Maryland RE Licensing Requirements Flashcards

Maryland RE Licensing Requirements Flashcards Becoming a Associate Broker-Must meet the above requirements as well as receive a written commitment from a broker stating that firm will allow the licensee associate broker the firm Activities that Does not Require a License -A person while acting under a judgement or order of court-A public officer while performing the duties of office-A person while engaging in a single transaction that involves the sale or lease of any real estate under a power of attorney executed by the owner of the real estate-A licensed auctioneer while selling real estate-an owner managing, leasing, or selling their own real estate-a person acting in the capacity as a receiver, trustee, personal representative, guardian Broker's License Requirements-Have been licensed for at least 3 years-Take a class of at least 135 hours-Pass a brokers licensing exam-3 hours of ethics-18 or older Renewal or Exchange License FeeBroker 190Associate Broker 130Salesperson 90 People Who Must Conform to the Brokers Act When Performing Acts of Real Estate Brokerage Although They Are Not Required to Hold Brokerage Licenses -Financial institutions in the leasing or selling of property-Lawyers who are not regularly engaged in the business of providing real esatete services-Homebuilders in the rental or inital sale of homes they have constructed-Agents of a licensed real esate broker or of an owner of real estate, while managing or leasing that real estate for that broker-persons who negotiate the sale, lease or transfer of business when the sale does not include any interest in real property other than the lease for the property where the business operates-Owners who subdivide and sell no more than six lots of their own unimproved property in any one calendar year Deadline to apply Salesperson Licensing-No more than one year after passing both portions of the sales person exam.After one year, licensee must complete a new sales person pre-licensing ocurse Unusual License FeeReactivate Inactive License 50Transfer to another broker 25Duplicate license or pocket card 25Personal name change 25reinstatement fee 150 (3 years) License Activation Status-Renewal - Extends a license for another two-year term-Reissuance (Reactivation)- Licensee returns to active status and affiliates with a broker-Reinstatement- Revives license that expired for lack of renewal or restores license after suspension or revocation License Renewals-Complete a renewal applciation form-Pay a renewal fee to the commission-Complete 15 clock hours of continuing

education

Deadline to pass Salesperson Licensing Exam -No more than one year after completing education requirements. Any prioer test redsults become invalid Continuing Education Requirements15 hours, every two yearsEvery two years licenses expires March 1st-Every 2 years must take 3 hours of local state, and federal legislative updates, ethics, and agency-Every 2 years licensee must ttake 1.5 hours of fair housing-Brokers are required 3 hours of broker supervision-Continuing Education Requirement - at physical location no test required-online may have quizzes to pass Activities that Require a License-Assisting another person in selling or purchasing real estate-Helping another person in selling, buying, or leasing REEngaging regularly in ab business of dealing in real estate or leases or option on real estate-Engaging in a business the primary purpose of which is promoting the sale or real estate through a listing in a publication issued primarily for the promotion of real estate sales Change in License Status-Inactive license is one not affliatated with a brokerage-expired license has to be reinstated-licenses may be kept on inactive status no longer than 3 years, after which they expire-Expired license are then help 3 years from the date of their expiration, during which they can be reinstated Reinstate an expired license-Take all of the continuing education they would have taken since their license expired-Pay $150 of reinstatement fee-Pay all of the license renewal fees that they would have paid