Maine Real Estate License Practice Exam

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Study for the Maine Real Estate License Exam. Enhance your knowledge with flashcards and multiple choice questions, complete with detailed explanations. Prepare for success!

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When can a licensee disclose the terms of a contract to someone not party to the contract?

With the seller's written permission
With the buyer's written permission
To the Designated Broker for the purpose of securing advice
When the Loan Officer needs the information to process the loan

The correct answer is: To the Designated Broker for the purpose of securing advice

A licensee can disclose the terms of a contract to someone not party to the contract specifically to the Designated Broker for the purpose of securing advice. This is crucial in real estate transactions where licensed professionals often need guidance on various aspects of a deal. The sharing of sensitive information with the Designated Broker is permitted to ensure that the licensee can navigate complexities while maintaining compliance with regulations and ethical standards. In other scenarios, such as obtaining permission from the buyer or seller, disclosures typically require explicit consent from the parties involved in the contract. While sharing information with a loan officer may seem necessary for processing, it does not typically grant a licensee the right to disclose contract terms without proper authorization. Thus, the clarity provided by ensuring disclosures are made within a controlled framework—like seeking advice from a designated broker—helps protect client confidentiality and uphold professional guidelines.