Maine's 'Lakeshore Protection Act' and related regulations are designed to address concerns about:
- Maine's Natural Resources Protection Act (NRPA) regulates activities within what distance of coastal wetlands?
- Maine's Site Location of Development Act applies to commercial or industrial developments of at least:
- Under the Maine Residential Lead-Based Paint Disclosure Act, sellers of pre-1978 homes must provide buyers with:
- Under Maine's Groundwater Quality Protection laws, a residential property with a private well should be tested for:
- When a real estate investor buys a convenience store in Maine, the unredeemed bottle deposit obligations under Maine's Bottle Bill represent:
- Under Maine's Oil Discharge Prevention and Pollution Control Act, who is responsible for underground storage tank cleanup on a purchased property?
- Maine's Shoreland Zoning Act generally prohibits clear-cutting within how many feet of great ponds?
- Under Maine's Underground Oil Storage Facilities Act, owners of aboveground storage tanks (ASTs) with capacity over 1,320 gallons must:
- Maine's radon testing recommendation is particularly important because Maine has:
- Maine's Voluntary Remediation Program (VRP) allows property owners or prospective buyers to:
- In Maine, arsenic contamination in well water is a significant concern primarily because:
- Maine's Great Ponds are defined as natural bodies of water with a surface area of at least:
- A Maine buyer purchases a home built in 1965. Under federal law, they must be given the opportunity to test for lead-based paint within:
- Maine's Septage Management Rules regulate the disposal of waste from septic systems. A property buyer in a rural area should verify that the septic system:
- Maine's Shoreland Zoning Act prohibits the construction of impervious surfaces (such as parking lots) within 75 feet of a great pond in the:
- Maine's Nutrient Management Act requires farms above certain sizes to develop nutrient management plans to prevent:
- In Maine, a Phase I Environmental Site Assessment is commonly required by lenders before financing a:
- Under Maine law, a seller of residential property with a private well must disclose known water quality issues. If the well has never been tested, the seller should:
- Maine's Shoreland Zoning Act categorizes land around waterbodies into zones. The zone with the least restrictive development standards is the:
- Under Maine's Underground Oil Storage Facilities Act, when a property owner discovers a leaking underground oil tank, they must report it to Maine DEP within:
- Maine's Pesticide Control Board regulates pesticide use in Maine. A real estate agent showing a property should disclose if the property has:
- A Maine buyer is purchasing a commercial property near an old dry cleaning operation. The primary environmental concern would be:
- A Maine property with a decommissioned industrial operation may have soil contamination requiring cleanup. Under CERCLA (the Superfund law), liability for cleanup may attach to:
- A Maine buyer's home inspection reveals asbestos-containing floor tiles in good condition. The recommended course of action is typically:
- In Maine, a property owner who discovers a heating oil spill from an aboveground storage tank on their property must:
- Maine's Natural Resources Protection Act (NRPA) requires a permit for most activities in, on, over, or near which resources?
- Maine's Flood Hazard Area Regulations require that structures built in a 100-year floodplain must be elevated to:
- Maine's Voluntary Remediation Program (VRP) Certificate of Completion limits the state's ability to require:
Land Use & Zoning
103 questions- In Maine, which government body typically adopts zoning ordinances?
- A Maine landowner wants to use their property in a way that does not conform to the current zoning ordinance. They may apply for a:
- What is a 'nonconforming use' in Maine zoning law?
- Maine's Growth Management Act requires municipalities to:
- Maine's Land Use Planning Commission (LUPC) regulates land use in:
- In Maine shoreland zoning, a 'resource protection zone' typically:
- Under Maine subdivision law, a 'subdivision' is generally defined as the division of a tract of land into:
- Eminent domain in Maine allows the government to:
- A Maine municipality's comprehensive plan:
- In Maine, a 'buffer zone' in a shoreland zoning ordinance typically refers to:
- In Maine, a 'special exception' (conditional use permit) differs from a variance in that:
- Maine's Shoreland Zoning Act requires that within the shoreland zone, the minimum setback for a new structure from the normal high water mark of most water bodies is:
- In Maine, which state agency administers the Natural Resources Protection Act (NRPA) for development permits?
- In Maine, 'spot zoning' is generally considered:
- A Maine municipality's planning board typically has jurisdiction over:
- Under Maine's Site Location of Development Act (Site Law), a development permit is required for:
- In Maine, 'inclusionary zoning' encourages or requires developers to:
- A Maine farmer wants to build a barn on property zoned for agriculture. This use is:
- In Maine, 'transferable development rights' (TDR) programs allow:
- In Maine, which of the following is regulated by the Land Use Planning Commission (LUPC) rather than a local municipality?
- In Maine, a 'variance' from a zoning ordinance is typically granted when:
- In Maine, a 'conditional use permit' allows:
- Maine's comprehensive planning law encourages municipalities to:
- A nonconforming use in Maine is:
- In Maine, subdivision approval is typically required when:
- The purpose of Maine's Growth Management Act is to:
- Eminent domain in Maine allows government to take private property for public use provided:
- In Maine's Shoreland Zoning, a 'resource protection zone' typically restricts:
- A Maine municipality wants to prevent a property owner from demolishing a historic building. The most common legal mechanism is:
- A 'taking' under Maine and federal law occurs when government regulation goes so far that it:
- In Maine, the Coastal Barrier Resources Act (CBRA) restricts federal financial assistance (including flood insurance) in designated coastal barrier areas to:
- Maine's Land Use Planning Commission (LUPC) has jurisdiction over approximately how much of Maine's land area?
- A Maine developer proposing a new subdivision adjacent to a significant wetland would need to consult which regulatory framework first?
- In Maine, 'spot zoning' refers to:
- A Maine landowner who divides 40 acres into two 20-acre parcels and sells one parcel may be exempt from subdivision review under Maine law because:
- Maine's Floodplain Management Program requires municipalities to adopt floodplain regulations to:
- A Maine homeowner wants to build an accessory dwelling unit (ADU) in their backyard. Which approval may be required?
- Maine's 'shoreland zoning' standards are minimum standards. Individual municipalities may:
- Under Maine's 'cluster development' or 'conservation subdivision' zoning options, developers may build homes at higher densities on portions of a parcel if they:
- In Maine, the Board of Appeals (or Zoning Board of Appeals) hears requests for:
- In Maine, a 'special permit' or 'special exception' under local zoning differs from a variance in that:
- Maine's 'impact fees' are charges imposed by municipalities on new development to pay for:
- A Maine coastal developer's project is denied by the DEP under the Natural Resources Protection Act. The developer may appeal to:
- In Maine, a 'planned unit development' (PUD) allows:
- Maine's Site Location of Development Act reviews are designed to ensure development does not:
- In Maine, an 'accessory structure' typically refers to:
- In Maine, a 'plat' is:
- In Maine, 'transferable development rights' (TDR) programs allow a landowner in a preservation area (sending zone) to:
- In Maine, 'mixed-use' zoning allows:
- In Maine, a 'building permit' is typically required before:
- Maine municipalities must provide how many days of public notice before a zoning public hearing?
- In Portland, Maine, which zoning classification would typically permit a neighborhood grocery store?
- Maine's 'shoreland zoning' 'stream protection zone' typically applies to land within how far of a perennial stream?
- In Maine, a property owner seeks to build a 10-unit workforce housing development in a zone that only permits single-family homes. The owner should apply for:
- In Maine, a zoning ordinance cannot exclude which use from ALL zones in the municipality (as this would likely be unconstitutional)?
- In Maine, a 'buffer zone' in the shoreland zoning context refers to:
- Maine's 'smart growth' principles encourage new development to occur:
- In Maine, the purpose of a 'certificate of occupancy' (CO) is to:
- In Maine, a 'use by right' (permitted use) in a zoning district means the use:
- In Maine, 'incentive zoning' is a technique where municipalities:
- In Maine, when a nonconforming structure (grandfathered) is destroyed by more than 50% of its value, the owner typically:
- In Maine, a property located in a 'Resource Protection Zone' under shoreland zoning may have what types of development permitted?
- Maine's 'inclusionary zoning' laws encourage or require developers of large residential developments to include:
- In Maine, a 'general development zone' under shoreland zoning allows:
- In Maine, a 'housing density' requirement in residential zoning specifies:
- In Maine, a 'pier' or 'dock' constructed in tidal waters requires permits from which agency (in addition to local approvals)?
- Maine's 'Site Location of Development Act' requires environmental review for development projects that meet certain thresholds. One threshold triggers review when a building or structure exceeds how many square feet?
- In Maine, the 'Critical Areas Program' protects which of the following types of areas from incompatible development?
- Maine municipalities use 'design standards' in zoning to regulate:
- Maine's 'Shoreland Zoning Act' was first enacted in:
- In Maine, a municipality's 'comprehensive plan' serves as:
- In Maine, 'open space' requirements in residential subdivisions may require developers to preserve a percentage of the total project area as:
- In Maine, an 'expedited local permit review' process helps streamline approval for:
- Maine's 'Balanced Local Permit Review' law is designed to ensure that local land use permit decisions:
- In Maine, a municipality that has not adopted local shoreland zoning must comply with the:
- A Maine municipality wants to allow a mixed-use development in an area currently zoned residential. This would require a:
- A Maine property owner wishes to operate a home-based business that generates occasional customer visits. Under most Maine zoning codes, this would require:
- A Maine property located in the Resource Protection zone under shoreland zoning is generally:
- A Maine landowner discovers that a portion of their land is in a FEMA-designated 100-year floodplain. Building in this area typically requires:
- Maine's Comprehensive Planning and Land Use Regulation Act encourages municipalities to update their comprehensive plans at least every:
- A Maine landowner builds a fence that encroaches 2 feet onto a neighbor's property. The proper legal action for the neighbor is:
- A Maine business that legally operated before a new zoning ordinance prohibited its use is called a:
- Maine's Land Use Planning Commission (LUPC) exercises planning and zoning authority over:
- In Maine, a property owner who is denied a variance by the local zoning board of appeals may appeal to:
- In Maine, an accessory dwelling unit (ADU) added to a single-family property is best described as:
- A Maine property owner discovers their lot is subject to a conservation easement held by a land trust. This easement:
- A Maine commercial property that is 'grandfathered' under a new zoning ordinance may NOT:
- In Maine, a shoreland zone typically extends how far inland from the normal high-water mark of a great pond?
- A Maine property owner who subdivides land into 5 or more lots of less than 20 acres must comply with:
- A Maine municipality adopts a TIF (Tax Increment Financing) district to fund infrastructure improvements. In a TIF district:
- A Maine property owner seeking relief from a specific dimensional requirement (such as a setback) that causes undue hardship would apply for a:
- A Maine developer applying for a subdivision approval must typically submit a:
- A Maine municipality's planning board reviews and approves:
- In Maine, Impact fees charged by municipalities to new developments must:
- In Maine, a 'cluster development' or 'open space subdivision' allows:
- A Maine property owner wants to build a second home on a 5-acre lot in a Shoreland zone. The minimum lot size for a new dwelling in the Limited Residential zone is typically:
- In Maine, a property in a rural area with no zoning is subject to:
- Maine's Land for Maine's Future (LMF) Program funds the acquisition of:
- In Maine, a developer who proposes to fill a wetland of more than 15,000 square feet must obtain approval from:
- In Maine, an 'inclusionary zoning' ordinance typically requires developers of new residential developments to:
- A Maine property owner who wants to divide one parcel into two parcels and sell one must comply with:
- In Maine, the phrase 'bulk zoning regulations' refers to standards governing:
- Under Maine's Shoreland Zoning Act, a principal structure in the Shoreland zone must be set back at least 100 feet from the normal high-water mark of a:
Property Management
92 questions- In Maine, a property manager who collects rent on behalf of a building owner must hold those funds:
- Under Maine law, a landlord must return a tenant's security deposit within how many days after the tenancy ends?
- In Maine, the maximum security deposit a landlord may collect from a residential tenant is:
- Under Maine's Residential Landlord and Tenant Act, which of the following is a landlord's obligation?
- A Maine landlord wants to terminate a month-to-month tenancy. What notice is required?
- In Maine, a 'net lease' in commercial property management means:
- A Maine commercial property has 10,000 sq ft of rentable space. The owner charges $18 per sq ft per year. What is the annual gross rent?
- Which of the following is an example of a property manager's fiduciary duty to the owner?
- In Maine, a tenant who is being wrongfully evicted without proper notice may:
- A Maine landlord fails to return a tenant's $1,500 security deposit within the required timeframe without cause. The tenant is entitled to:
- Under Maine's Residential Landlord and Tenant Act, how much advance notice must a landlord give before entering a tenant's unit for non-emergency repairs?
- A Maine tenant in a month-to-month tenancy wishes to terminate. They must give the landlord at least:
- A Maine landlord who fails to return a security deposit within 21 days without a written itemization may be liable for:
- The Maine warranty of habitability requires a landlord to:
- In Maine, a landlord seeking to evict a tenant for nonpayment of rent must first serve the tenant with a:
- Under Maine law, a landlord may NOT retaliate against a tenant for:
- A Maine property manager collects rents of $15,000 and the owner's mortgage payment is $8,000. What is the owner's net cash flow for the month (assuming no other expenses)?
- Which of the following is required under Maine law before a landlord can impose a no-pets policy on a tenant with a certified service animal?
- In Maine, a common area maintenance (CAM) charge in a commercial lease allows the landlord to:
- A Maine net lease (NNN lease) requires the commercial tenant to pay:
- Under Maine's laws for condominium associations, the board of directors has the authority to:
- In Maine, a landlord who wants to convert apartments to condominiums must:
- A Maine commercial tenant has a 'percentage lease' in which they pay base rent plus a percentage of gross sales. If base rent is $2,000/month and the percentage is 5% of gross sales over $200,000 annually, and the tenant's sales are $280,000, the annual overage rent is:
- Under Maine law, a landlord is required to make repairs within a reasonable time after a tenant notifies them of a condition that affects habitability. If the landlord fails to do so, the tenant may in some cases:
- A Maine tenant who is a victim of domestic violence and holds a 12-month lease may terminate the lease early by:
- A Maine property manager who manages a shopping center is responsible for maintaining the common area. Who typically pays for common area maintenance in a commercial NNN lease?
- A Maine property manager for a commercial building notices a tenant has made unauthorized improvements (installed a wall). Under a standard commercial lease, unauthorized alterations:
- A Maine property manager receives instructions from the property owner to rent only to tenants of a specific religion. The property manager should:
- A Maine property management agreement is a contract between:
- Under Maine's 'just cause' eviction law (applicable in certain municipalities or situations), a landlord must have a legitimate reason to terminate a tenancy such as:
- A Maine landlord who rents to a tenant with a dog must be aware that the tenant is responsible for:
- A Maine property management company that discovers a tenant is subletting without permission should:
- When managing vacation rentals in Maine, property managers must be aware that:
- Maine's 'foreclosure prevention assistance' programs are administered by which agency?
- A Maine property manager who collects advance rent and security deposits before a tenant moves in must:
- In Maine, a commercial lease that gives the tenant the right to purchase the property at a specified price is called a:
- In Maine, a commercial tenant who builds improvements with the landlord's permission may remove them at the end of the lease if they are:
- A Maine landlord who discovers a tenant is running a business from their apartment in violation of the lease should:
- A Maine property owner wants to rent their summer cottage for vacation rentals. One important requirement is:
- In Maine, a tenant who reports a code violation to the municipality and then faces eviction may claim:
- Maine's Housing Improvement Program (HIP) provides low-interest loans to:
- Under Maine's Manufactured Housing Act, mobile home park residents who wish to purchase their park have:
- A Maine property manager discovers that the building they manage has a carbon monoxide detector issue in multiple units. The property manager should:
- Under Maine law, when a tenant abandons a property and leaves personal belongings, the landlord:
- Maine's statute on residential tenancy requires that all habitable space have heat capable of maintaining a minimum temperature of:
- A Maine property manager who conducts a criminal background check on rental applicants must ensure:
- In Maine, a landlord is required to install smoke detectors in rental units. Maine law requires smoke detectors to be placed:
- Maine's Manufactured Housing Board regulates the installation and siting of manufactured homes. A property owner wishing to place a mobile home on their land must comply with:
- A Maine residential property manager collects first month's rent, last month's rent, and a security deposit before move-in. Under Maine law, the security deposit is limited to:
- A Maine condominium unit owner who falls behind on association assessments may have their unit:
- A Maine tenant receives a 30-day notice to vacate in retaliation for their complaints about mold. Under Maine's anti-retaliation statute, there is a presumption of retaliation if the notice was served within how many days of the protected activity?
- In Maine, when a mobile home owner wants to sell their mobile home while it is located in a mobile home park, who must typically be informed?
- Under Maine law, a landlord who wants to enter a tenant's unit at 2 AM to investigate a suspected leak is:
- A Maine landlord discovers significant lead paint in a pre-1978 rental unit. Under federal regulations (HUD/EPA), the landlord must:
- A Maine property manager who manages residential rentals must comply with which federal law regarding tenants with disabilities?
- In Maine, the 'implied covenant of quiet enjoyment' in a lease means the landlord promises:
- Under Maine's Truth in Renting law, landlords must provide residential tenants with a written lease (or written notice of lease terms) when the tenancy is for a term of:
- In Maine, a tenant who has not paid rent and refuses to leave after the lease expires is called a:
- Maine's Residential Landlord and Tenant Act provides that a landlord may NOT include which clause in a residential lease?
- Maine's regulation of commercial property management differs from residential property management in that:
- In Maine, a residential lease that requires a tenant to waive their right to receive the security deposit back within 21 days is:
- In Maine, a landlord who raises rent by an excessive amount in retaliation for a tenant's fair housing complaint may face claims under:
- Maine's regulation of community associations (HOAs) requires boards to:
- In Maine, a property manager hired to manage a rental property has a fiduciary duty to:
- A Maine property manager is holding $12,000 in tenant security deposits. Under Maine law, these funds must be:
- A Maine tenant reports a broken furnace in February. Under Maine's warranty of habitability, what type of repair timeline applies?
- A Maine property manager collects a security deposit. The maximum security deposit allowed under Maine law is:
- A Maine residential tenant gives proper 30-day notice to vacate but leaves the apartment in good condition with no damages. The landlord must return the security deposit within:
- A Maine landlord wants to enter a tenant's unit to show it to prospective tenants. Under Maine law, the landlord must provide how much advance notice?
- A Maine property management agreement should specify:
- A Maine tenant who is the victim of domestic violence may terminate a lease early under Maine law by providing:
- A Maine commercial tenant has a triple net (NNN) lease. In addition to base rent, the tenant pays:
- In Maine, a landlord who fails to return a security deposit within the required time period without a valid reason may be liable for:
- A Maine property manager who enters into a contract on behalf of their principal (property owner) without written authorization may:
- A Maine residential lease that does not specify a term is presumed to be a:
- A Maine landlord wants to evict a tenant for nonpayment of rent. The landlord must first serve the tenant with a:
- A Maine tenant abandons the rental unit with 3 months remaining on the lease. The landlord is required to:
- A Maine commercial property manager is authorized to sign leases on behalf of the property owner. This is an example of:
- A Maine property manager receives a maintenance request from a tenant for a minor repair. Under a gross lease, the cost of the repair is paid by:
- In Maine, a property management company that manages properties for multiple owners must maintain:
- A Maine commercial tenant with a percentage lease pays rent based on:
- A Maine landlord who wrongfully evicts a tenant without proper legal process (self-help eviction) may be liable for:
- A Maine tenant who has lived in a rental unit for 2 years without a written lease has what type of tenancy?
- A Maine property manager who accepts a kickback from a repair contractor without the property owner's knowledge has breached the duty of:
- A Maine tenant's lease expires and they continue to pay rent, which the landlord accepts. The tenancy has converted to a:
- A Maine landlord who provides a tenant with a written notice of lease termination for cause must specify the:
- Under Maine law, a landlord who wishes to terminate a month-to-month tenancy without cause must provide the tenant with:
- A Maine property manager receives a fair housing complaint from a tenant. The property manager should:
- A Maine landlord who discriminates against a tenant with children by charging higher rent violates:
- A Maine tenant who moves out without notice and leaves belongings behind is considered to have:
- A Maine commercial lease that has an annual CPI (Consumer Price Index) rent escalation clause adjusts rent based on:
- A Maine property manager who is convicted of embezzling tenant funds would most likely face:
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