Reference Book for Maine Real Estate Licensees

Reference Book for Maine Real Estate Licensees

Real Estate License Law Commission Rules and Regulations Appraisal Licensing (excerpts) Title 5 Chapter 341 Occupational Disqualification based on

Criminal Record Title 10 Part 9 Department of Professional

and Financial Regulation Office of Professional and Occupational Regulation

Chapter 10, 11, 13 rules

Produced by The Real Estate Learning Group LLC

As of August 13, 2020

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All copyrights and other rights to statutory text are reserved by the State of Maine. The text included in this publication reflects changes made through the First Special Session of the 128th Maine Legislature and is current through August 13, 2020, but is subject to change without notice. It is a version that has not been officially certified by the Secretary of State. Refer to the Maine Revised Statutes Annotated and supplements for certified text.

All information subject to change.

Table of Contents

Maine Revised Statute Title 32, Chapter 114: REAL ESTATE BROKERAGE LICENSE ACT

Subchapter 1. GENERAL PROVISIONS

5

Section 13001.

DEFINITIONS ........................................................................................ 5

Section 13002.

EXCEPTIONS TO BROKERAGE ................................................................. 5

Section 13003.

LICENSE REQUIRED ............................................................................... 5

Section 13004.

CIVIL ACTIONS...................................................................................... 5

Section 13005.

PENALTIES ............................................................................................ 6

Section 13006.

CONFIDENTIALITY................................................................................. 6

Section 13007.

FEES ..................................................................................................... 6

Subchapter 2. COMMISSION Section 13061. Section 13062. Section 13063. Section 13064. Section 13065. Section 13066. Section 13067. Section 13067-A. Section 13068. Section 13069.

6 DECLARATION OF POLICY ...................................................................... 6 REAL ESTATE COMMISSION; ORGANIZATION ......................................... 6 COMPENSATION (REPEALED) ................................................................. 6 SEAL; EVIDENCE; INSPECTION OF RECORDS (REPEALED) ....................... 6 RULES .................................................................................................. 6 HEARINGS (REPEALED) ......................................................................... 7 CAUSES FOR DISCIPLINARY ACTION (REPEALED).................................... 7 DENIAL OR REFUSAL TO RENEW LICENSE; DISCIPLINARY ACTION .......... 7 DECISIONS............................................................................................ 8 DIRECTOR............................................................................................. 8

Subchapter 3. REAL ESTATE BROKERAGE AGENCY

9

Section 13171.

REAL ESTATE BROKERAGE AGENCY ........................................................ 9

Section 13172.

ORIGINAL APPLICATION ........................................................................ 9

Section 13173.

AGENCY LICENSE QUALIFICATIONS........................................................ 9

Section 13174.

LICENSE DENIAL.................................................................................... 9

Section 13175.

AGENCY CHANGES ................................................................................. 9

Section 13176.

TRADE NAMES ..................................................................................... 10

Section 13177.

REAL ESTATE BROKERAGE CONTRACTS (REPEALED) ............................. 10

Section 13177-A.

BROKERAGE AGREEMENTS ................................................................... 10

Section 13178.

TRUST ACCOUNTS ............................................................................... 10

Section 13179.

SUPERVISION OF EMPLOYEES .............................................................. 10

Section 13180.

TERMINATION OF EMPLOYMENT .......................................................... 11

Section 13181.

CONTENTS; DISPLAY ........................................................................... 11

Section 13182.

AGENCY LICENSE RENEWAL ................................................................. 11

Section 13183.

ACTS AUTHORIZED.............................................................................. 11

Section 13184.

REAL ESTATE BROKERAGE RECORDS; RETENTION ................................ 11

Subchapter 4. BROKERS, ASSOCIATE BROKERS, SALES AGENTS AND TIMESHARE AGENTS 11

Section 13191.

GENERAL QUALIFICATIONS.................................................................. 11

Section 13192.

LICENSE DENIAL (REPEALED)............................................................... 12

Section 13193.

NONRESIDENTS................................................................................... 12

Section 13194.

LICENSE RENEWAL .............................................................................. 12

Section 13195.

CHANGES ............................................................................................ 12

Section 13196.

INACTIVE LICENSES ............................................................................ 12

Section 13197.

CONTINUING EDUCATION.................................................................... 13

Section 13198.

REAL ESTATE BROKER ......................................................................... 13

Section 13199.

ASSOCIATE REAL ESTATE BROKER ....................................................... 13

2

Section 13200. Section 13201.

REAL ESTATE SALES AGENT ................................................................. 13 TIMESHARE AGENT (REPEALED) ........................................................... 14

Subchapter 6. OPINIONS OF VALUE

14

Section 13251.

OPINIONS OF VALUE; MOBILE HOMES (REPEALED) ................................ 14

Section 13251-A.

CONFLICT OF INTEREST........................................................................ 14

Subchapter 7. REAL ESTATE BROKERAGE RELATIONSHIPS

14

Section 13271.

DEFINITIONS........................................................................................ 14

Section 13272.

SCOPE OF AGENCY ............................................................................... 15

Section 13273.

SELLER AGENT ..................................................................................... 15

Section 13274.

BUYER AGENT ...................................................................................... 16

Section 13275.

DISCLOSED DUAL AGENT ...................................................................... 17

Section 13276.

INTERPRETATION ................................................................................. 18

Section 13277.

WRITTEN POLICY ................................................................................. 18

Section 13278.

APPOINTED AGENTS WITHIN A FIRM..................................................... 18

Section 13279.

REAL ESTATE BROKERAGE RELATIONSHIP DISCLOSURE REQUIRED ........ 18

Section 13280.

REAL ESTATE COMMISSION RULES ........................................................ 18

Section 13281.

DURATION OF THE RELATIONSHIP ........................................................ 19

Section 13282.

PRESUMPTION ...................................................................................... 19

Section 13283.

TRANSACTION BROKER......................................................................... 19

RULES OF THE MAINE REAL ESTATE COMMISSION

20

Chapter 300.

GENERAL INFORMATION ....................................................................... 20

Chapter 310.

ADVISORY RULINGS.............................................................................. 21

Chapter 340.

COMPLAINTS AND INVESTIGATIONS...................................................... 21

Chapter 350.

ADJUDICATORY HEARINGS.................................................................... 22

Chapter 360.

PREREQUISITES TO LICENSURE BY INDIVIDUALS .................................. 24

Chapter 370.

CONTINUING EDUCATION ..................................................................... 26

Chapter 390.

LICENSING PROCEDURES AND REQUIREMENTS...................................... 29

Chapter 400.

AGENCY/DESIGNATED BROKER RESPONSIBILITIES ................................ 29

Chapter 410.

MINIMUM STANDARDS OF PRACTICE ..................................................... 33

Maine Revised Statute Title 32, Chapter 124: REAL ESTATE APPRAISAL LICENSING AND CERTIFICATION

Subchapter 1. GENERAL PROVISIONS

41

Section 14003.

LICENSE REQUIRED .............................................................................. 41

Section 14004.

EXEMPTION .......................................................................................... 41

Maine Revised Statute Title 5, Chapter 341: OCCUPATIONAL LICENSE DISQUALIFICATION

ON BASIS OF CRIMINAL RECORD

Part 14. OCCUPATIONAL LICENSE DISQUALIFICATION

42

Section 5301.

ELIGIBILITY FOR OCCUPATIONAL LICENSE,

REGISTRATION OR PERMIT.................................................................. 42

Section 5302.

DENIAL, SUSPENSION, REVOCATION OR OTHER DISCIPLINE O4

LICENSEES BECAUSE OF CRIMINAL RECORD ......................................... 42

Section 5303.

TIME LIMIT ON CONSIDERATION OF

PRIOR CRIMINAL CONVICTION ............................................................ 42

Section 5304.

APPEALS............................................................................................... 43

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