Maine Real Estate License Practice Exam

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Prepare for the Maine Real Estate License Exam with comprehensive quizzes featuring multiple choice questions, flashcards, hints, and detailed explanations. Be exam-ready!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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The Designated Broker is held responsible for what?

Only the acts of Sales Agents for the first ninety days
The acts of all licensees and employees of the company
Listings and trust accounts only
Only when a licensee is found guilty of fraudulent acts

The correct answer is: The acts of all licensees and employees of the company

The Designated Broker holds a crucial position within a real estate company, functioning as the responsible party for the overall conduct and business operations of the firm. This includes oversight of all licensees and employees associated with the company, ensuring compliance with real estate laws and regulations. This responsibility encompasses managing the actions of Sales Agents, ensuring proper handling of listings, trust accounts, and any other activities conducted under the company's name. The Designated Broker is ultimately accountable for maintaining ethical standards and legal compliance across the board, which is why the role includes the acts of all licensees and employees, not just a select few or limited time frames. Other options, such as focusing on specific periods or narrowing the scope to certain acts, do not capture the full extent of the Designated Broker's responsibilities and therefore are not accurate representations of their role.