Maryland Real Estate Law Question and answers 2024 verified to pass
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Course
MARYLAND HOME
Institution
MARYLAND HOME
Maryland Real Estate Law Question and answers 2024 verified to passMaryland Real Estate Law
administrative law - correct answer Apply statutory laws to the details of particular situations
affiliate - correct answer Licensed associate broker or licensed salesperson
associate broker - ...
Maryland Real Estate Law
administrative law - correct answer Apply statutory laws to the details of particular situations
affiliate - correct answer Licensed associate broker or licensed salesperson
associate broker - correct answer People who have met the educational, experience, and testing requirements for becoming a real estate broker but request to have licenses to provide brokerage services under another broker
COMAR - correct answer Code of Maryland Regulations -- Regulations that govern the practice of real estate brokerages and are enforced by the Maryland Real Estate Commission.
common law - correct answer Law not written; founded in numerous volumes
of decisions from courts of appeal
irrevocable consent - correct answer Required for non-resident licensees -- allows them to be served with official documents with the server having to travel out of state to present them
joint and severally liable - correct answer Each person responsible for paying
back any claims made against the Guaranty Fund
latent defect - correct answer Defects in a property that the owner or seller's agent clearly knows about -- must be disclosed to potential purchasers
natural person - correct answer Individuals real estate brokerage service - correct answer Perform selling, buying, and leasing in real estate for consideration; are general agents of the broker
statute - correct answer Laws voted into law by legislative bodies
strict construction - correct answer Takes statute at face value and defers to original intention of the writers
Continuing education requirements for renewal - correct answer 1. 3.5 hours of local, state, and federal legislative and regulatory updates
2. 1.5 hours dealing with fair housing
3. 3 hours of Maryland Real Estate Commission's Code of Ethics, Flipping, and Predatory Lending
4. 3 hours of Principles of Agency and Agency Disclosure (all licensees) at ALTERNATE RENEWALS
5. Additional clock hours to reach required 15 total hours
Inactive status - correct answer When salesperson or associate broker isn't affiliated with a brokerage firm. Licenses and pocket cards need to be returned to commission. Expires 3 years from inactive date and must meet continuing education requirements
affirmative disclosure - correct answer Voluntary disclosure of material facts
cooperating agent - correct answer In a property transaction works for a real estate firm other than the one that listed the property. Represents the seller through and under the seller's listing broker. Assists the prospective buyer (their customer) in acquiring the property.
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