Maine Revised Statutes Title 32 Sec. 13280 – Real Estate Commission rules
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The commission shall adopt rules setting forth criteria necessary to the implementation of this subchapter. The rules must include, but are not limited to, the following: [PL 1993, c. 679, §1 (NEW).]
1. Disclosure. Those aspects of the services of a real estate brokerage agency and its affiliated licensees that must be disclosed to a client; and
[PL 1993, c. 679, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 13280
- agency: means any person or entity engaged in real estate brokerage services through its designated broker, associates or employees and licensed by the commission as a real estate brokerage agency. See Maine Revised Statutes Title 32 Sec. 13171
- Client: means a person who has entered into a written brokerage agreement with a real estate brokerage agency that has agreed to represent that person and be bound by the duties set forth in section 13272 on behalf of that person. See Maine Revised Statutes Title 32 Sec. 13271
- Commission: means the Real Estate Commission. See Maine Revised Statutes Title 32 Sec. 13001
- Real estate: means all estates and lesser interests in land and an existing business if real estate is a part of the business. See Maine Revised Statutes Title 32 Sec. 13001
- Real estate brokerage: means a single instance of offering, attempting to conduct or conducting services on behalf of another for compensation, or with the expectation of receiving compensation, calculated to result in the transfer of an interest in real estate. See Maine Revised Statutes Title 32 Sec. 13001
- Real estate brokerage agency: means a person or entity providing real estate brokerage services through that person's designated broker, affiliated licensees, associates or employees and licensed by the commission as a real estate brokerage agency. See Maine Revised Statutes Title 32 Sec. 13271
- Undisclosed dual agent: means a real estate brokerage agency representing 2 or more clients whose interests are adverse in the same transaction without the knowledge and informed consent of the clients. See Maine Revised Statutes Title 32 Sec. 13271
2. Handling of information. Procedures to be followed by a real estate brokerage agency and its affiliated licensees to prevent the mishandling of information and undisclosed dual agency in the representation of clients. In adopting these rules, the commission shall consider the formal and informal sharing of information within a real estate brokerage agency, the arrangement of real estate brokerage agency office space, the relationships of affiliated licensees within a real estate brokerage agency who are representing clients with adverse interests and means of avoiding client representation by an undisclosed dual agent. The commission shall review the professional responsibility rules and practices of the legal profession with regard to conflict of interest in considering the adoption of rules under this subsection.
[PL 1993, c. 679, §1 (NEW).]
SECTION HISTORY
PL 1993, c. 679, §1 (NEW).