Real Estate Brokerage Agency

• Application/License fee: $100

• 2 Years

General Requirements

• Completed license application

SPECIFIC REQUIREMENTS

Every agency license applicant must:

• Appoint a Maine licensed broker to serve as designated broker.
• Have a fixed and definite place of business.
• Establish and maintain a federally insured trust account in a financial institution authorized to do business in this state.
• Obtain a Federal Employer Identification Number (FEIN) prior to application for a license.
• File a list of officers of the particular business entity that includes the office held and home address of each officer. (Not applicable to Individual Proprietor applicants.)

Other Requirements

• Corporation, Limited Liability Company and Limited Partnership applicants must register with the Maine Secretary of State, Bureau of Corporations prior to application for a real estate agency license. Contact the Bureau at (207) 624-7736 for an application and filing instructions.
• Agencies licensed as a Corporation, Limited Liability Company or Limited Partnership in another state must file with the Maine Secretary of State, Bureau of Corporations as a foreign business entity.

• Biennial renewal fee is $100.00.
• A $50.00 late fee is assessed for licenses renewed within 90 calendar days after the expiration date.

Renewal Requirements/
Process

• A license must be renewed online or by paper application on or (up to 60 days) before the expiration date in order for the licensee to conduct business without interruption.
• A license may be renewed up to ninety (90) calendar days after the expiration date by complying with all requirements for renewal and payment of an additional $50 late fee. No business may be conducted between license expiration and renewal.
• A license cannot be renewed after 90 calendar days. The designated broker must submit application for a new agency.
• Renewal reminders are mailed to agency at least 30 days prior to the license expiration date. It is the designated broker’s responsibility to keep the Commission informed of current contact information and to see that the license is renewed absent the renewal application. Reminder includes agency access code which, along with agency license number, is required for online renewal.

• Fill out the online renewal application
  
  The Department must verify that agency has met all the conditions for renewal before the license is renewed. Online submission of renewal application should not be construed as automatic renewal of the license.

Please Note: By submitting a renewal application in any form by any method, the licensee is certifying that all requirements for renewal have been met prior to submission of the application. Submission of the renewal application also constitutes certification of the licensee's understanding that the Commission will rely upon the information submitted for issuance of a license and that sanctions may be imposed, including suspension or revocation of the license, if the certification is found to be false.