Maine License Law
A Maine broker who accepts an 'advance fee' from a seller before the property sells must:
AImmediately deposit it in their personal account
BPlace it in a trust account and account for it properly, with any unearned portion refundable✓ Correct
CApply it directly to the listing expenses
DReport it to the MREC as special compensation
Explanation
Any advance fees received from clients must be held in trust until earned. Unearned portions must be refunded. All advance fees must be properly accounted for under Maine license law.
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