Maryland real estate law practice test Flashcards

Maryland real estate law practice test Flashcards real estate, realtor or realistwords that must be posted on a sign outside of broker's place of business guaranty funds pay outamount of actual loss, up to $25,000 company's escrow accountwhere all funds received by a salesperson for the account of others must be deposited by the broker earnest money depositthe brokers act states it must be deposited in a non interest bearing trust account in a financial institution insured and approved in md bonding requirement for real estate sales people and brokers in Md no bond required for salespeople and/or brokers court penalty for acting as a brokera fine of not more than $5,000 and/or imprisonment for not more than one year presumed buyers agenta licensee who, upon meeting with the a prospective purchaser, and without a written brokerage agreement, will show other brokers listings typically, in md, who own the property on settlement daythe sellers nonresidents of md who apply for licensure must take and pass the md law state exam no statutory right of redemptionaccording to md's law, in the case of foreclosure circuit court clerkwhere deeds and mortgages may be recorded in each county personal propertymaryland license law construes a lessee's interest under the terms of a lease if the disclosure/disclaimer form is given to the purchaser after the date of contract ratification but before settlement, the purchaser has the right to cancel the contract within 5 days after receipt of the form md real estate commission consists ofappointed members from the real estate industry and consumers transfer feesunless otherwise negotiated are equally split between the buyer and seller the code of ethics was adopted by the md REC for the protection of the public the act of steering or blockbusting isillegal in the state if md fiduciary carethe listing agent owes this to the seller nonresidents of md who apply for licensure must conform to all requirements of the licensure act nonresidents of md who apply for licensure must file and sign an irrevocable consent guaranty fundwhere any person aggrieved by a licensed broker or salesperson in an act of embezzlement can apply for compensation