Maryland Real Estate Practice and Law 16th Edition - Unit 1: Maryland

Maryland Real Estate Practice and Law 16th Edition - Unit 1: Maryland

Real Estate License Laws and Related Regulations Flashcards To be recognized as a self-employed real estate agent, 90% of a licensee's income must be based off of _____ rather than _____.Production rather than hours worked.COMAR provide four types of hearings, which include

_____.

• Judicial hearing.- Applications for licensure.- Revocation

or suspension of licenses.- Claims against the guaranty fund.In the case of felonies, the Commission considers the

_____.

• Relevance of the conviction to the fitness and qualification

of the applicants or licensees to provide real estate brokerage services.- Length of time since conviction.- Behavior and activities of the applicants or licensees before and after their convictions.Before deciding to hold a hearing, a panel will meet privately to review _____ and _____.

• Complaints and consider whether they provide a

reasonable basis for disciplinary hearings.- Claims against the guaranty fund to determine what further action to take.After payment of claims by the guaranty fund, responsible licensees are required to reimburse the fund in full for the amount paid, plus interest of at least _____.10% 15 clock hours of approved instruction for continuing education is required for the renewal of a license. These 15 hours consist of___.

• 3 clock hours of local, state, and federal legislative and

regulatory updates.- One and a half clock hours dealing with fair housing.- 3 clock hours of 'Maryland Real Estate Commission's Code of Ethics, Flipping, and Predatory Lending'.- 3 clock hours of 'Brokerage Relationship and Disclosure'.- 3 clock hours of 'Broker Supervision' for brokers, branch managers, and team leaders.- Additional electives needed to reach the required 15 clock hours.The usual steps to becoming a real estate licensee include ____.Education, examination, and application.If a claim against the guaranty fund is _______ or less, the Commission, through a designated staff member, may issue a proposed order to pay or deny the claim.If the claim against the guaranty fund is $5,000 or less.COMAR is a ______ law.A.k.a the Code of Maryland Regulations, is an administrative law.A real estate license is only valid for a term of _____, it's important to have it renewed before the end of it's term or it will be put on inactive status.

• years.

_______ that are issued to salespersons are meant to be signed and carried along with them whenever they engage in brokerage activities.Pocket cards ______ are taken before hearings to protect the public quickly against imminent loss. They are then followed by

hearings for which timely notices are given.Summary actions.

The Common law is known as the unwritten law because ____.It's not written by a legislative body, it's found in numerous volumes of decisions from courts of appeal.The Commission establishes two or three hearing boards(also called a panel), which are composed of ______ members.Hearing boards are composed of 3 members. At least 1 member must be a consumer member, and at least 1 member must be a professional member. Amongst the three, a chairperson is designated.The company name under which a broker is operating.A designated name._______ that are issued to salespersons are meant to be signed and retained by the broker they are licensed under within the office that they operate.License certificates.To be chosen as one of the 5 professional licensed members of the MREC, one must _____ and _____, both immediately before their appointment.

• Have held a Maryland real estate license for 10 or more

years- Have resided in the area in which they were appointed for 5 or more years.Pocket cards and License certificates issued by the Commission to licensees show the _____.

• Name of the licensee.- Designated name of the broker

with whom the licensee is affiliated.- Date the license with expire.- licensing registration number of the licensee.The Brokers Act is a _______ law.Statutory law.Upon termination of affiliation with a broker, a salesperson's pocket card and license certificate must be returned to the Commission by the _______.Broker.Upon completion of each continuing education course, the training institute that conducted the course issues a certificate to each student stating the _____.

• Numbers of clock hours- Name and date of the course

taken- Code letter of the subject category- Names of the teacher and/or the organization presenting the training.The MREC.Stands for the Maryland Real Estate Commission, it's the executive branch of government that enacts and enforces the laws(Brokers Act and COMAR) governing real estate brokerage in Maryland.The executive director of the MREC is appointed by and serves at the pleasure of the _______. They are not a member or the chairperson of the Commission. They direct the day-to-day operations of the Commission and supervise their office staff and field inspectors between the monthly meetings of the Commission.Secretary of the Department of Labor.Clock hours for continuing education as defined in COMAR 09.11.06.01 B(3), consists of ______.50 minutes of actual instruction per 60 minute hour.Real Estate, as used in the Brokers Act, is defined as any interest in any real property anywhere. Which includes

______.

Condominiums, time-share estates, and time-share licenses, as those are defined in the Real Property Article as fee estates and life estates.To be chosen as one of the 4 unlicensed consumer members of the MREC, one must _____ and _____, both immediately before their appointment.

• Not have had an ownership interest in or received

compensation from an entity regulated by the Commission in the year before their appointment.- Not be a licensee or otherwise be subject to regulation by the Commission.To determine the amount of the penalty imposed, the Commission considers _____.

• The seriousness of the violation.- The harm caused by the

violation.- The good faith of the licensee.- Any history of previous violations by the licensee.

Maryland Real Estate Commission consists of nine members, _____ who are professional licensed members and _____ who are unlicensed consumer members.

• professional licensed members and 4 unlicensed

consumers members.In the case of misdemeanors and felonies, the Commission considers the _____.

• Nature of the crime.- Relationship of the crime to the

activities authorized by the license.The Commission must investigate any written, sworn complaint alleging that an unauthorized person is providing brokerage services. They Commission has the power to hold hearings and impose penalties not to exceed _____.

• $5,000 USD for the first proven offense.- $15,000 USD

and/or 2 years imprisonment for the second proven offense.- $25,000 USD and/or 3 years imprisonment for the third or subsequent offense.Claims against the guaranty fund must ____. - Be in writing and under oath.- State the amount of loss claimed.- State the facts on which the claim is based.- Be accompanied by documentation or other evidence that supports the claim.Persons not subject to the Brokers act when performing acts of RE Brokerage include ______.

• Persons under a judgement or order of court.- Public

officers performing the duties of their offices.- Landlords and owners of any real estate, unless their primary business is performing brokerage services.- Person engaging in a single transaction selling or leasing real estate, if they are acting under a power of attorney executed by the owner of that real estate.- Auctioneers, licensed by several jurisdictions within Maryland.- Persons acting as receivers, trustees, personal representatives, or guardians.Only a _____ may hold a real estate license. Meanwhile, for a broker's license, rather than having the actual broker's name, it may display the name under which a broker is operating- typically a company name.Natural individuals.The education provider has ______ to upload reports of continuing education hours earned to the Commission's database system.10 days.After a real estate license has been on inactive status for ______, it will expire.

• years.

Salespersons and associate broker's are general agents of a broker, mean while the broker is a _____ agent of their clients.Special.A panel will meet publicly to _____ and _____. - Hear licensees' responses to and defenses against complaints.- Decide whether to authorize punitive actions against them.The Common law is often used when ______. No relevant statute exists or when an existing statute is challenged as unconstitutional. They're also used in cases of ambiguity where uncertainty of language or intent makes a statute difficult to apply.The Commission will only issue licenses to brokers, associate brokers, and salespersons who are not residents(nonresidents) of Maryland if they sign a _____.Statement of irrevocable consent.