Maine Real Estate License Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

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!

Practice this question and more.

What document must be kept updated by the Designated Broker regarding agency relationships?

Employee handbooks
Written company policy
Training manuals
Financial records

The correct answer is: Written company policy

The correct choice is the written company policy. This document is crucial as it outlines the agency relationships and establishes the guidelines for how agents within the brokerage should operate. It provides clarity and direction regarding the obligations and responsibilities of agents towards their clients and other stakeholders, ensuring that all employees understand their roles in maintaining those agency relationships. Keeping the written company policy updated is vital because it reflects any changes in laws, regulations, or organizational practices, ensuring compliance and protecting both the brokerage and its agents. An updated policy helps in managing risks associated with agency relationships and can serve as a training resource for new and existing employees. While employee handbooks, training manuals, and financial records serve important purposes within a brokerage, they do not specifically govern agency relationships. Employee handbooks focus on employee rights and company expectations, training manuals are primarily for skill development, and financial records concern the financial health of the business, rather than the specifics of agency relationships.