Maine Real Estate License Practice Exam

What is NOT a duty of a licensee to a customer?

1. Advice concerning the property's true value

2. Honest treatment

3. Ministerial acts

4. Disclosure of known property conditions

The correct answer is: Advice concerning the property's true value

In real estate transactions, a licensee has several responsibilities toward their customers, but providing advice concerning the property's true value is not one of them. This duty generally falls under the responsibility of a fiduciary relationship, which involves acting in the best interests of a client (typically the party that the licensee represents in a transaction). Customers, on the other hand, are not the clients but rather individuals who may be seeking information or assistance without a formal representation agreement. For customers, the licensee's obligations include honest treatment and disclosure of material facts, as well as performing ministerial acts, which are tasks that do not require the exercise of discretion or judgment. This maintains a professional level of honesty and transparency in interactions that fosters trust, but goes on to highlight that advice about valuation requires a deeper level of obligation that is not extended to customers. Consequently, while licensees can offer some level of insight, the duty to provide an accurate assessment of a property’s true value is typically reserved for clients whom the licensee represents.