Maine Real Estate Salesperson Exam — All Questions

When a Maine sales agent receives an earnest-money deposit, the funds must be:

• a.Turned over to the agency to be held in the designated broker's trust account✓
• b.Deposited into the sales agent's personal account
• c.Held in cash by the sales agent until closing
• d.Sent directly to the Maine Real Estate Commission

Client funds such as earnest money must be handled through the agency's trust (escrow) account, for which the designated broker is responsible. A sales agent who receives funds must promptly deliver them to the agency, and trust money must be kept separate from personal and business funds. Mishandling trust money is a serious Maine license-law violation.

In a Maine residential sale, what disclosure is the seller generally expected to provide to the buyer about the property?

• a.Only the current property tax bill
• b.Nothing, because Maine follows strict caveat emptor
• c.A property disclosure statement covering items such as water supply, waste disposal, heating systems, and known hazardous materials✓
• d.A federal appraisal report

Maine generally requires the seller of residential property to provide the buyer a property disclosure statement describing known information about items such as the water supply, waste disposal system, heating systems, and any known hazardous materials. Licensees must not help conceal known defects. Complete, honest disclosure protects the consumer and the licensee from later misrepresentation claims.