Maine Real Estate Agent License Exam Prep

Who established the Maine Real Estate Commission (MREC) and when? - 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? - 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? - 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 - Answer- Sets education standards 2. Issues licenses 3. Issues advisory rulings 4. Makes rules 5. Investigates complaints 6. Holds hearings and issues disciplinary action for transactions What are the personal qualifications for getting a Maine real estate license? - Answer- Age 18+ High school education or equivalent A residence (not necessarily Maine) Reputation for honesty and fair dealing and competency (Section 13191) Criminal background checks What are the three different licenses issued to people to practice real estate in Maine? - Answer- Sales Agent, Associate Broker, Broker What are the professional criteria for getting a Sales Agent's license? - Answer- Complete the Sales Agents Course with a grade of 75 or better Pass the state exam with a grade of 75 or better Join a real estate company whose Designated Broker (DB) will supervise the SA's work How long is a Sales Agent's license valid? - Answer- Two years How does a sales agent become an Associate Broker? - Answer- Pass the Associate Broker Course with a grade of 75+ Complete the Documented Field Experience Form How long is an Associate Broker license valid? - Answer- For the remainder of the lic