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Ce shop Final Exam well answered to pass
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Ce shop Final Exam well answered to pass
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Ce shop Final ExamBlaire 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? - correct answer ✔✔75,000
Which of these parties WOULD need a real estate license in Maryland? - correct 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? - correct 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? - correct 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? - correct 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? - correct 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? - correct 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? - correct 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? - correct 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? - correct 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? - correct answer ✔✔April 20
Which of the following does NOT qualify as a ministerial act under Maryland law? - correct 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? - correct answer ✔✔Jail time
For sale signs on ground rent properties that show the price of the property must also state which of the following? - correct 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? - correct 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? - correct 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? - correct 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? - correct 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? - correct answer ✔✔Affiliation with a supervising broker
Which of these payment structures is illegal in Maryland? - correct 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? - correct 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? - correct 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? - correct 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? - correct 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. - correct answer ✔✔Fax machine
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