Maine License Law
A Maine real estate license is considered 'personal property' of the licensee in the sense that:
AIt can be sold or transferred to another person
BIt belongs to the individual licensee, not the employing broker✓ Correct
CIt has a fixed monetary value set by the MREC
DIt can be inherited by the licensee's children
Explanation
A real estate license belongs to the individual licensee, not the employing broker. When a licensee changes brokers, they take their license with them (after completing the transfer process with the MREC).
Related Maine Maine License Law Questions
- In Maine, which of the following persons is generally exempt from needing a real estate license?
- Maine's Title 32 MRSA Chapter 114 governs real estate licensing. Who enforces compliance with these statutes?
- A Maine real estate licensee who is also a licensed mortgage broker must disclose this dual role to:
- Maine license law's requirement that all funds held in trust be promptly deposited means:
- A Maine real estate company that is organized as a limited liability company (LLC) must have a designated broker who:
- In Maine, a licensee who represents the seller in a transaction where the buyer is unrepresented owes the unrepresented buyer:
- Maine reciprocity agreements allow licensed real estate agents from which states to obtain a Maine license more easily?
- Maine license law requires that a 'team name' used by real estate agents within a brokerage:
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