Maryland Real Estate: Practice & Law Vocabulary 1 CORRECT 100%
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Course
Maryland Real Estate
Institution
Maryland Real Estate
Licenses salespersons may represent - ANSWER only brokers under whom they are licensed
License certificates issues for salespersons MUST be - ANSWER displayed by their brokers in their brokerage office
Brokers need NOT notify the Commission when - ANSWER changes occur in commission sharing
Maryland Real Estate: Practice & Law
Vocabulary 1 CORRECT 100%
Licenses salespersons may represent - ANSWER only brokers under whom they are licensed
License certificates issues for salespersons MUST be - ANSWER displayed by their brokers in their
brokerage office
Brokers need NOT notify the Commission when - ANSWER changes occur in commission sharing
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. - ANSWER this is a violation of the license law
To be recognized by the IRS as "qualified real estate agents" and thus to receive the advantages of "self-
employed" status, licensees must have - ANSWER a written employment contract with the broker
agreeing to this status
To be recognized by the IRS as "qualified real estate agents" and thus to receive the advantages of "self-
employed" status, licensees must earn - ANSWER the preponderance of all income from the brokerage
form in the form of commissions.
To be recognized by the IRS as "qualified real estate agents" and thus to receive the advantages of "self-
employed" status, licensees must hold - ANSWER a real estate license
individuals found guilty of operating in the real estate business without a license may be fined by -
ANSWER the Commission
, An unlicensed person improperly collecting a real estate commission is guilty of - ANSWER a
misdemeanor
The Commission may revoke the license of any licensee who is found guilty of - ANSWER Bad Faith
License fees are established by - ANSWER the General Assembly by statute.
An act of real estate brokerage that required a real estate brokerage license is - ANSWER a person who
offers to guide friends in the sale of their home, charging a consulting fee of $150
Fees paid for the licenses finally go to the - ANSWER Maryland General Fund
Employees of the Commission - ANSWER include an Executive Director and field inspectors.
When brokers release salespersons, the licenses of the salespersons should be - ANSWER returned to
the Commission by the brokers
The Guaranty Fund protects a buyer from certain financial losses up to - ANSWER $25,000
The Maryland residential real estate licenses are not - ANSWER issued to corporations or associations
The Maryland residential real estate licenses are - ANSWER issued and administered by the Maryland
Real Estate Commission
The holders of Maryland residential real estate licenses are - ANSWER regulated by authority of the
business occupations and professions article of the Maryland Annotated Code.
To deliver real estate brokerage services a licensed real estate salesperson must - ANSWER perform real
estate acts only on behalf of a licensed broker
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