three hours of broker supervision coursework and only 1.5

Real Estate Maryland CE Shop 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.Brokers and associate brokers must complete Three hours each of: legislative updates, agency, and ethics (including a professionalism component)1.5 hours of fair housing3 hours of broker supervision1.5 electives Amelia's portfolio is on fire! She's got four upcoming listings and each of them will list for at least $500,000. Before she can count her commissions, though, she's got some paperwork to get through. Since she wants to stay on the right side of the Maryland Property Condition Disclosure Law, which of these sellers does Amelia need to remind about completing the Residential Property Disclosure/Disclaimer Statement?Mikey, an investor who's selling a property that he converted into a three-unit apartment building Fines for performing real estate activities without a license can be as much as $5,000 for a first offense and as much as $25,000 for third offenses.In Maryland, listing agreements and their associated disclosure forms must be kept on file with the broker for a minimum of ______.five years What must Maryland sellers provide prospective buyers of homes built prior to 1978, in addition to the appropriate disclosure form?EPA lead safety pamphlet What item(s) must be included on ALL real estate advertising in Maryland?The broker's/company's name Which party would NOT need a real estate license to perform the following activities in Maryland?A daughter whose father granted her power of attorney to sell his home New licensee Joey is reconciling his bank statement and identifies a $20 deficit that he can't account for. Which initial licensing fee has he likely forgotten about?The $20 Guaranty Fund fee Your client and you just successfully closed on a home.Early on in the transaction you collected an agency disclosure notice. How long do you have to keep the notice on file?Five years 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.Which of these parties could NOT file a claim with the Guaranty Fund?Devon, a broker who lost $10,000 when a seller client demanded that Devon pay to have her home staged, then cancelled the listing a week later when the house hadn't

sold

Property managersPersons acting per a court orderPublic officers performing their official dutiesPersons granted a power of attorney to sell or lease a single propertyLicensed auctioneers selling real estate at a public auctionPersons selling or leasing their own property, unless it's their primary businessPersons acting as a receiver, trustee, personal representative, or guardian are exempt from the licensure requirement In Maryland, how often must real estate salespersons renew their license?Every two years Salespersons 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 a professionalism component)1.5 hours of fair housing4.5 hours of electives James is a real estate licensee in Maryland. A complaint has been brought against James by the Commission on Civil Rights for a fair housing violation. Which of the following is true?James could be sanctioned by both the Commission on Civil Rights and the real estate commission.Aurelia is a relatively new salesperson who has been accused of discriminating against minorities in her real estate advertising. Which of the following is NOT a possible outcome if she's found guilty?She must place a retraction in any publication that featured her ad If a license expires due to nonrenewal, it must be reinstated within what time period?Within three years Fumiko hosted an open house for her new seller client. She gave away door prizes to attendees, including pens, mousepads, USB drives, and other items with her brokerage's contact information on them. Did Fumiko do anything wrong?No. She didn't do anything wrong.The license and pocket card includethe name of the brokerage firm with whom the licensee is affiliated.The activities of which Maryland professionals are subject to the commission's Code of Ethics?All real estate licensees Ellen just completed a whirlwind continuing education marathon, taking all 15 of her required CE hours in the span of one weekend with a company called Last Minute

Real Estate Education. It's just in the nick of time, too:

Ellen's license is set to expire the following week. How will the CE hours get reported to the commission?Last Minute Real Estate Education must electronically submit Ellen's completion data to the commission.Which of these scenarios does NOT require a Maryland licensee to disclose their licensed status?Deirdre just put her niece's house on the market.Brokers who wish to operate more than one brokerage must have a separate license for each location.In Maryland, the Protection of Homeowners in Foreclosure Act describes the role of and sets guidelines for the actions of ______.Foreclosure consultants

Which of the following statements is true of a material fact?A material fact would cause a reasonable person to either act or not act, if that fact were known.Broker applicants must beactive real estate salespersons for at least three years immediately prior to licensure as a brokercomplete a 135-hour licensing course, and pass the broker exam.In Maryland, reasonable and adequate supervision includes a broker's responsibility to make training and educational sessions available to affiliated licensees at least every ________.Two months In Maryland, how many hours of approved real estate courses must an individual complete before taking the real estate broker's exam?135 Associate broker applicants mustaddition to the broker requirements, choose a broker with whom to affiliate.What is the goal of the Maryland Real Estate Commission in declaring an area a real estate conservation area?To curb threats to the racial stability of an area.Assuming that each of these foreclosure consultants is properly licensed, who is violating the Protection of Homeowners in Foreclosure Act?Pedro charges clients a $500 retainer fee when he signs on to provide foreclosure consultation services.Padma's buyer client made an offer on Tom's seller client's home, which the seller countered. Padma's client sent another counter-offer back to the seller on Monday. On Tuesday, Tom called Padma to tell her that the seller was accepting her client's offer, and he'd send over the signed paperwork on Thursday. Padma called her client to tell him the good news, but he told her he'd rather back out of the contract entirely. Can the buyer back out?No. A counter-offer is considered accepted when the offer is signed and the offeror (in this case, the buyer) is notified.Maryland salesperson Seema is new to the real estate business, and she's having trouble getting her sales off the ground. She's considering offering some incentives. Which of the following incentives would be legal according to the Maryland Code of Ethics?Offering a 1% reduction in her commission rate if her seller clients' homes don't sell within the first 90 days Halbert's license was summarily suspended after he was convicted of felony embezzling. He'd like the chance to appeal the decision. Can he?Yes. He has the right to plead his case in front of the commission.Margaret has been working periodically with Bill, a lukewarm prospective buyer who can't seem to make up his mind about what kind of home he wants. Though he's signed the agency disclosure form, they've never signed an agency agreement, but he calls Margaret up every couple of months, tells her what he's looking for, and she sends him some listings. What other duties does Margaret owe Bill?Honesty and fairness Dorothy, a Maryland broker, deposited her buyer client's earnest money funds a month ago. The seller backed out