Property Ownership
Maine's 'Uniform Disposition of Unclaimed Property Act' requires that abandoned property held by real estate brokers be:
AReturned to the last known client after 2 years
BReported and remitted to the Maine State Treasurer after the applicable dormancy period✓ Correct
CRetained in trust indefinitely
DDonated to local charities
Explanation
Unclaimed property held by real estate brokers (such as uncashed checks or abandoned escrow funds) must be reported and remitted to the Maine State Treasurer after the applicable dormancy period under Maine's unclaimed property laws.
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