Marcus holds a Maine associate broker license and has been actively practicing real estate for three years. He now wants to upgrade to a broker license. Under the Maine Real Estate Brokerage Act, which of the following is a requirement Marcus must meet before the Maine Real Estate Commission will issue him a broker license?
Correct Answer
C) Accumulate the required experience as a licensed associate broker and complete the required broker-level education
Under the Maine Real Estate Brokerage Act (32 M.R.S. § 13051 et seq.), upgrading from associate broker to broker requires the applicant to meet MREC-specified experience requirements as a licensed associate broker and complete the required broker-level education courses approved by the Commission. Both the experience component and the education component must be satisfied.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
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.
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