Maine License Law
A Maine broker who learns that one of their agents is conducting unlicensed commercial mortgage brokerage activity on the side has an obligation to:
AIgnore it as long as it doesn't affect the brokerage's real estate business
BAddress the issue, potentially discipline the agent, and report to appropriate authorities if warranted✓ Correct
CAllow it as additional income for the agent
DReport only if a client complains
Explanation
Designated brokers are responsible for supervising their agents. If an agent engages in regulated activity without proper licensure, the broker must address it, potentially terminate the relationship, and report to appropriate regulators.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
State-Specific Concepts
DRE Regulation
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