Maine Real Estate License Practice Exam

What is required for an open listing for a ten-unit dwelling in Maine?

1. Must be verbal

2. Must be in writing

3. Must include a 6-month carry-over clause

4. Must be placed in the MLS

The correct answer is: Must be in writing

For an open listing on a ten-unit dwelling in Maine, it is essential that the agreement be in writing. This requirement aligns with the general principles of real estate law, which typically necessitate written contracts for real estate transactions to ensure clarity, enforceability, and protection for all parties involved. Having a written document provides clear evidence of the terms agreed upon, which is crucial in real estate deals due to their complexity and potential for disputes. While open listings can often be informal, best practices and regulatory standards dictate that for a property of this nature—especially one involving multiple units—having a written agreement helps to clarify responsibilities and expectations among all parties, including the owners and potential brokers. This written requirement helps to protect the interests of sellers and real estate professionals, ensuring everyone is on the same page regarding the listing’s terms. The other options relate to aspects of real estate agreements that are not applicable in this particular context. For instance, requiring the listing to be verbal lacks the formality and legal backing that a written contract provides. A carry-over clause is not a standard requirement for an open listing, and placing the listing in the MLS is not mandatory for an open listing specifically, as this is more often associated with exclusive listings.