Exercise on Maine Real Estate License Rules 100% UPDATED!!

Chapter 400 Item 1: Who supervises the activities of affiliated licensees, the activities of unlicensed persons affiliated with the agency (for example, the administrative staff), and the operation of the agency? - ANSWERThe Designated Broker Chapter 400 Item 1: For how many days must the Designated Broker review and initial documents prepared by a sales agent licensee for buyers and sellers? - ANSWERFor 90 days after the licensing of the sales agent with the agency. If the sales agent licensee moves to another agency, the clock starts ticking again for 90 days. Chapter 400 Item 2: When must earnest money be deposited in the agency's trust account? - ANSWERWithin 5 business days of acceptance of the offer. Chapter 400 Item 2: How much of the agency's money may be in the trust account in order to keep the account open? - ANSWERNo more than $500 Chapter 400 Item 2: If there is no dispute over the return of the earnest money deposit to the buyer, when may the Designated Broker distribute the money? - ANSWERNo sooner than 5 business days after notifying both parties Chapter 400 Item 2: A contract falls apart and the buyer and seller are disputing the disposition of the earnest money. The Designated Broker notifies each party, in writing, of the demand of the other party. If the Designated Broker makes a decision about the earnest money disposition, he may not distribute the money until how many days after notifying each party of his decision? - ANSWERNo sooner than 5 business days Chapter 400 Item 3: For how long must the Designated Broker retain rejected offers and counteroffers? - ANSWEROne year from the date of rejection Chapter 400 Item 3: After the conclusion of a transaction, how long must the Designated Broker retain records (other than rejected offers and counteroffers)? - ANSWER3 years Chapter 410 Item 1: As a licensee, your advertising must be done in the name of what? - ANSWERThe agency's trade name