How to Become a Real Estate Agent in Maine

To become a real estate agent in Maine, you must satisfy all the requirements set by the Maine Real Estate Commission which includes completing the required education in an approved real estate school.

One requirement that is different from other states is that the Maine license application requires 3 references who have known the applicant for at least 1 year, are not related to the applicant and who can attest to the applicant's good character and reputation. The signatures from the 3 references MUST be notarized.


Here's what you need to know to become a real estate agent in Maine:
1) Licensing Requirements
2) License Renewal and Continuing Education Requirements
3) What is a REALTOR®?
4) Show me the money!
5) Real Estate Schools


How to Become a Real Estate Agent in Maine

1) Real Estate Agent Licensing Requirements in Maine
You MUST be licensed by the Maine Real Estate Commission in order to be a real estate agent in Maine.

To obtain your Rhode Island real estate license so that you can practice as a real estate agent in Maine, you must:

i) Satisfy the minimum requirements requirements to apply for the real estate license:

            Option A:

             Option B:

2) License Renewal and Continuing Education Requirements

The Rhode Island real estate salesperson license is valid for 2 years and is NOT renewable.

You'll have to apply for an Associate Broker's license to continue working as a real estate agent in Maine.

 

3) What is a REALTOR®?

A real estate agent is a REALTOR® when he or she pays an annual fee to be a member of the National Association of REALTORS® and subscribe to its Code of Ethics.

The agent generally join through the local board or association.

For example, in Bangor, ME, once you have obtain your real estate license, you may pay a fee to join the Bangor Board of REALTORS®.

Or in Portland, ME, you could join the Portland Board of  REALTORS®.

Joining these local boards will make you a member of the Maine Association of REALTORS® and the National Association of REALTORS®.

All REALTORS® are real estate agents but not all real estate agents are REALTORS®.

 


4) Show me the money!
Real estate agents are generally paid based on a percentage of the sales price. The seller may pay 4 to 7% of the sales price as the fee and that will usually be split 50/50 between the seller and buyer's broker.

In Maine, the March 2005 median home price is approximately $187,000. Assume that the fee is 6%, the buyer's and seller's broker is each paid 3% or $5610.

This fee is then split further between the broker and agent. Generally, for starting agents, the split is 50/50. So in this case, the agent will end up receiving $2805 for the transaction.

There is no limit as to how much an agent can make in a year - the sky's the limit.

Based on Maine's median home price and the above example, a real estate agent in Maine can make about $28,050/year by selling 10 houses a year. By selling one house per week, the real estate agent in Maine will have a salary of $145,860!


4) Real Estate Schools

The first step to becoming a real estate agent in Maine is to take the required classes at an approved real estate school. School status may change so it is best to call the Maine Real Estate Commission at 207.624.8515 prior to signing up for a class.

Below are real estate schools in Maine that are currently approved by the Maine Real Estate Commission.

Real Estate Schools in Portland, ME::

Andover College Portland  693-4715 
Arthur Gary School of Real Estate   Portland  856-1712
Center for Real Estate Education, USM Portland  800-800-4876
Coldwell Banker Real Estate School  Portland  775-6055 
Southern Maine Community College So  Portland 767-9529 

 

Real Estate Schools in Bangor, ME:

Eastern Maine Community College  Bangor  941-4609 
United Technology Center  Bangor  942-5296