Maine Real Estate License Practice Exam

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Study for the Maine Real Estate License Exam. Get ready with flashcards and multiple choice questions, each offering hints and explanations. Achieve your real estate career goals.

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If the purchaser did not receive the Property Disclosure before making an offer, how long do they have to rescind the contract after reviewing it?

Prior to consummation of the transaction
The purchaser has no recourse to rescind the contract
Within 7 business days of receipt
Within 72 hours of receipt and review of the Property Disclosure

The correct answer is: Within 72 hours of receipt and review of the Property Disclosure

The correct answer reflects the provisions outlined in Maine's real estate laws regarding the timing for rescinding a contract after receiving the Property Disclosure. In Maine, if a purchaser does not receive the Property Disclosure prior to making an offer, they are granted a specific timeframe to review the document once it is provided. This is designed to protect buyers by ensuring they have the opportunity to consider crucial information about the property before finalizing the transaction. When a purchaser receives the Property Disclosure, they have 72 hours to rescind the contract. This timeframe allows buyers to assess any information that may influence their decision regarding the purchase. If significant issues or concerns are revealed in the disclosure, this provision permits the buyer to back out of the contract without penalty, promoting transparency and informed decision-making in real estate transactions. Understanding this timeframe is essential for both buyers and real estate professionals, as it establishes the rights of the purchaser and the obligations of the seller concerning disclosure practices.