MD State Real Estate Practice Exam Flashcards

MD State Real Estate Practice Exam Flashcards How does a Maryland broker's license renewal differ from a salesperson's license renewal?Instead of having 4.5 hours of electives, brokers must take three hours of broker supervision coursework and only 1.5 hours of electives.In Maryland, how many hours of approved real estate courses must an individual complete before taking the real estate broker's exam?

135BROKER EXAM

Tiara's Maryland salesperson's license is going to expire next week if she doesn't complete all of the required continuing education hours. She's completed three hours of agency, three hours of legislative updates, 1.5 hours of fair housing, and three hours of electives. What other coursework does she need to complete in order to renew her license?Three hours of ethics (including professionalism) and 1.5 more hours of electivesSalespersons are required to complete 15 hours of continuing education (CE) during

every two-year renewal period, consisting of: three hours

each of legislative updates, agency, and ethics (including professionalism), 1.5 hours of fair housing, and 4.5 hours of electives.Which of the following does NOT qualify as a ministerial act under Maryland law?Granting property access to a home inspector In Maryland, which type(s) of licensee must take 15 hours of continuing education every renewal cycle?Brokers, associate brokers, and salespersons When Janet, a licensed Maryland salesperson, transfers to a new brokerage, what happens to her license and pocket card?Her former broker returns them to the commission.The Maryland Real Estate Commission received a complaint claiming Michael, a licensed electrician, was receiving referral fees from Own It Realty Group in exchange for giving sub-par wiring the green light during inspections. What's the maximum penalty MREC can impose upon Michael?Nothing. MREC doesn't have jurisdiction over licensed electricians.MREC has the power to investigate and discipline real estate licensees and those who practice real estate without a license. MREC doesn't have jurisdiction over Michael, but you can be sure that Own It Realty Group is now on its radar.Mike, a salesperson with Helping Hand Realty, listed Yvonne's home for sale. Brett, another salesperson with Helping Hand, has a buyer interested in purchasing Yvonne's property. Antoine, Helping Hand's broker, makes sure that both Mike and Brett have re-affirmed their clients' consent to dual agency. Who is the dual agent in this scenario?AntoineBrettMikeYvonne Antoine After 15 years of building her business as a salesperson, Estrella has gotten her broker's license and s striking out on her own. She's creating new business cards, and it's been so long since she had to do them on her own. she's double-checking that they comply with Maryland real estate advertising law. What does she need to be sure to include?The cards must include her name as it appears on her license Which of these scenarios does NOT accurately reflect the MREC complaints and investigations process?Upon reviewing a complaint against licensee Derek, an administrative law judge deemed it worthy of further

investigation

Dorothy, a Maryland broker, deposited her buyer client's earnest money funds a month ago. The seller backed out of the contract two days before closing and claimed she was owed the earnest money because of the time the property had been taken off the market during contract negotiations. The buyer wants his earnest money back.Which of the following is NOT an option that Dorothy has regarding the dispute?She can file with the Maryland Real Estate Commission, which would then decide how the funds should be disbursed Damon lives in Frederick but is affiliated with a broker in downtown Baltimore. He'd like to affiliate with a broker closer to home but doesn't want to sever his relationship with his current broker. What needs to happen in order for Damon to be able to work for both brokerages?Both Brokers need to send a letter to the commission stating their approval arrangement and that there is no conflict of interest Ben and Leslie received their finalized purchase contract on April 10, just moments after the sellers put their final signatures on it. Ben and Leslie decided that since the home they're buying was built in 1920, they'd like to have it inspected for lead-based paint. When is the latest that the couple can have the inspection performed if they want to be able to back out of the contract?April 20 Monique received four offers on her client's listing. Offer A is a written offer that the buyer's agent dropped off at Monique's office. Offer B is an offer that the buyer's agent communicated to Monique over the phone. Offer C is a written offer that Monique received via email. Offer D is a written counter-offer from a buyer that Monique's client countered earlier in the week. Which offers must Monique present to her client?Only offers A, C, and D, since they're in writingLicensees must present all written offers and counter-offers to their clients in full, in hard copy or electronic format. Since offer B isn't in writing, Monique isn't required to present it, but it would be prudent for her to request it in writing.Sheila filed a discrimination complaint against her landlord.She's worried that when he finds out about her complaint, he's going to evict her. However, he knows not to evict her just because she filed a complaint. Why?Retaliation against parties who file a discrimination complaint is illegal.Shelby listed her seller client's condo on April 4. It went under contract May 16. That contract fell through on May

• The listing agreement expired on July 4, with no other

offers or contracts. On what date does the five-year record-retention clock start ticking?July 4 Mark lives in Maryland and purchased property in Pennsylvania. His real estate agent gave him poor advice, which cost him $52,000. Which of the following is true?Mark cannot file a claim with Guaranty Fund because the property purchased was in Pennsylvania.If a license expires due to nonrenewal, it must be reinstated within what time period?Within three years Maryland licensee Clint operates as an independent contractor associated with Red Hat Properties and its broker, Margaret. Which of these statements is true about

Margaret's supervisory responsibility and liability for Clint's actions?Margaret is responsible for and can be disciplined based on Clint's actions.A firm's broker is responsible for supervising all licensed and unlicensed members of the