Maine Sales Agent Exam Prep Edge Free Assessment for ME Real Estate Exam Prep

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In order to become a Maine real estate agent, you'll need to pass the real estate exam! Below are free Maine real estate practice exam questions that will closely resemble your licensing exam. Review these questions and see what you know! The answers are provided beneath the question set.

1. Burt owns a development company that specializes in constructing new, energy-efficient houses. The best approach for an appraiser to use in the appraisal of Burt's newly built homes is the ______.

  1. Appraisal process
  2. Cost approach
  3. Income approach
  4. Sales comparison approach

2. Katelyn wants to include an inspection contingency in her purchase offer. Her agent explains that the inspection contingency will document which of the following?

  1. "How much money the sellers will spend on fixing inspection issues
  2. The date by which all inspection issues must be addressed
  3. The name of the inspector Katelyn will use
  4. Whether Katelyn will ignore some of the inspection issues

3. Jared has a 70/30 split with his brokerage firm, and his firm has a 50/50 split with cooperating brokerages. Last month, he was paid $12,239.50 in commissions from his home sales, which totaled $538,000. Assuming every transaction for the month was shared with a cooperating brokerage, what is Jared's brokerage’s commission rate?

  1. "2.3%
  2. 3.8%
  3. 6.5%
  4. 7.6%

4. Alice listed a three-bedroom home for her client, but before she finds a buyer, the home burns to the ground. What happens to the agency agreement that Alice has with her client?

  1. "The agency agreement continues as created unless Alice and her client can mutually agree to terminate it.
  2. The agency agreement is terminated if the property is destroyed.
  3. The agency agreement must be extended until the home is rebuilt, or for six months, whichever is longer.
  4. The agreement must continue, but it can be modified due to the changed value of the property.

5. Jim represents Joel in the sale of Joel's country acreage and house. Jim's business partner, Rolly, informed Jim that he wants to put an offer in to purchase the property, with the intention to subdivide it. Which statement best represents the disclosure requirements regarding this transaction?

  1. Because Jim isn't buying the property for himself, he has no disclosure requirements.
  2. Jim may disclose that he's partners with Rolly, only if Rolly agrees.
  3. Jim must disclose that Rolly is his partner and that Rolly intends to subdivide the property.
  4. Rolly must disclose that he and Jim are business partners.

6. You're representing Abe and Ben in a dual agency situation. Abe tells you something that would give Ben a distinct advantage if he knew. Do you tell Ben?

  1. No, because agents can't share information with their clients.
  2. No, because it's hearsay.
  3. No, because you can't share one client's confidential information with another client.
  4. Yes, because Ben is your client and has a right to know.

7. Celia was obtaining a conventional loan, and she put $50,000 down as a down payment. Why might her lender also require her to obtain private mortgage insurance?

  1. Her down payment of $50,000 isn't at least 20% of the purchase price.
  2. Her lender is a subprime lender.
  3. PMI is triggered at the $50,000 down payment amount.
  4. She has poor credit.

8. Chelsea's mother owns several rental properties and intends to keep them to pass on to the family. Chelsea holds a special power of attorney to manage the rental properties, including working with the property manager to place and evict tenants as necessary. Which of these would violate the POA?

  1. At the property manager's recommendation, Chelsea evicts a long-time tenant for failure to pay rent.
  2. Chelsea instructs the property manager to prepare the quarterly financial reports.
  3. Without consulting her mother, Chelsea decides to completely refurbish one of the properties.
  4. Without consulting her mother, Chelsea hires a plumber to fix a major plumbing problem in one of the properties.
Answers: 1. B, 2. B, 3. C, 4. B, 5. C, 6. C, 7. A, 8. C

 

For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. You’ll have the chance to review a 99-question real estate practice exam at no cost to you. Note that answers are only provided upon purchasing Exam Prep.

If you’re ready to feel confident about your upcoming licensing exam, you can purchase our Maine real estate Exam Prep package. By purchasing one of our packages, you not only get to see the results from your free assessment, but you’ll also have access to an innovative Exam Prep Edge program that will put you in the best position to pass your test the first time around.

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Your free assessment consists of access to the Exam Prep Edge initial assessment exam that will give you immediate feedback on the topics you’ve mastered and the ones you still need to work on. Note that you’re required to purchase the program before you’re able to access the study materials or unlimited practice exams.

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What happens when my free trial ends?

When you complete your free assessment, your program will be locked until you decide to purchase. If you like the program, you can purchase at any time. Get started!

 

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