ME Real Estate study plan

Outline the elements of a valid Maine purchase and sale agreement and label each element on a blank sample contract.

Sequence the steps of a residential transaction from offer to closing and identify the point at which each contingency (inspection, financing, appraisal, title) must be resolved or waived.

Distinguish assignment, novation, rescission, and the available remedies for breach, and match each to a short scenario.

Build a calendar template that maps contingency deadlines onto a hypothetical 45-day closing.

Differentiate seller agency, buyer agency, and the consent-based dual/designated agency permitted in Maine, stating who owes duties to whom in each.

List each fiduciary duty (care, obedience, loyalty, disclosure, confidentiality, accounting) and write one concrete breach example for each.

Explain when and how agency disclosure must be made and what a written agency agreement must contain.

Re-answer every Week 1 contract item missed and log the reason for the error.

Identify each Maine-specific disclosure (property condition, lead-based paint where applicable, radon, arsenic in well water, subsurface wastewater/septic, shoreland and coastal) and state when it is triggered.

Explain shoreland zoning and coastal/submerged-lands rules well enough to state setback and permit implications for a listed property.

Map the subdivision and site-plan review process and identify when a lot split requires municipal approval.

Interpret sample septic, water-test, and radon results and describe the required next step for each.

Calculate monthly principal and interest, loan-to-value, and the cost impact of points and mortgage insurance on a hypothetical loan.

Compare conventional, FHA, VA, USDA, and state housing agency loan features and state the eligibility limits of each.

Sequence the settlement process and identify who prepares and signs each document (closing disclosure, deed, note, mortgage, title policy).

Explain federal disclosure timing rules and Maine closing and escrow requirements.

State the composition and authority of the Maine Real Estate Commission, the licensing tiers, the renewal and continuing-education cycle, and the grounds for discipline.

Distinguish license statuses (active, inactive, referral, corporate/entity) and the rules governing unlicensed assistants and team advertising.

Apply the articles of the Code of Ethics to three conflict scenarios and write the compliant action for each.

Design a brokerage risk-management checklist covering trust and escrow accounting, record retention, and supervision.

Classify estates in land and co-ownership forms (tenancy in common, joint tenancy, tenancy by the entirety, condominium, timeshare) and state how each is created and terminated.

Explain deeds, recording, title insurance, easements, and adverse possession using Maine terminology.

Draft a listing and marketing piece that satisfies advertising rules and fair housing prohibitions.

Apply fair housing protected classes and the state human rights law additions to three advertising scenarios.

Compute a comparative market analysis from three comparables with adjustments for size, condition, and market time, and state the resulting price range.

Distinguish the sales comparison, cost, and income approaches and identify when each applies.

Explain the limits on price opinions under Maine licensing law and the difference between a CMA and an appraisal.

Re-drill missed items from Weeks 1 through 6, prioritizing the two lowest-scoring domains.

Take two timed 100-question simulated exams spanning all nine domains and score 75% or higher on each.

Rewrite every missed item as a flashcard stating the correct rule.

Recite from memory the key numeric thresholds (continuing-education hours, renewal cycle, disclosure timings, closing-disclosure timelines) on a self-quiz.

Walk through a full transaction from listing appointment to closing in a verbal run-through that touches all nine domains.