Maine Real Estate License Practice Exam

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Prepare for the Maine Real Estate License Exam with comprehensive quizzes featuring multiple choice questions, flashcards, hints, and detailed explanations. Be exam-ready!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

If a buyer's agent anticipates receiving a bonus from the seller, what must the buyer's agent do?

Decline the bonus
Disclose the bonus in writing to the buyer client
Accept the bonus in cash
Accept the bonus directly from the seller

The correct answer is: Disclose the bonus in writing to the buyer client

A buyer's agent who anticipates receiving a bonus from the seller has an ethical and legal obligation to disclose that information in writing to their buyer client. This requirement exists to maintain transparency and ensure that the buyer is fully informed about any potential conflicts of interest that may arise from the agent’s financial relationship with the seller. By providing this information, the agent allows the buyer to make an informed decision regarding their purchase and the agent's motivations. Failing to disclose such a bonus could mislead the buyer and jeopardize the trust relationship that is fundamental in agent-client interactions. This principle is established in real estate ethics and guidelines to protect clients and promote ethical practices within real estate transactions. It is vital for agents to ensure that their clients are aware of all financial incentives that might influence their representation.