Maine Real Estate Law TRELG Course questions with correct answers

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? CORRECT ANSWER I 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? CORRECT ANSWER Yes What are the maximum penalties that the Maine Real Estate Commission may impose for violating real estate license law? CORRECT 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? CORRECT ANSWER 5 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? CORRECT ANSWER No. A licensee may not be disciplined for innocent misrepresentation.