Maine Real Estate Agent License Exam Prep questions with correct answers

Who established the Maine Real Estate Commission (MREC) and when? CORRECT ANSWER The Maine Real Estate Commission (MREC) was established by an Act of the Maine Legislature in 1937. What is the policy/mission of the MREC? CORRECT ANSWER The policy or mission of the MREC is to supervise licensees "in a manner to ensure that they meet standards which will promote public understanding and confidence in the business of real estate brokerage". Section 13061. Who appoints the commissioners? How long do they serve? How does a commissioner become chairman? CORRECT ANSWER Real estate commissioners are appointed by the Governor for 3 year terms. There is no limit to the number of terms commissioners may serve. Once a year, the 6 commissioners elect a chairperson from among themselves. List six tools the MREC uses to supervise licensees CORRECT ANSWER Sets education standards 2. Issues licenses 3. Issues advisory rulings 4. Makes rules 5. Investigates complaints 6. Holds hearings and issues disciplinary action fo