Maine License Law
In Maine, when does a real estate transaction create an obligation for a licensee to maintain records?
AOnly when the transaction closes
BFrom the time the licensee is retained, through the transaction, and for the required retention period after✓ Correct
COnly when the seller or buyer requests documentation
DOnly for transactions over $500,000
Explanation
Maine requires licensees to maintain transaction records from the beginning of their involvement through the end of the retention period (at least 3 years after the transaction closes), ensuring all relevant documents are available if needed.
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