Maine Real Estate License Practice Exam

What is required for a buyer agency agreement in Maine when dealing with certain property types?

1. Must be verbal

2. Must be in writing

3. Can be implied

4. Can be exclusive

The correct answer is: Must be in writing

In Maine, a buyer agency agreement is required to be in writing for certain property types, particularly to ensure clarity and protect the interests of both the buyer and the real estate professional. This requirement helps establish a formal relationship between the buyer and the agent, outlining their duties, obligations, and the terms of representation. A written agreement also serves as a legal document that can be referenced in case of disputes, ensuring that all parties understand their rights and responsibilities. While verbal agreements may exist, they do not provide the same level of legal protection or clarity, making a written agreement essential in many situations. Implied agreements can lead to misunderstandings about the scope of representation, and the term "exclusive" refers more to the nature of the agreement rather than a requirement; it may apply but is not mandated for all types of buyer agency agreements. Thus, the requirement for a written agreement is a key aspect of real estate practice in Maine to maintain professionalism and accountability.