Maine License Law
A Maine real estate agent who is paid a referral fee must:
AReport the referral fee to MREC
BDisclose the referral fee to their client✓ Correct
CUse the fee to offset their commission
DRefuse referral fees as prohibited by Maine law
Explanation
Maine licensees who receive referral fees must disclose this compensation to their client. Undisclosed compensation is a violation of the agent's fiduciary duty.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Math Concepts
State-Specific Concepts
License Law
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