Maine Real Estate Law TRELG Course()Questions & Answers 100% Correct!!

You are a real estate licensee in Maine. Your friend Andrew, who is not a real estate licensee, asks if you will pay him $250 for every sales lead he sends you. What do you tell him? - ANSWERI can't pay referral fees to someone who is not a real estate licensee. Elwood holds a Maine auctioneer license. He wants to call bids at a real estate auction and take custody of the earnest money from the highest bidder. Does Elwood need a real estate license in addition to his auctioneer license in order to do this? - ANSWERYes What are the maximum penalties that the Maine Real Estate Commission may impose for violating real estate license law? - ANSWER$2000 per violation plus the amount of compensation received in the subject transaction, revocation or suspension of license. Each industry member of the commission must have been a broker or associate broker in Maine for at least how many years prior to appointment? - ANSWER5 years A licensee may be disciplined by the commission for making any substantial misrepresentation by omission or commission. May a licensee also be disciplined for innocent misrepresentation? - ANSWERNo. A licensee may not be disciplined for innocent misrepresentation. In addition to fines up to $2000 per violation, suspension or revocation of license, what other penalties might the commission impose? - ANSWERReprimand, require the person to comply with terms and conditions and report findings to Attorney General. The Director concludes an investigation into wrongdoing by licensee Roberta. What three actions may the Director take? - ANSWERDismiss, execute a consent agreement, issue a petition for a hearing. Marcus has the idea to establish a real estate brokerage ahency that only has an internet presence- no "brick and mortar" location. Is this allowed? - ANSWERNo, an agency must have a fixed and definite place of business. The Remarkable Real Estate Company is expanding to two new locations that it will advertise as its branch offices. Does each branch office need a license? - ANSWERYes, they must be licensed as branch offices. Michelle was convicted of embezzlement of clients' funds when she worked in an accounting office. Is she allowed to own a real estate brokerage agency? - ANSWERProbably not. Owners or officials may not have been convicted of any Class A, B, or C crime or any crime which bears directly on the practice of real estate. Justine wants to open a real estate brokerage agency and call it ReMacks. Do you think she will be able to do this? - ANSWERNo as this name is too similar to ReMax. What 5 items must be included in a written brokerage agreement? - ANSWERSignature of client being charged, terms and conditions, method/amount of compensation, expiration date, statement that this creates an agency-client relationship. For a maximum of how many months may a brokerage agreement carry over? - ANSWER6 months unless client subsequently lists with another agency. What may be deposited in a trust account? - ANSWEREarnest money deposits and all other money held by it as an agency in which its clients or other persons have an int