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.Held in cash by the sales agent until closing
• c.Sent directly to the Maine Real Estate Commission
• d.Deposited into the sales agent's personal account

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

Unless the purchase and sale agreement says otherwise, a Maine designated broker must deposit an earnest money deposit received as part of an offer:

• a.within three business days of receiving the deposit
• b.within five business days of acceptance of the offer✓
• c.on or before the next banking day after receiving it
• d.within ten calendar days of the buyer's written offer

An earnest money deposit provided to a designated broker as trustee as part of an offer must be deposited within five (5) business days of acceptance of the offer unless the purchase and sale agreement specifies otherwise; other deposits go in within five business days of receipt. Cite: 02-039 C.M.R. ch. 400, sec. 3(4) (rules adopted Oct. 26, 2025).

How much of the agency's own money may a Maine designated broker keep in the real estate trust account?

• a.None at all; any agency money in the account is commingling
• b.Up to one month of the account's average service charges
• c.Enough to maintain the account, not to exceed $500✓
• d.Enough to maintain the account, not to exceed $1,000

The rule bars commingling but allows deposits by the agency of an amount sufficient to maintain the account, which may not exceed $500. Cite: 02-039 C.M.R. ch. 400, sec. 3(5)(A) (rules adopted Oct. 26, 2025).

After a Maine real estate transaction concludes, remittance of money held by the agency must be made within a reasonable time, but in no event more than:

• a.10 days after the conclusion of the transaction
• b.60 days after the conclusion of the transaction
• c.90 days after the conclusion of the transaction
• d.30 days after the conclusion of the transaction✓

There must be a proper accounting for all money held by the agency, and any remittance must be made within a reasonable time, but not more than thirty (30) days, after the conclusion of the real estate transaction. Cite: 02-039 C.M.R. ch. 400, sec. 3(5) (rules adopted Oct. 26, 2025).

Maine real estate trust account records and supporting documents must be kept for at least:

• a.3 years after the date all funds are disbursed✓
• b.2 years after all funds are disbursed
• c.5 years after the date all funds are disbursed
• d.7 years after the closing of the calendar year involved

The designated broker is responsible for records and supporting documents sufficient to verify the adequacy and proper use of the trust account, maintained at least three (3) years after the date all funds are disbursed. Cite: 02-039 C.M.R. ch. 400, sec. 3(6) (rules adopted Oct. 26, 2025).

Under 32 M.R.S. section 13178, when may a Maine designated broker withdraw the agency's fees from the trust account?

• a.At any point after the purchase and sale contract is signed
• b.Within 30 days after, but not until, consummation or termination✓
• c.Only after the Commission approves the closing statement
• d.At closing, but only if the buyer and seller both sign a release

The designated broker, except for the amount needed to maintain the account, must withdraw all fees due within 30 days after but not until consummation or termination of the transaction, when the broker makes or causes a full accounting to the principal. Cite: 32 M.R.S. sec. 13178.

A Maine agency's real estate trust account checks and bank statements must:

• a.show the designated broker's individual license number
• b.be stamped with the Commission's account approval number
• c.carry the agency's licensed trade name and the words "real estate trust account"✓
• d.be countersigned by a second affiliated licensee of the agency

Trust account checks and bank statements must contain the agency's trade name as licensed by the Commission and must be imprinted with the words "real estate trust account." Cite: 02-039 C.M.R. ch. 400, sec. 3(3) (rules adopted Oct. 26, 2025); see also 32 M.R.S. sec. 13178.

A Maine seller offers to let the agency keep everything above $300,000 as its fee. Under Commission rules this arrangement is:

• a.allowed if the seller signs a written acknowledgement of the terms
• b.allowed only when the agency is acting as a transaction broker
• c.allowed if disclosed at closing
• d.a net listing, which is prohibited✓

A net listing, in which the agency receives as commission all money above a minimum sale price set by the seller, is prohibited by the Commission's minimum standards of practice. Cite: 02-039 C.M.R. ch. 410, sec. 4 (rules adopted Oct. 26, 2025).

When a Maine buyer signs an offer to purchase, the licensee must furnish a copy:

• a.at the time of signature✓
• b.within 24 hours of the signature
• c.when the seller responds to the offer
• d.within five calendar days of signature

A licensee must furnish copies of brokerage agreements, offers, counteroffers and contracts to the person signing at the time of signature, and after written acceptance must deliver legible signed copies of the purchase and sale contract to both parties within a reasonable time. Cite: 02-039 C.M.R. ch. 410, sec. 5 (rules adopted Oct. 26, 2025).

Maine requires that a written brokerage agreement include a statement of:

• a.the agency's average days on market for the previous year
• b.the licensee's commission split with the designated broker
• c.the agency's policy on cooperating with and compensating other agencies✓
• d.the range of commissions charged by other agencies in the same market

Written brokerage agreements must disclose the agency's policy on cooperating with and compensating other agencies, including any policy of not compensating them or not compensating them all in the same manner; an in-house sale incentive for affiliated licensees must also be disclosed. Cite: 02-039 C.M.R. ch. 410, sec. 6 (rules adopted Oct. 26, 2025).

Under Maine's minimum standards of practice, a licensee holding a live offer may tell another prospective buyer:

• a.the price and closing date named in the pending offer
• b.nothing about its terms without the parties' prior written permission✓
• c.the terms of the offer, provided the buyer's name is withheld
• d.the terms, once the seller has verbally indicated an intent to accept

An agency and its affiliated licensees may not disclose any terms of an offer or counteroffer to anyone other than the parties without prior written permission, before withdrawal, expiration or written rejection; buyer names and addresses are not terms of an offer and may not be disclosed. Cite: 02-039 C.M.R. ch. 410, sec. 12(1) (rules adopted Oct. 26, 2025).

How quickly must a Maine affiliated licensee give the designated broker originals or true copies of transaction documents?

• a.Within 24 hours after the document is executed by the parties
• b.Within three business days
• c.By the end of the month in which the document is executed
• d.Within five calendar days after execution of the document✓

An affiliated licensee must provide originals or true copies of all brokerage documents and records prepared in a transaction to the designated broker within five (5) calendar days after execution of the document or record. Cite: 02-039 C.M.R. ch. 410, sec. 13(2) (rules adopted Oct. 26, 2025).

A Maine title company offers a licensee $100 for each buyer the licensee sends to it for title services. The licensee:

• a.may not receive it✓
• b.may receive it after written disclosure to the buyer
• c.may receive it if the designated broker approves the arrangement
• d.may receive it if the buyer is told the fee before the closing date

A licensee may not receive compensation or other valuable consideration from a title company, lender or closing company, or any affiliated employee, for directing a buyer or seller to a company or individual for financing, title or closing services. Cite: 02-039 C.M.R. ch. 410, sec. 21(1) (rules adopted Oct. 26, 2025).