Maine Real Estate License Practice Exam

The responsibility for having a written company policy that outlines the type of real estate relationships in which the agency may engage falls upon the designated broker. This individual is typically the person in charge of overseeing the operations of a real estate brokerage and ensuring compliance with state laws and regulations.

The designated broker must create, implement, and maintain policies that govern how the agency conducts its business, including the nature of relationships with clients and customers, such as agency relationships and fiduciary duties. This written policy is important not only for legal compliance but also for providing transparency to clients about the agency's practices.

While other roles within a brokerage, like an office manager or associate broker, may assist with aspects of operations, the designated broker carries the ultimate responsibility for ensuring that the brokerage adheres to state regulations and ethical standards, including having the necessary documentation concerning agency relationships.