Maine Real Estate Commission - Flashcards with correct answers 2023/2024

Maine Real Estate Commission - Flashcards Maine Real Estate Commission (MREC) - correct answer The Maine based organization meant to protect the public through the regulation of the real estate industry in Maine. Multiple Listing Service (MLS) - correct answer A system that pools the listings of all member companies. National Association of REALTORS® (NAR) - correct answer NAR advocates for policies that foster vibrant real estate markets, support the industry, and protect consumers. The REALTOR® Party works to advance public policies that promote strong communities, property interests, and a vibrant business environment. Sales Agents - correct answer One who acts on behalf of another in a business transaction. In Maine, real estate agents are referred to simply as sales agents. Brokers - correct answer One who provides brokerage services (buying and selling for another) for a commission. Associate Brokers - correct answer A licensed real estate broker who may perform the acts of a broker but who chooses to work under the name and supervision of a licensed broker; the licensed broker may be an individual, a corporation, a partnership, or a trade-name organization. An associate broker may not work independently. Commission Director - correct answer The MREC Director is appointed to act on behalf of the Commission in investigation, subpoena, and licensure powers. Investigative Powers - correct answer The Director is charged with investigating complaints against licensees, bringing complaints before the Commission for potential action (or dismissal), and entering into consent agreements (settlements) with licensees who are found to have violated licensure laws. Subpoena Powers - correct answer The Maine Real Estate Commission Director has the power to subpoena, which means they can make individuals and entities who fall under the Commission's jurisdiction appear and give testimony or provide evidence. The Commission Director may subpoena records, documents, books, papers, and other materials that are relevant to any investigation. Licensure Powers - correct answer The Commission Director in order to maintain standards, has the right and authority to deny licensure to an individual who doesn't meet (or violates) the required standards. Commission Investigation - correct answer The Commission Investigation is the entire process: starting with the initial complaint, the Director's investigation, trying to reach a consent agreement, perhaps moving on to trial, and eventually ending in disciplinary action. Consent Agreement - correct answer A consent agreement is a negotiated settlement between the Director and the licensee where the licensee admits to what happened and what should happen next (disciplinary actions) without having a hearing. Commission Hearing - correct answer Similar to any other hearing, evidence and witnesses are brought forward to get to the bottom of what really transpired. The Commission acts as both judge and jury. Disciplinary Action - correct answer Depending on the severity of the infraction, the Commission can issue warnings, censures, or reprimands. For more serious offenses, the Commission may suspend a license or registration for up to 90 days, revoke a license or registration, and impose civil penalties of up to $1,500. Additionally, conditions of probation can be imposed which could include additional continuing education, medical, psychiatric or mental health consultations/evaluations, and mandatory professional/occupational supervision. Sanctions - correct answer Sanctions are the fancy lawyery word for disciplinary action. A sanction is the penalty one receives after a hearing.