Real Estate Exam Prep COMPLETE QUESTIONS & SOLUTIONS(GRADED A)
4 views 0 purchase
Course
Maryland Real Estate
Institution
Maryland Real Estate
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 ...
Real Estate Exam Prep COMPLETE
QUESTIONS & SOLUTIONS(GRADED A)
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
Continuing Education Hours - ANSWER Salespersons are required to complete 15 hours of continuing
education (CE) during every two-year renewal period, consisting of:
3 hours each of legislative updates, agency, and ethics (including professionalism)
1.5 hours of fair housing
4.5 hours of electives.
Paulo failed to disclose a leaking roof to his buyer client, and a few soggy months later, MREC found him
guilty of his second license law violation in three years. What's a likely civil penalty the commission will
levy against him? - ANSWER $15,000
License law violators penalties: - ANSWER $5,000 for the first violation
$15,000 for the second
up to $25,000 per violation after three or more violations.
Shaina has hired Jerry to assist her with finding a new home, and just found out that his real estate
license was revoked. Where can Shaina go to file a complaint against Jerry? - ANSWER Maryland Real
Estate Commission website
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.
, License Renewal - ANSWER
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.
New Maryland licensees pay a fee into the Guaranty Fund to help maintain it. What is the amount of the
fee? - ANSWER New licensees pay a one-time fee of $20 into the fund, whether the licensee is a
salesperson or a broker.
Guaranty Fund - ANSWER
Seo-yun completed all of her Maryland salesperson licensure requirements and submitted her
documentation and licensing fees to the commission. A few days later, her broker presented her with her
new license. What's wrong with this scenario? - ANSWER The license should've also come with a pocket
card.
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
Maryland Real Estate Commission Board - ANSWER
Which document is used to obtain a client's consent to dual agency representation in Maryland? -
ANSWER The Consent for Dual Agency form is used to obtain a client's consent to dual agency
representation.
Broker Zeke is busy and doesn't have time to go to the bank, so he deposits his client's earnest money
funds into his personal account. He plans to move the funds to the appropriate account within a week.
This violation is an example of ______. - ANSWER Commingling
Which of these is NOT a circumstance that would result in a Maryland broker releasing trust money she
was holding? - ANSWER The buyer needed his earnest money back in order to pay the down payment.
, Monica is acting as a listing agent for her friend, Brian. She and Brian met when they both began
attending a support group for those living with HIV. Which of the following best represents an action
Monica should take? - ANSWER Monica cannot tell others about Brian's HIV status.
Which of the following scenarios depicts the illegal handling of trust funds in Maryland? - ANSWER On
Friday, Shanice deposited her client's earnest money check in her personal account to keep it safe until
she could transfer it to her brokerage's escrow account on Monday.
Ricardo filed a complaint with the Maryland Commission on Civil Rights when he saw Mrs. Jones's rental
advertisement for a one-bedroom apartment above her garage. The ad said, "heterosexual tenants
only." Mrs. Jones claimed that she is allowed to discriminate because she lives in the home. Does Ricardo
have a case? - ANSWER Yes. Advertising may not discriminate.
Chelsea represents the buyer of a For Sale by Owner townhome in Bowie. When the seller stops by
Chelsea's office to deliver the homeowners association resale packet, the two get to chatting. What does
Chelsea need to make sure to tell the seller? - ANSWER That Chelsea may share any information the
seller tells her with her buyer client
What actions can licensees take related to signs? - ANSWER They can place signs on an owner's property
with the owner's written consent.
In Maryland, the Protection of Homeowners in Foreclosure Act describes the role of and sets guidelines
for the actions of ______. - ANSWER PHIFA defines the role of foreclosure consultants and details what
actions they can and cannot do in practice. Penalties for violating the act can be as much as three years
in prison or a $10,000 fine.
In the MAR's Exclusive Right to Sell Residential Brokerage Agreement, what does the Lead-Based Paint
section contain? - ANSWER A notice that sellers of properties built before 1978 must provide lead hazard
disclosures
When should a prospective buyer receive a copy of the Maryland Residential Property Disclosure and
Disclaimer Statement? - ANSWER Before or at the time the buyer makes a written offer to the seller
, Adesha made an offer on a three-bedroom townhouse in Hanover on April 5. The sellers accepted her
offer on April 6, and all signatures were finalized by April 7. Adesha still hasn't received the property
disclosure/disclaimer statement. Until when can Adesha rescind the contract without penalty? -
ANSWER Sellers should provide buyers with the disclosure/disclaimer before the contract is signed. If
they don't, and the parties still enter into the contract, the buyer may rescind the contract any time
before receiving the disclosure/disclaimer form.
Betsy and Josh want to file a complaint against a real estate licensee whom they feel misrepresented
them in the sale of their Maryland home. With what organization can they file a complaint? - ANSWER
Maryland Real Estate Commission
Which of the following is NOT an example of legal dual agency in Maryland? - ANSWER Chet, the
managing broker, represents a seller and designates one of his associated salespersons, Chanice, to
represent the buyer in the same transaction.
The broker acts as the dual agent in a dual agency situation in Maryland and may not represent one of
the parties. Instead, the broker (or designated office manager) assigns two associated licensees to
represent the parties as intra-company agents.
Jerome let his license expire four years ago when his wife had twins and he decided to become a stay-at-
home dad. Now that the twins have started preschool, Jerome would like to resume his real estate
practice. What does he have to do in order to reinstate his license? - ANSWER His license has been
expired too long. He has to start the pre-licensing process from scratch.
Sam is an independent contractor Maryland licensee working for B & L Realty. Since Sam is an
independent contractor, what supervisory responsibility does Sam's broker have? - ANSWER Sam is
considered an employee for licensing law purposes, but he's still an independent contractor for IRS
purposes.
Yashyka found a great apartment to move into, but when the landlord asked if she was married and
Yashyka told him she'd just separated from her husband, he told her he didn't want to deal with her
bringing "rebound" guys over day and night. Does Yashyka have a case for fair housing discrimination in
Maryland? - ANSWER Yes, the landlord appears to be discriminating against Yashyka based on her
marital status.
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 shantelleG. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
