Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
039 - REAL ESTATE COMMISSION
Chapter 400 - AGENCY/DESIGNATED BROKER RESPONSIBILITIES
Section 039-400-1 - Responsibilities of Designated Broker

Universal Citation: 02 ME Code Rules ยง 039-400-1

Current through 2024-38, September 18, 2024

1. Generally

The designated broker shall supervise the activities of affiliated licensees, the activities of unlicensed persons affiliated with the real estate brokerage agency and the operation of the real estate brokerage agency. The supervision includes, at a minimum, the establishment of policies and procedures that enable the designated broker to review, manage and oversee the following:

A. The real estate transactions performed by an affiliated licensee;

B. Documents that may have a material effect upon the rights or obligations of a party to a real estate transaction;

C. The filing, storage and maintenance of such documents;

D. The handling of money received by the real estate brokerage agency for the parties to a real estate transaction;

E. The advertising of any service for which a real estate license is required;

F. The familiarization by the affiliated licensee with the requirements of federal and state law governing real estate transactions; and

G. The dissemination, in a timely manner, to affiliated licensees of all regulatory information received by the real estate brokerage agency pertaining to the practice of real estate brokerage.

H. The registration of any domain name for a web site in order to promote real estate brokerage services or the sale or purchase of real estate through the agency; and

I. The development or uploading to the internet of a web site that promotes real estate brokerage services or the sale or purchase of real estate through the agency.

2. Monitoring Compliance

The designated broker shall establish a system for monitoring compliance with such policies, rules, procedures and systems, that includes regular meetings with affiliated licensees, company policy manuals, training programs and materials and availability of designated broker to assist and advise.

3. Delegation

The designated broker may designate another person to assist in administering the provisions of the Commission's rules. However, the designated broker does not relinquish overall responsibility for the supervision of affiliated licensees and unlicensed persons affiliated with the real estate brokerage agency.

4. Company Policy

The designated broker shall have a written company policy that identifies and describes the types of real estate brokerage relationships in which the real estate brokerage agency may engage. In addition, the company policy must also include the procedures intended to prevent any mishandling of information through both formal and informal sharing of information within the real estate brokerage agency, the arrangement of agency office space and the personal relationships of affiliated licensees who are representing buyers and sellers with adverse interests.

5. Review of Sales Agent Documents

The designated broker, at a minimum, shall review and initial, as soon as possible, all contracts, property data sheets, disclosure forms, market analyses and other relevant information prepared by a sales agent for buyers and sellers during the first 90 days of the licensing of the sales agent with the real estate brokerage agency. The requirements of this Section are not intended to affect the validity of a contract.

Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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