Maryland Real Estate: Practice & Law Vocabulary 1 Verified Answers

Maryland Real Estate: Practice & Law Vocabulary 1 Verified Answers A license to provide residential real estate brokerage services can be issued only to a(n) ️indiviudal a person is required to hold a valid real estate license if they act as ️an attorney-in-fact acting under one power of attorney in the sale of several properties A salesperson license issued by the Commission on November 1 will expire ️two years from the date of issue Ads Placed by licensees seeking buyers for a listed property MUST include the ️designated name of the broker & telephone number An act of real estate brokerage that required a real estate brokerage license is ️a person who offers to guide friends in the sale of their home, charging a consulting fee of $150 An unlicensed person improperly collecting a real estate commission is guilty of ️a misdemeanor As a licensed salesperson, you receive a lead from a friend who is not a real estate licensee. You split your commission with your friend. ️this is a violation of the license law Blanket Loan ️A mortgage covering more than one parcel of real estate, providing for each parcel's partial release from the mortgage lien upon repayment of a definite portion of the debt. Blockbusting ️a misdemeanor in maryland Brokers need NOT notify the Commission when ️changes occur in commission sharing Buydown ️A financing technique used to reduce the monthly payments for the first few years of a loan. Points are given to the lender by the builder or seller resulting in reducing the monthly payments for a set time. Certificate of Reasonable Value (CRV) ️A form indicating the appraised value of a property being financed with a VA loan. Community Reinvestment Act of 1977 (CRA) ️Under the act, which was revised most recently in 2008, financial institutions are expected to meet the deposit and credit needs of their communities; participate ad invest in local community development and rehabilitation projects; and participate in loan programs for housing, small businesses, and small farms.