Robert passed his Maine real estate exam and received his associate broker license. He then moved to New Hampshire and began working for a New Hampshire brokerage without notifying MREC or transferring his Maine license. Six months later, he wants to refer a Maine client to a Maine brokerage and collect a referral fee. Under Maine license law, which of the following is most accurate regarding Robert's ability to collect this referral fee?
Correct Answer
D) Robert may not collect the referral fee because accepting compensation for real estate referrals in Maine requires an active Maine real estate license
Under 32 M.R.S. § 13001 and § 13071, receiving compensation for real estate referral activities connected to Maine transactions requires an active Maine real estate license. If Robert's Maine license has lapsed or become inactive due to his failure to notify MREC and affiliate with a Maine designated broker, he cannot lawfully collect a referral fee from a Maine brokerage.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
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