Maine Real Estate License Practice Exam

For practicing Disclosed Dual Agency, what is one requirement the licensee must meet?

1. The agent must have completed specific training

2. Buyer and seller must get together for a meeting

3. Work for a company with a relevant written policy

4. Must have at least three years of experience

The correct answer is: Work for a company with a relevant written policy

In the context of practicing Disclosed Dual Agency, one key requirement for a licensee is that they must work for a company with a relevant written policy. Disclosed dual agency occurs when a single agent represents both the buyer and the seller in a transaction. To ensure transparency and compliance with regulations, the agency must have established policies that outline how dual agency will be handled, including how conflicts of interest will be managed and how the agent will maintain fiduciary duties to both parties. This written policy is critical as it protects all parties involved and establishes the framework under which the dual agency operates, ensuring that both the buyer and seller are informed of the agent's role and responsibilities. While training and experience can be important aspects of a real estate agent's qualifications, the necessity of having a written policy from the agency specifically addresses the regulatory requirements for dual agency situations, making it a crucial element for practice in this area.