Maine Real Estate Sales Agent Course - Chapter 1 Review Practice Test 2024.

Maine Real Estate Sales Agent Course - Chapter 1 Review Practice Test 2024. What does the MREC stand for ? - correct answer Maine Real Estate Commission When was the MREC established and by what act? - correct answer Act of Maine Legislature in 1937 What is the policy/mission of the MREC? - correct answer supervise licensees "in a manner to ensure that they meet standards which will promote public understanding and confidence in the business of real estate brockerage" What are the six tools the MREC uses to supervise licensees? - correct answer 1.) Sets education standards 2.) Issues licensees 3.) Issues advisory rulings 4.) Makes rules 5.) Investigates complaints 6.) Holds hearings and issues disciplinary action for transactions What are the personal requirements of for getting a Maine Real Estate license? - correct answer Age 18+, high school education or equivalent, reputation for honesty and fair dealing and competency, criminal background check What are three different licenses issued to people who practice real estate in Maine? - correct answer Sales agent, associate broker and broker What are the professional criteria for getting a Sales Agent's license? - correct answer Complete the Sales Agents Course with a grade of 75 or better Pass the state exam with a grade of 75 or better Join a real estate company whose Designated Broker (DB) will supervise the SA's work How does a sales agent become an Associate Broker? - correct answer Pass the Associate Broker Course with a grade of 75+ Complete the Documented Field Experience Form How long is an Associate Broker license valid? - correct answer For the remainder of the licensee's career so long as the license is renewed each two years; to renew an Associate Broker License, the licensee must complete 21 hours of continuing education each two years, and pay the renewal fee. What is required to get a Broker license? What can a licensee with a Broker License do that a Sales Agent or Associate Broker may no do? - correct answer After two years' experience as an Associate Broker the licensee may take and pass the Designated Broker Course. With the Broker license, the licensee may serve as the Designated Broker of a real estate agency. What is an Agency License? Why is it so important? - correct answer An Agency License is a license