MD Real Estate Exam- State Portion Flashcards

MD Real Estate Exam- State Portion Flashcards License RenewalExtends a license for another 2-year term Commission pays any penalty collected to General Fund of the State Inactive Statusassociate real estate brokers and real estate salesperons that are no longer affiliated with licensed real estate brokers and their license certificates and pocket cards are returned to the Commission.Real Estate Hearing Board/PanelEstablished by the Commission- consist of 3 Commission Members including at least 1 professional member and 1 consumer member Reissuance / ReactivationLicensee returns to active status and affiliates with a broker Instead of, or in addition to, suspension or revocation, for any violation of the Brokers Act (Title 17), the Commission may impose a penalty for a third violation not exceeding $25,000 Instead of, or in addition to, suspension or revocation, for any violation of the Brokers Act (Title 17), the Commission may impose a penalty for a first violation not exceeding $5,000 ReinstatementRevives license that expired for lack of renewal or restores license after suspension or revocation An inactive licenseexpires 3 years from the date it was placed on inactive status Instead of, or in addition to, suspension or revocation, for any violation of the Brokers Act (Title 17), the Commission may impose a penalty for a second violation not exceeding $15,000