Maryland Real Estate Law<\/p>\n\n\n\n
When a salesperson whose license has not been renewed negotiates a sale of real
property, who is the commission payable to?
a. the broker only
b. no one
c. the salesperson only
d. the broker and the salesperson according to prior agreement CORRECT ANSWERS
b. no one
If a salesperson license is issued on January 2, 2016, when will it expire?
a. January 2, 2016
b. September 2, 2016
c. April 1, 2016
d. March 31, 2016 CORRECT ANSWERS a. January 2, 2016
When prospective purchasers first arrive at a brokerage office to find a house to buy,
how does the Brokers Act require them to be treated?
a. as customers
b. as clients
c. as agents
d. as factors CORRECT ANSWERS b. as clients
Which of the following is TRUE of salespersons’ real estate licenses?
a. they must be placed and kept in a safe place chosen by the salespersons
b. they are to be carried by the salespersons when performing acts of real estate
brokerage
c. they must be retained in their broker’s offices
d. they must be maintained in personnel files by their brokers CORRECT ANSWERS c.
they must be retained in their broker’s offices
What is the maximum amount that a claimant may receive from the Guaranty Fund on
losses from one transaction?<\/p>\n\n\n\n
a. an unlimited amount
b. $250,000
c. $50,000
d. $25,000 CORRECT ANSWERS c. $50,000
Under the Junk Fax Prevention Act, which of the following is TRUE of persons who
send faxes?
a. they need not provide a way for the recipients to opt out of getting more faxes
b. they may use recipient addresses they receive from a fax-spamming company
c. they may send faxes only between 9:00 am and 5:00 pm
d. they must have an established business relationship with the recipients CORRECT
ANSWERS d. they must have an established business relationship with the recipients
Who may be members of the State Real Estate Commission?
a. only licensed salespersons
b. only licensed brokers
c. unlicensed persons and licensed brokers and salespersons
d. persons appointed by the Attorney General CORRECT ANSWERS c. unlicensed
persons and licensed brokers and salespersons
Who issues Maryland real estate salesperson and brokers licenses?
a. local Board of REALTORS
b. providers of required real estate courses when applicants pass them
c. the Maryland Association of REALTORS
d. the Real Estate Commission CORRECT ANSWERS d. the Real Estate Commission
What body sets ethical standards that must be observed by all Maryland real estate
licensees?
a. National Association of REALTORS
b. State Real Estate Commission
c. Maryland Association of REALTORS
d. local boards and associations CORRECT ANSWERS b. State Real Estate
Commission
When a partnership owns a real estate brokerage firm, which statement is FALSE?
a. the broker is responsible for the real estate brokerage activities of the partnership
b. the broker must be one of the partners<\/p>\n\n\n\n