Maine Real Estate Law Exam Prep!

A transaction broker must disclose: {Ans: Material defects of the property}In Maine, a title search goes back at least how many years to rest on a warranty deed? {Ans: At least 40 years. If there is no warranty deed in that 40 year period, the title search goes back further until it finds one.}Jason, Dustin, Cecile and Stephanie own 44 Oak St. as tenants in common. Stephanie dies with a will, naming Sophie as the only beneficiary of her estate. Who now owns the property? {Ans: Jason, Dustin, Cecile and Sophie}The minimum lot size required for residential development with a private septic system is: {Ans: 20,000 square feet}In Maine an agency that has a company policy that permits disclosed dual agency must provide a disclosed dual agency consent agreement to: {Ans: Prospective clients at the time of entering into a brokerage agreement.}Which of the following must be disclosed on the property disclosure form? {Ans: How many cords of wood are consumed by the woodstove}