Maine Real Estate License Practice Exam

What must a designated broker do with all disclosure forms prepared by a sales agent within the first 90 days?

1. File them with the Real Estate Commission

2. Review and initial them

3. Do nothing; they are not involved

4. Have a notary public witness them

The correct answer is: Review and initial them

The correct action for a designated broker regarding disclosure forms prepared by a sales agent within the first 90 days is to review and initial them. This process ensures that the designated broker is aware of the disclosures being made and can maintain oversight of the transactions their agents are involved in. By reviewing the forms, the broker can ascertain that the necessary information has been correctly disclosed and that it complies with legal and ethical standards. Additionally, initialing the forms serves as a formal acknowledgment that the broker has examined the documents, which is critical in maintaining transparent and compliant practices within the brokerage. In this context, the other options do not align with the established requirements. While filing the forms with the Real Estate Commission may be necessary at other times or for different documents, it is not a mandated step within the first 90 days for these specific forms. There isn’t a stipulation that the designated broker is exempt from involvement during this period; oversight is essential to ensure proper compliance with regulations. Requiring a notary public to witness the forms would also not be a standard procedure in this scenario, as notary requirements are typically dictated by specific legal needs rather than standard brokerage processes.