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The Broker/Designated Broker Course Final Exam — Information & Free Practice

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The Broker/Designated Broker Course Final Exam

Provider
Commission-approved course provider; final examination proctored by the instructor or an appropriate independent proctor
Format
Objective questions with definitive answers
Exam questions
Minimum 80 questions
Passing score
Course passing grade 75%; live course grade comprises final exam 50%, quizzes 30%, other work 20%. No separate final-exam minimum passing grade is specified.
Examination outline
  • Introduction (1%)
    • Maine Real Estate Commission expectations, course overview, facility information, attendance, snow days, grading, etc.
  • Business Plan (10%)
    • Initial Organization of Company
    • Initial Organization of Company / Mission Statement
    • Initial Organization of Company / Written goals and philosophies
    • Initial Organization of Company / Scope of services (residential, commercial, land)
    • Initial Organization of Company / Company makeup:
    • Initial Organization of Company / Company makeup: / Ownership
    • Initial Organization of Company / Company makeup: / Ownership / Sole proprietorship
    • Initial Organization of Company / Company makeup: / Ownership / Partnership
    • Initial Organization of Company / Company makeup: / Ownership / Limited partnership
    • Initial Organization of Company / Company makeup: / Ownership / Limited Liability Company
    • Initial Organization of Company / Company makeup: / Ownership / Corporation (S or C)
    • Initial Organization of Company / Company makeup: / Trade Name
    • Initial Organization of Company / Company makeup: / Franchise or independent
    • Initial Organization of Company / Company makeup: / Franchise or independent / Local affiliation or large national corporation
    • Initial Organization of Company / Company makeup: / Franchise or independent / Trade association membership
    • Initial Organization of Company / Company Policy Manual
    • Initial Organization of Company / Policy on Real Estate Brokerage Relationships
    • Initial Organization of Company / Organizational chart for company, including staffing requirements and qualifications
    • Initial Organization of Company / Organizational chart for company, including staffing requirements and qualifications / Independent contractor agreements
    • Initial Organization of Company / Organizational chart for company, including staffing requirements and qualifications / Employer/employee status
    • Initial Organization of Company / Physical office requirements
    • Initial Organization of Company / Physical office requirements / Location
    • Initial Organization of Company / Physical office requirements / Visibility
    • Initial Organization of Company / Physical office requirements / Floor plan
    • Initial Organization of Company / Physical office requirements / Parking
    • Initial Organization of Company / Physical office requirements / Public accommodations (Americans with Disabilities Act - ADA)
    • Financial Planning
    • Financial Planning / Projected start-up costs
    • Financial Planning / Sales Projections
    • Financial Planning / Income and Cost Projections
    • Financial Planning / Cash Flow
    • Financial Planning / Accounting Software
    • Exercise: Create an organizational chart for your company
    • Exercise: Choose a form of ownership and why
    • Exercise: Layout floor plan sketch to ensure compliance with law and rules (confidentiality & ADA)
    • Exercise: Develop pro forma budget for start-up costs and monthly budget
    • Exercise: Importance of Independent Contractor Agreement; issues not addressed in agreement
  • Licensing the Office (2%)
    • Licensing Issues (32 MRSA § 13171, § 13172, § 13173, § 13174)
    • Licensing Issues (32 MRSA § 13171, § 13172, § 13173, § 13174) / Requirements for agency licensing (all practice occurs under the auspices of the agency license)
    • Licensing Issues (32 MRSA § 13171, § 13172, § 13173, § 13174) / Agency changes (32 MRSA §13175)
    • Licensing Issues (32 MRSA § 13171, § 13172, § 13173, § 13174) / Trade names (32 MRSA §13176)
    • Licensing Issues (32 MRSA § 13171, § 13172, § 13173, § 13174) / License contents and display (32 MRSA §13181)
    • Licensing Issues (32 MRSA § 13171, § 13172, § 13173, § 13174) / Agency license renewal (32 MRSA §13182)
    • Licensing Issues (32 MRSA § 13171, § 13172, § 13173, § 13174) / New license, transfer of license and renewal (32 MRSA §13194, §13195 & §13197)
    • Exercise: Research proposed trade name for sample company to determine that it is not misleading
    • Exercise: Download and complete license application for sample company
  • Designated Broker Job Description (11%)
    • License Law
    • License Law / Brokerage Agreements (32 M.R.S.A. §13177-A)
    • License Law / Termination of employment (32 M.R.S.A. §13180)
    • License Law / Acts authorized (32 M.R.S.A. §13183)
    • License Law / Acts authorized (32 M.R.S.A. §13183) / Delegation (Chapter 400 Section 2(1))
    • License Law / Real Estate Brokerage Relationship Disclosure (32 M.R.S.A. §13279)
    • Chapter 400
    • Chapter 400 / Supervision of employees/affiliated licensees (32 M.R.S.A. §13179 and Chapter 400 Section 1)
    • Chapter 400 / Records retention (32 M.R.S.A. §13184 & chapter (Chapter 400 Section 4)
    • Chapter 400 / Examination for compliance (Chapter 400 Section 5)
    • Responsibility to supervise licensed and unlicensed staff to comply with Chapter 410
    • Exercise: Outline what brokerage forms the company will use with consumers
    • Exercise: Outline policies and procedures that enable DB to review, manage and oversee activities required in Chapter 400 Section 1 (e.g. checklists)
    • Exercise: Describe a system for interviewing new licensees for your company
    • Exercise: List steps to introduce new licensees to the company
    • Exercise: Describe the DB’s tasks when a licensee leaves the company
    • Exercise: Supervision of licensed and unlicensed assistants to licensees
    • Exercise: Supervision of website advertising
  • Policy Manual (10%)
    • Required content of a company policy and procedure manual
    • Required content of a company policy and procedure manual / General company policies and procedures (32 MRSA § 13179, Chapter 400 Sections 1 and 2)
    • Required content of a company policy and procedure manual / Real estate brokerage relationships policy (32 MRSA § 13277, Chapter 400 Section 2 (2))
    • Required content of a company policy and procedure manual / Real estate brokerage relationships policy (32 MRSA § 13277, Chapter 400 Section 2 (2)) / Review types of real estate brokerage relationships policies
    • Required content of a company policy and procedure manual / Real estate brokerage relationships policy (32 MRSA § 13277, Chapter 400 Section 2 (2)) / Advantages and disadvantages of each
    • Required content of a company policy and procedure manual / Policies and procedures: state and federal law
    • Required content of a company policy and procedure manual / Complaint and adjudicatory process (32 MRSA § 13069(6))
    • Optional content
    • Exercise: List mandatory and optional topics to be addressed in your company policy manual
    • Exercise: Outline procedure to respond to a notice of complaint investigation from MREC staff
    • Exercise: Critique an unclear or incomprehensible policy
  • Trust Account (5%)
    • Real Estate trust accounts
    • Other trust accounts
    • Release of disputed/undisputed earnest money
    • Exercise: Outline the requirements of establishing and maintaining a legally compliant real estate trust account
    • Exercise: Describe the steps involved in making deposits and withdrawals compliant with law, rule and company policy
    • Exercise: Describe the steps involved if a seller refuses to release an earnest money deposit to a buyer
  • Monitoring Compliance/Training (5%)
    • Training of newly licensed licensees (including the Documented Field Experience Form)
    • Training licensees new to the company who have been previously licensed
    • Ongoing supervision and training for licensees and unlicensed staff
    • Optional training (interpersonal skills, sales, negotiation, etc.)
    • Exercise: Outline procedure to confirm your affiliated licensees are properly licensed
    • Exercise: Describe possible contents of a personnel file
    • Exercise: Identify sources of law, rule and practice changes
    • Exercise: Outline subject areas and timing of a training program for newly licensed licensees, experienced licensees and unlicensed staff.
  • Risk Management (7%)
    • Explore Risk Reduction and Risk Management
    • Explore Risk Reduction and Risk Management / Policy and Procedure Manual as a risk reduction tool
    • Explore Risk Reduction and Risk Management / Policy and Procedure Manual as a risk reduction tool / Review manual
    • Explore Risk Reduction and Risk Management / Policy and Procedure Manual as a risk reduction tool / Update manual
    • Explore Risk Reduction and Risk Management / Policy and Procedure Manual as a risk reduction tool / Notify employees and affiliates of changes
    • Explore Risk Reduction and Risk Management / Record keeping (maintenance and retrieval)
    • Explore Risk Reduction and Risk Management / Record keeping (maintenance and retrieval) / Checklists for procedures
    • Explore Risk Reduction and Risk Management / Record keeping (maintenance and retrieval) / Document sources of information
    • Explore Risk Reduction and Risk Management / Record keeping (maintenance and retrieval) / Telephone, email, electronic message and fax logs
    • Explore Risk Reduction and Risk Management / Obtain written declinations (i.e. declining service contracts, home inspections, radon tests)
    • Explore Risk Reduction and Risk Management / Insurance policies (coverage limitations)
    • Explore Risk Reduction and Risk Management / Insurance policies (coverage limitations) / Errors and Omissions
    • Explore Risk Reduction and Risk Management / Insurance policies (coverage limitations) / Property
    • Explore Risk Reduction and Risk Management / Insurance policies (coverage limitations) / Liability
    • Explore Risk Reduction and Risk Management / Resolving issues between real estate companies in the best interest of the clients
    • Explore Risk Reduction and Risk Management / Resolving issues between real estate companies in the best interest of the clients / Procuring cause
    • Explore Risk Reduction and Risk Management / Resolving issues between real estate companies in the best interest of the clients / Differences in company policies
    • Explore Risk Reduction and Risk Management / Resolving issues between real estate companies in the best interest of the clients / Offers of cooperation and compensation
    • Explore Risk Reduction and Risk Management / Personal safety
    • Exercise: Outline the major risks to a company and your ongoing procedures to limit the risks arising from transactions
    • Exercise: How will you limit procuring cause disputes with other companies?
    • Exercise: Identify what is covered by errors and omissions insurance; how is cost of claim resolved if issue not covered?
    • Exercise: Outline a personal safety policy
    • Exercise: How do you establish a record that client refused advice?
  • Problem Identification and Resolution (2%)
    • Optional Model for Effective Problem-Solving
    • Optional Model for Effective Problem-Solving / Define the problem and issues
    • Optional Model for Effective Problem-Solving / Define the problem and issues / Be clear about what the problem is
    • Optional Model for Effective Problem-Solving / Define the problem and issues / Is it legal, ethical, professional or moral?
    • Optional Model for Effective Problem-Solving / Define the problem and issues / Different stakeholders may have different views of what the issues are
    • Optional Model for Effective Problem-Solving / Define the problem and issues / Listen to each person with the intent to understand and not evaluate
    • Optional Model for Effective Problem-Solving / Identify the stakeholders and their interests
    • Optional Model for Effective Problem-Solving / Identify the stakeholders and their interests / Who is affected by the outcome of this problem?
    • Optional Model for Effective Problem-Solving / Identify the stakeholders and their interests / Interests are the needs that are satisfied by any given solution
    • Optional Model for Effective Problem-Solving / Identify the stakeholders and their interests / How are the stakeholders affected by the problem?
    • Optional Model for Effective Problem-Solving / Identify the stakeholders and their interests / This is the time for active listening to understand the complete problem
    • Optional Model for Effective Problem-Solving / List the possible options
    • Optional Model for Effective Problem-Solving / List the possible options / Brainstorm or Green Light the options creatively
    • Optional Model for Effective Problem-Solving / List the possible options / Do not become attached to any one option
    • Optional Model for Effective Problem-Solving / List the possible options / At this stage do not evaluate the options
    • Optional Model for Effective Problem-Solving / Evaluate the options
    • Optional Model for Effective Problem-Solving / Evaluate the options / What are the pluses and minuses of each option?
    • Optional Model for Effective Problem-Solving / Evaluate the options / How are the stakeholders affected by each option?
    • Optional Model for Effective Problem-Solving / Evaluate the options / Separate the evaluation of options from the selection of options
    • Optional Model for Effective Problem-Solving / Eliminate any options that are not feasible
    • Optional Model for Effective Problem-Solving / Eliminate any options that are not feasible / What's the best option, in the balance?
    • Optional Model for Effective Problem-Solving / Eliminate any options that are not feasible / The best solution is the one that satisfies everyone’s interests
    • Optional Model for Effective Problem-Solving / Eliminate any options that are not feasible / Is there a way to combine a number of options together for a more satisfactory solution?
    • Optional Model for Effective Problem-Solving / Make a commitment to the choice, put it in writing
    • Optional Model for Effective Problem-Solving / Make a commitment to the choice, put it in writing / Agree on the solution and put it in writing
    • Optional Model for Effective Problem-Solving / Make a commitment to the choice, put it in writing / The written solution will help the parties to review the details as agreed upon, and the implications of the decision
    • Optional Model for Effective Problem-Solving / Implement, monitor and evaluate the decision
    • Optional Model for Effective Problem-Solving / Implement, monitor and evaluate the decision / Identify who will you monitor compliance and follow-through
    • Optional Model for Effective Problem-Solving / Implement, monitor and evaluate the decision / Identify any problems that were experienced with the decision
    • Optional Model for Effective Problem-Solving / Implement, monitor and evaluate the decision / Incorporate the decision into the Policy Manual if appropriate
    • Optional Model for Effective Problem-Solving / Implement, monitor and evaluate the decision / Use this experience as a case study for the office if appropriate
    • Exercise: Apply problem-solving model to seller and buyer issues
    • Exercise: Use model to address an ethical dilemma
  • Financing (6%)
    • Awareness of finance alternatives based on buyer and property
    • Awareness of finance alternatives based on buyer and property / FHA
    • Awareness of finance alternatives based on buyer and property / VA
    • Awareness of finance alternatives based on buyer and property / MSH
    • Awareness of finance alternatives based on buyer and property / Rural Development
    • Awareness of finance alternatives based on buyer and property / Rural Development / Direct
    • Awareness of finance alternatives based on buyer and property / Rural Development / Guaranteed
    • Awareness of finance alternatives based on buyer and property / Conventional
    • Awareness of finance alternatives based on buyer and property / Conventional / Insured
    • Awareness of finance alternatives based on buyer and property / Conventional / Uninsured
    • Awareness of finance alternatives based on buyer and property / Portfolio/Local banks
    • Awareness of finance alternatives based on buyer and property / Cash
    • Impact of financing (i.e. loan to value, appraisal, property condition, seller concessions)
    • Impact of financing (i.e. loan to value, appraisal, property condition, seller concessions) / Role of seller agent
    • Impact of financing (i.e. loan to value, appraisal, property condition, seller concessions) / Role of seller agent / Does agent understand how type of financing may affect seller and convey this to seller?
    • Impact of financing (i.e. loan to value, appraisal, property condition, seller concessions) / Role of seller agent / Is financing a viable option for property?
    • Impact of financing (i.e. loan to value, appraisal, property condition, seller concessions) / Role of seller agent / Does seller understand that buyer could be denied financing any time prior to closing (job loss, change in credit score, low appraisal)
    • Impact of financing (i.e. loan to value, appraisal, property condition, seller concessions) / Role of buyer agent
    • Impact of financing (i.e. loan to value, appraisal, property condition, seller concessions) / Role of buyer agent / Prequalification/Pre-approval prior to writing offer
    • Impact of financing (i.e. loan to value, appraisal, property condition, seller concessions) / Role of buyer agent / Does agent understand financing requirements and showing properties suitable for financing?
    • Impact of financing (i.e. loan to value, appraisal, property condition, seller concessions) / Role of buyer agent / Does buyer understand how their actions may affect credit score and financing?
    • Impact of financing (i.e. loan to value, appraisal, property condition, seller concessions) / Role of buyer agent / Buyer agent duty to seller §13274(2)(A)
    • Impact of financing (i.e. loan to value, appraisal, property condition, seller concessions) / Role of transaction broker
    • Compliance with financing cause (i.e. dates, loan type)
    • Compliance with financing cause (i.e. dates, loan type) / Role of seller agent
    • Compliance with financing cause (i.e. dates, loan type) / Role of buyer agent
    • Compliance with financing cause (i.e. dates, loan type) / Role of buyer agent / Communicate regularly with loan officer
    • Compliance with financing cause (i.e. dates, loan type) / Role of buyer agent / Update loan officer with price changes and other conditions
    • Compliance with financing cause (i.e. dates, loan type) / Role of transaction broker
    • Compliance with financing cause (i.e. dates, loan type) / Role of transaction broker / Supervise dates
    • Compliance with financing cause (i.e. dates, loan type) / Role of transaction broker / Communicate progress
    • Mortgage fraud
    • Mortgage fraud / Using two contracts
    • Mortgage fraud / Misrepresentation of assets
    • Mortgage fraud / Money outside of closing
    • Mortgage fraud / Real Estate Settlement Procedures Act (RESPA)
    • Mortgage fraud / Truth in Lending/Advertising (Regulation Z)
    • Exercise: Identify the issues of an offer written as cash when buyer intends to get home equity loan
    • Exercise: Loan officer qualifies buyer for loan that is not best alternative for buyer; what are licensees’ responsibilities to customer/client
    • Exercise: Outline potential issues of money paid outside of closing
  • Other Laws (6%)
    • Municipal/State/Federal Laws
    • Municipal/State/Federal Laws / Anti-trust
    • Municipal/State/Federal Laws / Anti-trust / Commission policy
    • Municipal/State/Federal Laws / Anti-trust / Boycotting
    • Municipal/State/Federal Laws / Anti-trust / Tying
    • Municipal/State/Federal Laws / Anti-trust / Allocation
    • Municipal/State/Federal Laws / Civil Rights & Fair Housing
    • Municipal/State/Federal Laws / Civil Rights & Fair Housing / Protected Classes - State of Maine
    • Municipal/State/Federal Laws / Civil Rights & Fair Housing / Protected Classes – Federal
    • Municipal/State/Federal Laws / Civil Rights & Fair Housing / Prohibited Acts
    • Municipal/State/Federal Laws / Americans with Disabilities Act (ADA)
    • Municipal/State/Federal Laws / Land Use
    • Municipal/State/Federal Laws / Land Use / Zoning (shoreland, historical district, etc.)
    • Municipal/State/Federal Laws / Land Use / Subdivision
    • Municipal/State/Federal Laws / Land Use / Buildable lot
    • Municipal/State/Federal Laws / Land Use / Easements (conservation, driveway, etc.)
    • Municipal/State/Federal Laws / Land Use / ROWs
    • Municipal/State/Federal Laws / Land Use / Deed Restrictions
    • Municipal/State/Federal Laws / Land Use / Restrictive Covenants
    • Municipal/State/Federal Laws / Land Use / Curb cuts
    • Municipal/State/Federal Laws / Land Use / Other
    • Municipal/State/Federal Laws / Environmental
    • Municipal/State/Federal Laws / Environmental / National Resource Protection Act
    • Municipal/State/Federal Laws / Environmental / Vernal Pools
    • Municipal/State/Federal Laws / Environmental / Significant Wildlife Habitat
    • Municipal/State/Federal Laws / Environmental / Other
    • Municipal/State/Federal Laws / Code Conformance
    • Municipal/State/Federal Laws / Code Conformance / Minimum lot size
    • Municipal/State/Federal Laws / Code Conformance / Setbacks
    • Municipal/State/Federal Laws / Code Conformance / Building and driveway permits
    • Municipal/State/Federal Laws / Code Conformance / Other
    • Municipal/State/Federal Laws / Taxation/exemptions
    • Municipal/State/Federal Laws / Taxation/exemptions / Capital Gains
    • Municipal/State/Federal Laws / Taxation/exemptions / Capital Gains / Principal residence
    • Municipal/State/Federal Laws / Taxation/exemptions / Capital Gains / Non-principal residence
    • Municipal/State/Federal Laws / Taxation/exemptions / Foreign Investment in Real Estate Property Tax (FIRPTA)
    • Municipal/State/Federal Laws / Taxation/exemptions / 1031 Tax Deferred Exchanges
    • Municipal/State/Federal Laws / Truth in Lending/Advertising (Regulation Z)
    • Municipal/State/Federal Laws / Truth in Lending/Advertising (Regulation Z) / Advertising
    • Municipal/State/Federal Laws / Truth in Lending/Advertising (Regulation Z) / Credit Terms
    • Exercise: Seller wants to sell a lot cut from a larger lot, what issues/steps are involved
    • Exercise: Shoreland property converted to year-round use, what issues/steps are involved
  • Ethics (5%)
    • Evaluate Ethical Practices
    • Evaluate Ethical Practices / Ethical, Legal and Company Policy
    • Evaluate Ethical Practices / Ethical dilemmas
    • Evaluate Ethical Practices / Models for ethical decision making
    • Evaluate Ethical Practices / Code of Ethics
    • Evaluate Ethical Practices / Code of Ethics / Personal
    • Evaluate Ethical Practices / Code of Ethics / Office
    • Evaluate Ethical Practices / Code of Ethics / Professional industry code
    • Exercise: Identify ethical dilemmas for clients and customers
  • Initial Contact to Under Contract (15%)
    • The Real Estate Brokerage Relationships Form 32 MRSA §13279 & Chapter 410 Section 9
    • Real Estate Brokerage Forms
    • Real Estate Brokerage Forms / Listing Agreement
    • Real Estate Brokerage Forms / Buyer Agent Agreement
    • Real Estate Brokerage Forms / Appointed Agent Agreement
    • Real Estate Brokerage Forms / Appointed Agent Agreement / Additional appointments
    • Real Estate Brokerage Forms / Appointed Agent Agreement / Termination
    • Real Estate Brokerage Forms / Appointed Agent Agreement / DB must be appointed to provide client-level services
    • Real Estate Brokerage Forms / Disclosed Dual Agency Agreement
    • Real Estate Brokerage Forms / Disclosed Dual Agency Agreement / Disclosed Dual Agent is not a Transaction Broker
    • Real Estate Brokerage Forms / Disclosed Dual Agency Agreement / What Disclosed Dual Agent can and cannot do (32 MRSA § 13275)
    • Real Estate Brokerage Forms / Addenda and amendments
    • Real Estate Brokerage Forms / Addenda and amendments / Definition
    • Real Estate Brokerage Forms / Addenda and amendments / Poorly drafted/incomplete
    • Real Estate Brokerage Forms / Unfamiliar forms
    • Real Estate Brokerage Forms / Unfamiliar forms / Review document (do not assume knowledge of document)
    • Real Estate Brokerage Forms / Agreement with company, not licensee
    • Real Estate Brokerage Forms / No verbal terms
    • Real Estate Brokerage Forms / Obtain signatures of all parties
    • Real Estate Brokerage Forms / Copies provided at time of signature (Chapter 410 Section 5)
    • Market Value §14004 & Chapter 410 Section 3
    • Market Value §14004 & Chapter 410 Section 3 / Opinions of Value without compensation
    • Market Value §14004 & Chapter 410 Section 3 / Broker’s Price Opinion (Chapter 410 Section 3, 32 MRSA §§13251-A & 14004)
    • Market Value §14004 & Chapter 410 Section 3 / Broker’s Price Opinion (Chapter 410 Section 3, 32 MRSA §§13251-A & 14004) / Real Estate Brokerage Relationship Form required
    • Market Value §14004 & Chapter 410 Section 3 / Broker’s Price Opinion (Chapter 410 Section 3, 32 MRSA §§13251-A & 14004) / Must have brokerage agreement
    • Market Value §14004 & Chapter 410 Section 3 / Broker’s Price Opinion (Chapter 410 Section 3, 32 MRSA §§13251-A & 14004) / Payment made to company, not the licensee
    • Property Disclosures (not a “Seller Disclosure”)
    • Property Disclosures (not a “Seller Disclosure”) / Mandatory and optional disclosures
    • Property Disclosures (not a “Seller Disclosure”) / Responsibility of listing and selling licensees
    • Property Disclosures (not a “Seller Disclosure”) / Responsibility of listing and selling licensees / Required for all residential properties or commercial with “residential component”
    • Property Disclosures (not a “Seller Disclosure”) / Responsibility of listing and selling licensees / Who fills out the form
    • Property Disclosures (not a “Seller Disclosure”) / Responsibility of listing and selling licensees / Sources of information (seller only once source)
    • Property Disclosures (not a “Seller Disclosure”) / Responsibility of listing and selling licensees / Blanks on form
    • Property Disclosures (not a “Seller Disclosure”) / Responsibility of listing and selling licensees / Inaccurate information
    • Property Disclosures (not a “Seller Disclosure”) / Responsibility of listing and selling licensees / Written updates
    • Property Disclosures (not a “Seller Disclosure”) / Unfamiliar forms
    • Property Disclosures (not a “Seller Disclosure”) / Unfamiliar forms / Review document (do not assume knowledge of document)
    • Advertising Chapter 400 Section 1 (E, H), Chapter 410 Section 1 and Section 13 (3)
    • Advertising Chapter 400 Section 1 (E, H), Chapter 410 Section 1 and Section 13 (3) / DB must review, manage, oversee and consent to all advertising
    • Advertising Chapter 400 Section 1 (E, H), Chapter 410 Section 1 and Section 13 (3) / DB must review, manage, oversee and consent to all advertising / Advertising another company’s listings
    • Advertising Chapter 400 Section 1 (E, H), Chapter 410 Section 1 and Section 13 (3) / DB must review, manage, oversee and consent to all advertising / Print vs. electronic advertising
    • Advertising Chapter 400 Section 1 (E, H), Chapter 410 Section 1 and Section 13 (3) / DB must review, manage, oversee and consent to all advertising / Internet sites and domain names affiliated licensees are using
    • Inducements Chapter 410 Section 11
    • Inducements Chapter 410 Section 11 / Legal vs. Illegal
    • Purchase and Sale Agreements
    • Purchase and Sale Agreements / Confidentiality (Chapter 410 Section 12)
    • Purchase and Sale Agreements / Contract clauses, addenda and amendments
    • Purchase and Sale Agreements / When an offer becomes a contract
    • Purchase and Sale Agreements / Imputed knowledge
    • Purchase and Sale Agreements / MREC Real Estate Transactions Offers/Counter Offers – Agent-Client Guidelines
    • Purchase and Sale Agreements / Resolution of issues surrounding clauses (including timelines)
    • Purchase and Sale Agreements / Copy provided at time of signature (Chapter 410 Section 5)
    • Purchase and Sale Agreements / Unfamiliar forms
    • Purchase and Sale Agreements / No verbal amendments
    • Exercise: Verbal terms were not made part of written listing agreement, i.e. “will tear up the agreement if you are “unhappy”. A change to any term of buyer/seller listing agreement must be in writing and signed by buyer/seller.
    • Exercise: Suspension vs. termination – do client and agent understand the status of the agreement?
    • Exercise: Appointed agent is no longer acting as the appointed agent for a client but the affiliated licensee remains with the company. Should a written termination of appointed agent role should be prepared and signed by client?
    • Exercise: The designated broker is the appointed agent and another affiliated licensee is not designated to fulfill the duties imposed by Chapter 410 Section 8 (1) (B). Identify potential issues.
    • Exercise: Can a Disclosed Dual Agent do a Comparable Market Analysis (CMA) for buyer? If so, is a copy provided to Seller?
    • Exercise: Appointed Agency office – confidentiality issues during office meetings and caravans
    • Exercise: Complete a sample addendum and amendment to a contract (financing, extension of contract, etc.)
    • Exercise: Selling licensee receives property disclosure on bank owned property – all items marked “unknown”
    • Exercise: Designated Broker must have a policy to review, manage and oversee the advertising/promotion or real estate. Write a sample policy.
  • Under Contract to Closing (15%)
    • Under contract to closing
    • Under contract to closing / Under contract checklist
    • Under contract to closing / File review (continuous)
    • Under contract to closing / File review (continuous) / Who is reviewing file and how often (DB can designate but still responsible)
    • Under contract to closing / File review (continuous) / Licensees’ duty to keep DB informed (Chapter 410 Section 13 (1))
    • Under contract to closing / File review (continuous) / File location
    • Under contract to closing / File review (continuous) / Contents of file
    • Under contract to closing / File review (continuous) / Submission of documents within 5 days
    • Under contract to closing / Potential Issues
    • Under contract to closing / Potential Issues / Do buyer and seller understand issues may affect closing date?
    • Under contract to closing / Potential Issues / Title
    • Under contract to closing / Potential Issues / Title / Fraud
    • Under contract to closing / Potential Issues / Title / Liens
    • Under contract to closing / Potential Issues / Title / Exclusions
    • Under contract to closing / Potential Issues / Title / Missing heirs
    • Under contract to closing / Potential Issues / Title / Other
    • Under contract to closing / Potential Issues / Inspections
    • Under contract to closing / Potential Issues / Inspections / Issues discovered in inspection noted on disclosure
    • Under contract to closing / Potential Issues / Inspections / Seller will not allow test (radon testing in warm weather)
    • Under contract to closing / Potential Issues / Inspections / Other
    • Under contract to closing / Potential Issues / Appraisal
    • Under contract to closing / Potential Issues / Appraisal / Low appraisal
    • Under contract to closing / Potential Issues / Appraisal / Unique property – lack of comps
    • Under contract to closing / Potential Issues / Appraisal / Mandated repairs
    • Under contract to closing / Potential Issues / Appraisal / Other
    • Under contract to closing / Potential Issues / Financing
    • Under contract to closing / Potential Issues / Financing / Change in loan type
    • Under contract to closing / Potential Issues / Financing / Seller concessions
    • Under contract to closing / Potential Issues / Financing / Other
    • Under contract to closing / Potential Issues / Mortgage Loan Inspection (MLI)
    • Under contract to closing / Potential Issues / Mortgage Loan Inspection (MLI) / MLI is not a survey
    • Under contract to closing / Potential Issues / Mortgage Loan Inspection (MLI) / Boundary/encroachment issues
    • Under contract to closing / Potential Issues / Mortgage Loan Inspection (MLI) / Other
    • Under contract to closing / Potential Issues / Title Insurance
    • Under contract to closing / Potential Issues / Title Insurance / Marketable
    • Under contract to closing / Potential Issues / Title Insurance / Insurable
    • Under contract to closing / Potential Issues / Title Insurance / Exceptions
    • Under contract to closing / Potential Issues / Title Insurance / Other
    • Under contract to closing / Potential Issues / Homeowner Insurance
    • Under contract to closing / Potential Issues / Homeowner Insurance / Electrical issues (knob and tube, fuses)
    • Under contract to closing / Potential Issues / Homeowner Insurance / Wood stoves (rentals, multiple fuel sources in flue)
    • Under contract to closing / Potential Issues / Homeowner Insurance / Previous claims discovered in CLUE search
    • Under contract to closing / Potential Issues / Homeowner Insurance / Withdrawal of insurance
    • Under contract to closing / Potential Issues / Homeowner Insurance / Other
    • Under contract to closing / Potential Issues / Walk-through issues
    • Under contract to closing / Potential Issues / Walk-through issues / House not broom clean
    • Under contract to closing / Potential Issues / Walk-through issues / Items not left in property or work completed as agreed
    • Under contract to closing / Potential Issues / Walk-through issues / New issues identified (leak, furnace does not work)
    • Under contract to closing / Potential Issues / Settlement Statements – costs involved (buyer/seller proceeds)
    • Under contract to closing / Potential Issues / Review thoroughly for errors
    • Under contract to closing / Potential Issues / Compare Loan Estimate with Closing Disclosure
    • Under contract to closing / Potential Issues / Review of deed to be conveyed
    • Occupancy
    • Post-closing
    • Post-closing / Closed checklist
    • Post-closing / Escrow agreements
    • Post-closing / Escrow agreements / What can be escrowed
    • Post-closing / Escrow agreements / Who prepares agreement
    • Post-closing / Escrow agreements / Who holds/disperses money
    • Post-closing / Escrow agreements / What is required before money dispersed
    • Pros and cons of licensees acting as power of attorney at closings
    • FIRPTA (Foreign Investment in Real Estate Property Tax Act)
    • State of Maine non-resident withholding
    • Coastal/Shoreland Zoning 30-A MRSA §4216
    • Coastal/Shoreland Zoning 30-A MRSA §4216 / Disclosure
    • Coastal/Shoreland Zoning 30-A MRSA §4216 / Inspection
    • Exercise: Buyer wants a price reduction after inspections. Seller does not respond, now what?
    • Exercise: Title problem arises – contract allows 30 days to fix
    • Exercise: Walk-through issue noticed a short time prior to closing
    • Exercise: Deed to be conveyed is incorrect
    • Exercise: Outline potential issues of buyer taking occupancy prior to closing
    • Exercise: Outline potential issues with escrow agreements (government financing)
Examination sources