A Maine designated broker is found guilty by MREC of commingling client funds with her personal bank account. Under the Maine Real Estate Brokerage Act, which of the following best describes the likely consequence of this violation?
Correct Answer
D) Automatic license suspension pending a hearing, with possible revocation and civil fines
Under 32 M.R.S. § 13218, commingling client funds is a serious violation of the Maine Real Estate Brokerage Act. MREC may suspend the license pending a formal hearing, and following the hearing may revoke the license and impose civil fines. Due process requires a hearing before final disciplinary action, but suspension pending the hearing is permitted.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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