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Ce shop Final Exam/149 Questions with Verified Answers
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Ce shop Final Exam/149 Questions withVerified Answers
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? - -75,000
-Which of these parties WOULD need a real estate license in Maryland? - -
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? - -$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? - -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? - -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? - -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? - -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? - -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? - -
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? - -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? - -April 20
-Which of the following does NOT qualify as a ministerial act under Maryland
law? - -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? - -Jail time
-For sale signs on ground rent properties that show the price of the property
must also state which of the following? - -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? - -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? - -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? - -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? - -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? - -Affiliation with a supervising broker
-Which of these payment structures is illegal in Maryland? - -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? - -"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? - -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? - -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? - -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. - -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? - -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? - -Any party
to a real estate sales transaction who has knowledge of latent defects must
disclose them.
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