Section 2 The CE Shop Real Estate course Flashcards

Section 2 The CE Shop Real Estate course Flashcards Suppose Travis is helping out friends, but will not be compensated in any way. Which of these actions can he perform for his friends?Searching the Internet and driving the streets to locate properties for sale Can preform Are Written policies and procedures about things like trust fund handling and fair housing compliance required or not Required Jason has completed 60 hours of Maryland pre-licensing real estate education, met the minimum requirements, and passed his licensing examination. What else does he need in order to receive an active license when applying for licensure?Affidavit of signed consent and approvalAffiliation with a supervising brokerAn additional 20 hours of educationAn irrevocable consent form Affiliation with a supervising broker Is Networking, social and vacation coverage opportunities benefit or drawback Benefit Your pocket card shows your name and that of your sponsoring broker.True or false True You must complete the required continuing education in order to renew your license.True or false True Veronica publishes weekly real estate ads. Brokerage services You have a salesperson's license and are sponsored by a licensed broker. Is this legal or illegal Legal She held a real estate salesperson license for at least five years.May not be true You have a salesperson's license and are sponsored by two licensed brokerages with their consent. Is this legal or illegal Legal Joseph is a Florida licensee who wishes to engage in real estate activities in Maryland.Non residential license Travis has lived in this area a long time. He knows a lot about the history of the city, as well as perks and downfalls of living in different sections of the city. Recently, he's had several friends approach him to help sell their condos in a neighboring town and then narrow down a home to purchase in the city. In return, they've offered to pay Travis $1,000 for his time and effort. Travis isn't currently licensed. Which of these actions can he perform for his friends?Listing his friend's condo for sale Cant preform You should come prepared to take the exam with one form of ID.False

Marquis collects rent for a few property owners. Brokerage services Is Office space and professional surroundings a benefit or draw back Benefit Are Samples of commission-compliant advertising in print and digital format required or not Not required Marco has been in real estate for 20 years. He holds a broker's license, but chooses not to run his own brokerage or supervise other licensees. He's sponsored by Karen.Associate Broker When selecting a broker is it important to ask How are leads funneled inside the firm?Yes When selecting a broker is it important to ask What is the training program like?Yes Carl is a licensee and he wishes to obtain a broker's license. Which is this Multiple affiliations Holding multiple licenses or Exchanging your license Exchanging your license Karen has held a license in real estate for eight years. She supervises Jan and Marco and is responsible for any real estate activities that they perform.Broker You must request reactivation, pay a fee, and submit broker affiliation commitmentsTrue or false True If you hold a valid real estate license in another state, you can automatically practice real estate in Maryland.False It's best to wait a while to take the exam after taking your qualifying courses.False You can pay the exam fees at the test center on the day of the exam.False An inactive license must be reactivated within three years.True Which of these is the definition of a real estate broker?Choose the best answer.A person who performs real estate activities for another person for a fee or compensation of any kind Is Splitting your commission with the broker a benefit or drawback Draw back When selecting a broker is it important to ask What is the compensation package?Yes In addition to understanding what each license type means in practice, you'll need to recognize the definitions of these license types. Which of these defines a real estate salesperson?A person associated with a licensed broker who performs real estate activities under the licensed broker's supervision If you do not reinstate an expired license within the three year time period, you will have to complete the pre-licensing education and exam requirements again.True or false True If individuals wish to sell their home on their own, they must obtain a real estate license first.False Is Administrative support a benefit or draw back Benefit

Amanda is a Pennsylvania licensee who can legally engage in real estate activities in Maryland.Reciprocal license If your license expires due to nonrenewal, you can reinstate it as long as it has not been more than three years since the expiration dateTrue or false True n Maryland, reasonable and adequate supervision includes a broker's responsibility to make training and educational sessions available to affiliated licensees at least every ______.QuarterSix monthsTwo monthsTwo weeks

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You have a salesperson's license and choose not to be sponsored by any broker. You start your own brokerage under your own name and operate independently. Is this legal or illegal Illegal Travis has lived in this area a long time. He knows a lot about the history of the city, as well as perks and downfalls of living in different sections of the city. Recently, he's had several friends approach him to help sell their condos in a neighboring town and then narrow down a home to purchase in the city. In return, they've offered to pay Travis $1,000 for his time and effort. Travis isn't currently licensed. Which of these actions can he perform for his friends?Searching the Internet and driving the streets to locate properties for sale Can Perform Continuing education requirements apply to licensees on active and inactive statusTrue or false True When selecting a broker is it important to ask How available is the broker if you have questions?Yes Is Training and educational sessions at least every two months required or not Required In order to apply for a non-resident license, you only have to pass the state portion of the licensing exam.False Individuals are not allowed to perform real estate activities for another person for any kind of payment unless they have a real estate license.True Reciprocity allows individuals from Oklahoma to practice real estate in Maryland if they meet certain criteria and pass the state portion of the licensing exam.True Ralph is the executor of Donald's estate. Following Donald's passing, Ralph sells the condominium and two homes that Donald owned at the time of his death. Ralph is not a licensed real estate professional. Did he break the law?No There is a fee for changing license status.True or falseTrue You must affiliate with a supervising broker to change your license status to active.True or false True

John is a licensee whose sponsoring broker is Michelle.John would like to also work for another broker at the same time. Is this Multiple affiliationsHolding multiple licenses or Exchanging your license Multiple affiliations Penelope provides consultation services for first-time homebuyers.Brokerage services She renews her license every four years. May or may not be true Travis has lived in this area a long time. He knows a lot about the history of the city, as well as perks and downfalls of living in different sections of the city. Recently, he's had several friends approach him to help sell their condos in a neighboring town and then narrow down a home to purchase in the city. In return, they've offered to pay Travis $1,000 for his time and effort. Travis isn't currently licensed. Which of these actions can he perform for his friends?Negotiating the exchange of real estate Cannot preform Sam has been selling real estate for 20 years. Brokerage services If a license expires due to nonrenewal, it must be reinstated within what time period?Within 30 daysWithin one yearWithin three yearsWithin two years Within three years Petra is licensed in Oklahoma and took the Maryland state exam so she could practice in Maryland, too.Reciprocal license Karen has completed 135 hours of approved real estate courses in addition to the salesperson requirements.Must be true You must carry your pocket card with you whenever you engage in real estate activities.True or false True When selecting a broker is it important to ask How many licensees does the broker supervise?Yes What's one benefit to affiliating with a broker?Increased liability, Lack of administrative support, Split commission with the broker. Or Training Training Travis has lived in this area a long time. He knows a lot about the history of the city, as well as perks and downfalls of living in different sections of the city. Recently, he's had several friends approach him to help sell their condos in a neighboring town and then narrow down a home to purchase in the city. In return, they've offered to pay Travis $1,000 for his time and effort. Travis isn't currently licensed. Which of these actions can he perform for his friends?Researching schools, crime rates, and other statistics about several neighborhoods Can preform Mary is a broker and would like to operate more than one brokerage. What must she do.Complete 30 additional hours of educationExchange her current broker's license for a new oneHire an associate brokerObtain a separate