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CE Shop Exam Prep
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Exam of 13 pages for the course CE Shop at CE Shop (CE Shop Exam Prep)
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CE SHOP EXAM PREP WITHC
COMPLETE SOLUTION
Maryland Real Estate Commission (MREC) license law violation penalties - License law violators may
incur penalties of $5,000 for the first violation, $15,000 for the second violation and up to $25,000 per
violation after three or more violations.
In order to qualify as one of the four appointed consumer members of the Maryland Real Estate
Commission, how many years of experience must you have as a real estate licensee? - Zero - Consumer
members of the MREC board are not licensees.
The Maryland Real Estate Commission meets - once a month (12 times per year).
The Maryland Real Estate Commission is made up of - 9 members; 5 agents and 4 non agents
The Maryland Real Estate Commission (MREC) can summarily suspend a license if the licensee is -
Convicted of a felony, or if the licensee fails to: promptly account for trust funds, provide trust fund
records, or disclose to the commission that the licensee has been convicted of a felony.
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? - 10
The Maryland Real Estate Commission creates several hearing panels consisting of how many members
each? - 3
An administrative law judge presided over Sabine's misconduct hearing. Sabine presented several
documents indicating she was an excellent licensee, including notarized statements from three of her
clients. However, the ALJ found evidence of misconduct and recommended that Sabine be required to
take an additional three hours of CE in ethics. What happens next? - The MREC hearing panel decides
whether or not to accept the ALJ's recommendation.
Once an ALJ makes a recommendation, the hearing panel decides whether or not to accept it. If the
hearing panel upholds the decision, Sabine may appeal.
Members of the Maryland Real Estate Commission serve terms of how many years? - 4
What is the maximum amount a claimant can receive from the Guaranty Fund for a single transaction? -
$50,000.00
Dante lives in Maryland and purchased property in Pennsylvania. His real estate agent lied to him about
a material defect, and it ended up costing Dante $52,000. Can Dante file a claim against the Guaranty
Fund? - No, the property purchased was in Pennsylvania.
, Dante cannot file a claim against the Guaranty Fund because his property is located in Pennsylvania. All
claims against the Guaranty Fund must be related to real estate located in Maryland.
Land - Property which includes the surface of the earth, down to the center of the earth and upward
infinitely into space; it also includes any items permanently attached to the land, such as trees and water
Ex. Land may be improved (with buildings or other permanent structures) or unimproved (vacant).
Real Estate - Land, plus all things permanently attached to it, naturally or artificially
Ex. When you are a practicing licensee, we hope you sell a lot of real estate!
Real Property - Real estate, plus the interest, benefits and rights included with ownership
Ex. Real property can be segmented into a bundle of rights, with each right sold separately, to different
owners.
Improvements - Anything added to the land which benefits the land, such as a building, driveway, etc.
Ex. Vacant land increases in value when improvements are added.
What is Personal Property - Everything owned that is not real property, also known as chattel.
Generally speaking, if the item is permanently attached, it becomes real property. Otherwise, it's
personal property, also called chattel (one of the vocabulary words you'll need to know). Personal
property typically includes things like furniture, fixtures, machinery, or tools.
Property Ownership and the "Bundle of Rights" - Possession, Control, Exclusion, Enjoyment, Disposition
The right of possession (the property is owned and may be possessed by the title holder)
The right of control (the owner controls the use of the property)
The right of exclusion (the right to decide who may or may not access the property)
The right of enjoyment (the ability of the owner to use the property in any legal manner)
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