Exercise on Maine Real Estate License Laws TRELG 2023/2024

Exercise on Maine Real Estate License Laws TRELGYou 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 Andrew? - 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 Susan is applying today for a Maine sales agent license. Five years ago, Susan's massage therapist license was denied because she misused a client's credit card. May the Maine Real Estate Commission consider the denial of the massage therapist license when deciding whether or not to grant a real estate license to Susan? - correct answer No. There is a 3 year look back is for an application rejected for untrustworthiness. (There is no limit on the look back period for a suspension or revocation.) In addition to fines up to $2000 per violation, suspension or revocation of license, what other penalties might the commission impose? - correct answer Reprimand, require person to comply with terms and conditions, report findings to Attorney General The Director concludes an investigation into wrongdoing by licensee Roberta. What three actions may the Director take? - correct answer Dismiss, execute a consent agreement, issue a petition for a hearing Marcus has the great idea to establish a real estate brokerage agency that only has an internet presence - no "bricks and mortar" location. Is this allowed? - correct answer No, an agency must have a fixed and definite place of business. The Remarkable Real Estate Company is expanding to two new locations that it will advertise as its branch offices. Does each branch office need a license? - correct answer Yes, they must be licensed as branch offices. Michelle was convicted of embezzlement of clients' funds when she worked in an accounting office. Is she allowed to own a real estate brokerage agency? - correct answer Probably not. Owners or officials may not have been convicted of any Class A, B or C crime or any crime which bears directly on the practice of real estate. Justine wants to open a real estate brokerage agency and call it ReMacks. Do you think she will be able to do this? - correct answer No as this name is too similar to ReMax. What 5 items must be included in a written brokerage agreement? - correct answer Signature of client being charged, terms and conditions, method/amount of compensation, expiration date, statement that this creates an agency-client relationship For a maximum of how many months may a brokerage agreement carry over? - correct answer 6 months unless client subsequently lists with another agency What may be deposited in a trust account? - correct answer Earnest money deposits and all other money held by it as an agency in which its clients or other persons have an interest What words must be on a check drawn from the trust account? - correct answer Name of the agency, and "real estate trust account" Broker Joe fires licensee Eduardo. What is Joe required to do with Eduardo's license? - correct answer Immediately deliver it to the commission Which license must be conspicuously displayed at the agency's place of business? - correct answer The agency license