Maine Real Estate Law TRELG Course | Questions with 100% Correct Answers | Verified | Latest Update 2024

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? - 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? - Yes What are the maximum penalties that the Maine Real Estate Commission may impose for violating real estate license law? - $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? - 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? - No. A licensee may not be disciplined for innocent misrepresentation. In addition to fines up to $2000 per violation, suspension or revocation of license, what other penalties might the commission impose? - Reprimand, require the person to comply with terms and conditions and report findings to Attorney General