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CE Shop Exam Prep Exam Questions with Solutions
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CE Shop Exam Prep Exam Questionswith Solutions
Maryland Real Estate Commission (MREC) license law violation penalties - -
License law violators may incur penalties of $5,000 for the first violation,
$15,000 for the second violation and up to $25,000 per violation after three
or more violations.
-In order to qualify as one of the four appointed consumer members of the
Maryland Real Estate Commission, how many years of experience must you
have as a real estate licensee? - -Zero - Consumer members of the MREC
board are not licensees.
-The Maryland Real Estate Commission meets - -once a month (12 times per
year).
-The Maryland Real Estate Commission is made up of - -9 members; 5
agents and 4 non agents
-The Maryland Real Estate Commission (MREC) can summarily suspend a
license if the licensee is - -Convicted of a felony, or if the licensee fails to:
promptly account for trust funds, provide trust fund records, or disclose to
the commission that the licensee has been convicted of a felony.
-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
-The Maryland Real Estate Commission creates several hearing panels
consisting of how many members each? - -3
-An administrative law judge presided over Sabine's misconduct hearing.
Sabine presented several documents indicating she was an excellent
licensee, including notarized statements from three of her clients. However,
the ALJ found evidence of misconduct and recommended that Sabine be
required to take an additional three hours of CE in ethics. What happens
next? - -The MREC hearing panel decides whether or not to accept the ALJ's
recommendation.
Once an ALJ makes a recommendation, the hearing panel decides whether or
not to accept it. If the hearing panel upholds the decision, Sabine may
appeal.
, -Members of the Maryland Real Estate Commission serve terms of how
many years? - -4
-What is the maximum amount a claimant can receive from the Guaranty
Fund for a single transaction? - -$50,000.00
-Dante lives in Maryland and purchased property in Pennsylvania. His real
estate agent lied to him about a material defect, and it ended up costing
Dante $52,000. Can Dante file a claim against the Guaranty Fund? - -No, the
property purchased was in Pennsylvania.
Dante cannot file a claim against the Guaranty Fund because his property is
located in Pennsylvania. All claims against the Guaranty Fund must be
related to real estate located in Maryland.
-Land - -Property which includes the surface of the earth, down to the
center of the earth and upward infinitely into space; it also includes any
items permanently attached to the land, such as trees and water
Ex. Land may be improved (with buildings or other permanent structures) or
unimproved (vacant).
-Real Estate - -Land, plus all things permanently attached to it, naturally or
artificially
Ex. When you are a practicing licensee, we hope you sell a lot of real estate!
-Real Property - -Real estate, plus the interest, benefits and rights included
with ownership
Ex. Real property can be segmented into a bundle of rights, with each right
sold separately, to different owners.
-Improvements - -Anything added to the land which benefits the land, such
as a building, driveway, etc.
Ex. Vacant land increases in value when improvements are added.
-What is Personal Property - -Everything owned that is not real property,
also known as chattel.
Generally speaking, if the item is permanently attached, it becomes real
property. Otherwise, it's personal property, also called chattel (one of the
vocabulary words you'll need to know). Personal property typically includes
things like furniture, fixtures, machinery, or tools.
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