Maine Real Estate License Practice Exam

What must Leo Allster do after being convicted of embezzlement?

1. Report his conviction to the Maine Real Estate Commission within ten days

2. Surrender his real estate license immediately

3. Pay a $2,000 fine to the Maine Real Estate Commission

4. Secure independent errors and omissions insurance to continue to practice in Maine

The correct answer is: Report his conviction to the Maine Real Estate Commission within ten days

After a conviction of embezzlement, Leo Allster is required to report his conviction to the Maine Real Estate Commission within ten days. This requirement is in place to ensure transparency and accountability within the real estate profession, particularly given the serious nature of embezzlement, which involves the misappropriation of funds and breaches the trust foundational to real estate transactions. By notifying the Commission promptly, Leo fulfills his legal obligation and allows for appropriate review and action by the regulatory body regarding his license. While surrendering his real estate license or facing a fine might seem plausible consequences, the immediate action that is mandated post-conviction in this scenario focuses on reporting the matter to the Commission. Fines or license surrender may occur later as part of the disciplinary process, but the obligation to report takes precedence. Additionally, securing independent errors and omissions insurance is not a direct consequence of a criminal conviction but rather a professional practice standard; it does not relate specifically to the legal implications of the conviction itself.