What must each real estate brokerage in Maine have according to licensing law?

Each real estate brokerage in Maine is required by licensing law to have written agency policies. These policies are essential as they outline the responsibilities and obligations of the brokerage and its agents, establish procedures for handling client relationships, and ensure compliance with state regulations. Having documented policies contributes to transparency and helps to maintain professional standards in real estate practices.

Written agency policies serve as a framework for agents to follow, which can be crucial for guiding their interactions with clients and other real estate professionals. This requirement enhances the professionalism of the industry and protects both consumers and agents by ensuring everyone understands their rights and responsibilities.

While having business cards, mentors for agents, and membership in the REALTOR organization can be beneficial for a brokerage, they are not mandated by state licensing laws in the same way that written agency policies are required. This distinction underscores the importance of having structured guidelines that govern brokerage operations and agent conduct in Maine.