CE shop Final Exam Questions and Answers 100% Correct | 2024/2025.
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CE Shop
CE shop Final Exam Questions and Answers 100% Correct | 2024/2025.
Blaire 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...
CE shop Final Exam Questions and Answers
100% Correct | 2024/2025.
Blaire 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 morehours 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
Jim's had one heck of a time getting his latest listing sold. His seller client nitpicked every single item that
the buyers asked her to repair after the home inspection. She was about to let the deal fall through over it
until Jim offered to rebate 0.5% of his commission back to the seller. Does Maryland license law permit Jim
to do this? -Correct Answer: Yes, as long as he documents the commission reduction in writing and
discloses it to all parties.
Which of the following statements about latent defects is true? -Correct Answer: Any party to a real estate
sales transaction who has knowledge of latent defects must disclose them.
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