Maine Real Estate Practice Questions & Answers 100% Correct!!

Who supervises the activities of affiliated licensees, the activities of the unlicensed persons affiliated with the agency (for example, the administrative staff), and the operation of the agency? - ANSWERThe Designated Broker Designated Broker - ANSWERSupervises activities of affliated licensees, the activities of unlicensed persons affiliated with the agency, (for exampke, the administrative staff), and the operation of the agency. 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. When must earnest money be deposited into the agency's trust account? - ANSWERWithin 5 business days of acceptance of the offer. How much of the agency's money may be in the trust account in order to keep the account open? - ANSWERNo more than $500. 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. 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 of notifying each party of his decision? - ANSWERNo sooner than 5 business days. For how long must the designated broker retain rejected offers or counter-offers? - ANSWEROne year from the date of rejection. (1 YEAR) After the conclusion of a transaction, how long must the designated broker retain records (other than rejected offers and counteroffers)? - ANSWER3 YEARS As a licensee, your advertising must be done in the name of what? - ANSWERThe agency's trade name