Maine Real Estate License Practice Exam

Who is required to sign the property disclosure form in a real estate transaction?

1. The seller

2. The buyer

3. The licensees to the transaction

4. No one is required to sign the form

The correct answer is: No one is required to sign the form

In a real estate transaction, it is the seller who is typically required to complete and sign the property disclosure form. This document is meant to inform potential buyers about the condition of the property, including any known defects or issues. The seller is expected to provide this information to ensure transparency and to protect both parties during the transaction. The buyer is generally not required to sign the disclosure form, but they will acknowledge receipt of it, which affirms that they have been informed of the property's condition. Licensees, such as real estate agents, also do not have a requirement to sign the disclosure themselves; their role is to facilitate the transaction and ensure that proper disclosures are made. Hence, the assertion that no one is required to sign the form does not align with the standard practices in real estate transactions, particularly in Maine, where seller disclosures are mandated.