Exam (elaborations)
Ce shop Final Exam with correct Answers
- Course
- Institution
Ce shop Final Exam with correct Answers
[Show more]
Content preview
Ce shop Final Exam with correctAnswers
Blaire apparently hasn't learned her lesson. She paid a $5,000 penalty when MREC
found her guilty of misrepresentation, a $10,000 penalty when she was found guilty of
placing a for sale sign in someone's yard without permission, and now she's committed
three more violations by placing a series of discriminatory ads. What's the maximum
penalty MREC can levy for these new violations? - Answer -75,000
Which of these parties WOULD need a real estate license in Maryland? - Answer -
Marsha, an attorney who is selling a client's home, as this is something she typically
does as part of her practice
New Maryland licensees pay a fee into the Guaranty Fund to help maintain it. What is
the amount of the fee? - Answer -$20
DeShawn has been licensed as a salesperson in Maryland for 18 months. Which of the
following statements is true about his upcoming license renewal? - Answer -The
commission will send DeShawn a renewal reminder at least 60 days before his license's
expiration date.
Who presides over a Maryland Real Estate Commission hearing? - Answer -An
administrative law judge
In order to qualify as one of the five real estate professional members of the Maryland
Real Estate Commission board, how many years of real estate experience must you
have? - Answer -10
Damon lives in Frederick but is affiliated with a broker in downtown Baltimore. He'd like
to affiliate with a broker closer to home but doesn't want to sever his relationship with
his current broker. What needs to happen in order for Damon to be able to work for both
brokerages? - Answer -Both brokers need to send a letter to the commission stating
their approval of the arrangement and that there is no conflict of interest.
Tiara's Maryland salesperson's license is going to expire next week if she doesn't
complete all of the required continuing education hours. She's completed three hours of
agency, three hours of legislative updates, 1.5 hours of fair housing, and three hours of
electives. What other coursework does she need to complete in order to renew her
,license? - Answer -Three hours of ethics (including professionalism) and 1.5 more hours
of electives
In addition to your name, what must be included in any advertising? - Answer -
Designated name of your brokerage firm
Kent's seller client's home just went under contract on Tuesday. Just as he's hanging
the "under contract" sign in the yard, he gets an email alert from a different buyer's
agent with a new offer attached. What should Kent do with the offer? - Answer -Present
it to his client.
Ben and Leslie received their finalized purchase contract on April 10, just moments after
the sellers put their final signatures on it. Ben and Leslie decided that since the home
they're buying was built in 1920, they'd like to have it inspected for lead-based paint.
When is the latest that the couple can have the inspection performed if they want to be
able to back out of the contract? - Answer -April 20
Which of the following does NOT qualify as a ministerial act under Maryland law? -
Answer -Offering earnest money deposit advice
Which of the following is NOT a penalty that the Maryland Real Estate Commission may
impose upon a licensee who violated the Maryland Code of Ethics? - Answer -Jail time
For sale signs on ground rent properties that show the price of the property must also
state which of the following? - Answer -Annual ground rent plus the full cost of
capitalization
Shelby listed her seller client's condo on April 4. It went under contract May 16. That
contract fell through on May 29. The listing agreement expired on July 4, with no other
offers or contracts. On what date does the five-year record-retention clock start ticking?
- Answer -July 4
Jerry is a new licensee and he's excited to be creating some advertising. When he does
this, what must he remember about including his brokerage's designated name in his
advertising? - Answer -The brokerage's designated business name must be
meaningfully and conspicuously present.
Fresh out of community college and newly licensed as a real estate salesperson, Ben
just took on a short sale as his first listing. Ben told his broker, Janine, that he could
handle the transaction and had just advised his seller client that he could do it with
minimal damage to the client's credit rating. Janine immediately took Ben off the listing
and assigned it to a more experienced licensee. Why? - Answer -By predicting the
seller's credit rating outcome, Ben crossed the line into giving advice that requires
additional licensure.
, You're a real estate licensee in Maryland. You're walking through a property with a new
seller client. The seller tells you that the property is serviced by the public sewer
system, but when walking up the drive you noticed the access hatch for a septic system.
What should you do? - Answer -Inquire about the homeowner's claim to ensure the
property really is on public sewer.
Jason has completed 60 hours of Maryland pre-licensing real estate education, met the
minimum requirements, and passed his licensing examination. What else does he need
in order to receive an active license when applying for licensure? - Answer -Affiliation
with a supervising broker
Which of these payment structures is illegal in Maryland? - Answer -Dean, an
unlicensed assistant, is paid an extra $50 each time he takes clients on a showing on a
licensee's behalf.
The Guaranty Fund paid a consumer's $15,000 claim because of licensee Ben's
negligence. Ben is breaking the news to his broker. How's his broker likely to respond? -
Answer -"Well, since this means your license is suspended, we'll see you back at the
office when you reimburse the fund."
Which of the following statements about counter-offers is true? - Answer -Once a
counter-offer has been made, the prior offer is cancelled.
Ned is a Maryland listing agent who has learned of a material fact related to the
transaction. To whom and when must he disclose this information? - Answer -To all
parties as soon as possible
Salesperson Katie represents seller Suzie in a transaction. Bob and Janine are buying
Suzie's home, and they're not represented. To whom does Katie need to disclose her
agency relationship using the Understanding Whom Real Estate Agents Represent
form? - Answer -Bob and Janine only
In Maryland, you could be fined up to $1,000 per solicitation if you use this method to
advertise and a prior business relationship does not exist. - Answer -Fax machine
Jim's had one heck of a time getting his latest listing sold. His seller client nitpicked
every single item that the buyers asked her to repair after the home inspection. She was
about to let the deal fall through over it until Jim offered to rebate 0.5% of his
commission back to the seller. Does Maryland license law permit Jim to do this? -
Answer -Yes, as long as he documents the commission reduction in writing and
discloses it to all parties.
Which of the following statements about latent defects is true? - Answer -Any party to a
real estate sales transaction who has knowledge of latent defects must disclose them.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now