Terms Used In Maine Revised Statutes > Title 32 > Chapter 114 > Subchapter 7 - Real Estate Brokerage Relationships

• Affiliated licensee: means a licensee who is authorized to engage in brokerage activity by and on behalf of a real estate brokerage agency. See Maine Revised Statutes Title 32 Sec. 13271
• 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
• Appointed agent: means that affiliated licensee who is appointed by the designated broker of the affiliated licensee's real estate brokerage agency to act solely for a client of that real estate brokerage agency to the exclusion of other affiliated licensees of that real estate brokerage agency. See Maine Revised Statutes Title 32 Sec. 13271
• Brokerage agreement: means a contract that establishes the relationships between the parties and the brokerage services to be performed. See Maine Revised Statutes Title 32 Sec. 13271
• Buyer agent: means a real estate brokerage agency that has entered into a written brokerage agreement with the buyer in a real estate transaction to represent the buyer as its client. See Maine Revised Statutes Title 32 Sec. 13271
• 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
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Contract: A legal written agreement that becomes binding when signed.
• Designated broker: means a broker designated by a real estate brokerage agency to act for the real estate brokerage agency in the conduct of real estate brokerage. See Maine Revised Statutes Title 32 Sec. 13271
• Disclosed dual agent: means a real estate brokerage agency representing 2 or more clients whose interests are adverse in the same transaction with the knowledge and informed consent of the clients. See Maine Revised Statutes Title 32 Sec. 13271
• Fiduciary: A trustee, executor, or administrator.
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• Material fact: means a fact that relates to the transaction and is so substantial and important as to influence the client to whom it is imparted. See Maine Revised Statutes Title 32 Sec. 13271
• Ministerial acts: means those acts that a real estate brokerage agency performs for a person who is not a client and that are informative or clerical in nature and do not rise to the level of active representation on behalf of the person. See Maine Revised Statutes Title 32 Sec. 13271
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Seller agent: means a real estate brokerage agency that has entered into a written brokerage agreement with the seller in a real estate transaction to represent the seller as the real estate brokerage agency's client. See Maine Revised Statutes Title 32 Sec. 13271
• Subagent: means a real estate brokerage agency engaged by another real estate brokerage agency to perform brokerage tasks for a client. See Maine Revised Statutes Title 32 Sec. 13271
• Transaction broker: means a real estate brokerage agency that provides real estate brokerage services to one or more parties in a real estate transaction without a fiduciary relationship as a buyer agent, a seller agent, a subagent or a disclosed dual agent. 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