Maine Real Estate License Practice Exam

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Prepare for the Maine Real Estate Exam with comprehensive study materials. Utilize flashcards and multiple-choice questions, each with hints and explanations, to boost your confidence and ace your exam.

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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How much agency money may remain in a trust account to keep it active?

None, commingling of funds is illegal in Maine
Enough to maintain the account with the financial institution
No more than $500
$5,000

The correct answer is: No more than $500

In Maine, the regulations stipulate that the agency funds held in a trust account must not include excessive amounts of money to avoid commingling, which can lead to legal issues. The correct amount that may remain in a trust account to keep it active is capped at no more than $500. This small amount is allowed primarily to cover bank fees or maintain the account, ensuring that the agency remains in compliance with fiduciary responsibilities without infringing upon the regulations against holding excess funds belonging to the agency. Options that imply larger amounts, such as $5,000, would violate the principles of proper trust account management by mixing personal or business funds with client funds. The option indicating commingling is illegal underlines that maintaining a trust account with none of the agency's own funds is also a requisite, reaffirming that only the minimal amount required for account maintenance is permissible.