testing requirements for becoming a real estate broker but

Maryland Real Estate Law Flashcards Understanding Whom Real Estate Agents Represent Needs to be provided to prospective client no later than first face-to-face meeting statuteLaws voted into law by legislative bodies Material factAny facts about negative conditions about property that are readily visible to or discoverable by purchaser associate brokerPeople who have met the educational, experience, and testing requirements for becoming a real estate broker but request to have licenses to provide brokerage services under another broker affiliateLicensed associate broker or licensed salesperson designated nameName that appears on the certificate of a licensee boundary surveyIdentifies property boundary lines and corners sufficiently to establish physical position and extent of boundaries.Needed for owners having a fence or other improvements erected Conversion to timeshareMust give 180 day notice to tenant or subtenant State surcharge for recording documents$40 latent defectDefects in a property that the owner or seller's agent clearly knows about -- must be disclosed to potential purchasers cooperating agentIn a property transaction works for a real estate firm other than the one that listed the property. Represents the seller through and under the seller's listing broker. Assists the prospective buyer (their customer) in acquiring the property.When commission is paidListing brokers have earned their commission with seller accepts and signs enforceable contract of sale. Typically paid at settlement Adverse possessionPerson must have been on another's property for 20 years.Must be open, hostile, continous, and notorious but also under claim of right or color of title Residential Property Disclosure and Disclaimer StatementMust be provided to every prospective purchaser before or upon entering a contract or they have the right to rescind

the contract:1. Until 5 days after they receive the form2.

Until they apply for a loan3. Until settlement or occupancy, whichever is sooner Cancellation periods for purchasers of time-shares and condos

• New time-share: 10 days2. Time-share resale: 7 days3.

New condo: 15 days4. Condo resale: 7 days full client treatmentWhat ICA's are expected to give their clients -- COLDAC Condo regimeCondo community governed by council of unit owners affirmative disclosureVoluntary disclosure of material facts

Termination of AgencyNo min or max time periods, but a specific date of termination must be stated single-agency companyOffers to represent either buyers or sellers but not both in any given transaction real estate brokerage servicePerform selling, buying, and leasing in real estate for consideration; are general agents of the broker joint and severally liableEach person responsible for paying back any claims made against the Guaranty Fund CondoMust be registered with secretary of state. Developer must record declaration, bylaws, and detailed plat of proposed site.time-share estateOwn fractional interest in time-share property for designated period of time either for a rental or permanent (fee simple) basis. Fee simple buyer receives deed for a share of the property.location drawingA plat of the property that shows the location of any improvements common lawLaw not written; founded in numerous volumes of decisions from courts of appeal strict constructionTakes statute at face value and defers to original intention of the writers Bona fide purchaserInnocent buyer is deeded property by a person thought to be the owner but proved to be not time-share licenseOwn a portion of the interest in the time-share property - may trade their vacation periods directly or indirectly with other owners Tenancy in commonProperty owned by two or more persons Automatic renewal provisionWould require client to take any action to terminate representation at the end of its original term. Illegal in Maryland.administrative lawApply statutory laws to the details of particular situations natural personIndividuals irrevocable consentRequired for non-resident licensees -- allows them to be served with official documents with the server having to travel out of state to present them Continuing education requirements for renewal 1. 3.5 hours of local, state, and federal legislative and regulatory updates2. 1.5 hours dealing with fair housing3. 3 hours of Maryland Real Estate Commission's Code of Ethics, Flipping, and Predatory Lending4. 3 hours of Principles of Agency and Agency Disclosure (all licensees) at ALTERNATE RENEWALS5. Additional clock hours to reach required 15 total hours Conversion of rental to condosMust give current tenants 180 days notice to vacate Inactive statusWhen salesperson or associate broker isn't affiliated with a brokerage firm. Licenses and pocket cards need to be

returned to commission. Expires 3 years from inactive date and must meet continuing education requirements

COMARCode of Maryland Regulations -- Regulations that govern the practice of real estate brokerages and are enforced by the Maryland Real Estate Commission.