Agency
In Maine, which document is used to establish a buyer brokerage relationship?
AListing agreement
BBuyer brokerage agreement✓ Correct
CPurchase and sale agreement
DDisclosure of agency form
Explanation
A buyer brokerage agreement (buyer agency agreement) is the written contract that establishes the agency relationship between a buyer and a real estate brokerage in Maine.
People Also Study
Related Maine Questions
- 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:Maine License Law
- 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:Agency
- 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:Agency
- The fiduciary duty of 'accounting' in a Maine agency relationship requires the agent to:Agency
- An agency agreement in Maine is terminated by all of the following EXCEPT:Agency
- A Maine listing agreement is a contract between:Contracts
- In Maine, the document used to transfer title to real property from one person to another is called a:Escrow & Title
- A Maine property management agreement is a contract between:Property Management
Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Study This Topic
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →