Maryland Real Estate (Law) Chapter 2 - Brokerage

11. Which of the following team names would be permissible under the Brokers Act? a. the ABC service team b. the ABC realty service team c. the ABC real estate expert team d. ABC service associates

a. the ABC service team

When advertising, what must a broker include? a. the designated name of that broker as registered with the Commission b. the name of the broker's REALTOR board or association or Realist organization c. the legal name of the licensed real estate broker d. the name of the licensee who listed the property

a. the designated name of that broker as registered with the Commission

Which of the following is TRUE of ads in which licensees advertise real property they have listed? a. the name of the salesperson need not be included in the advertisement, but the designated name of the broker must be shown b. only the broker's name is permitted in advertisements c. the price of the property must be included in all advertisements d. members of multiple listing services may advertise any of the services' listings

a. the name of the salesperson need not be included in the advertisement, but the designated name of the broker must be shown

Which of the following is a requirement for team advertising? a. the name of the team must be directly connected with the full name of the brokerage firm of which it is a part b. the name of the team must be the same size as or smaller than the name of the firm of which it is a part c. the address of the office out of which the team works must be shown d. the phone number of the team leader must be shown

a. the name of the team must be directly connected with the full name of the brokerage firm of which it is a part

Under what circumstances may salespersons use their own names and phone numbers in advertising listed property? a. when the designated name of their firm is clearly and meaningfully shown, as well as the firm's phone number b. when their office manager's name is shown in letters at lease half the size of the salesperson's c. when different colors are used for the broker's and salespersons' names d. when the owner-seller gives permission

a. when the designated name of their firm is clearly and meaningfully shown, as well as the firm's phone number

What is required by law on any outdoor sign or advertisement displayed on property for sale subject to ground rent? a. it must, if price is shown, also show the annual ground rent but need not show any other details until an inquiry is made by a prospective purchaser b. it must, if price is shown, show ground rent and cost of capitalization in lettering no smaller than the lettering used for the price c. it must show only sale price d. it must show only sale price and the phrase "plus GR."

b. it must, if price is shown, show ground rent and cost of capitalization in lettering no smaller than the lettering used for the price

Which of the following may an unlicensed person working in a brokerage firm NOT do? a. compute commission checks b. submit listings and changes to a multiple listing service c. conduct an open house d. schedule appointments for a licensee to show listed property

b. submit listings and changes to a multiple listing service

Which of the following is NOT required in advertising for a team? a. the advertisement must contain the name of at least one licensee on the team b. the advertisement must contain the name of the team leader c the advertisement must follow branch office and company wide requirements d. the advertisement must include the phone number of the office out of which the team works

b. the advertisement must contain the name of the team leader

In Maryland, who is the person primarily responsible for the real estate brokerage services provided through a corporation? a. the president of the corporation b. the licensed real estate broker of the firm c. the chairperson of the corporate board d. the majority stockholder of the corporation

b. the licensed real estate broker of the firm

When there are no instructions to the contrary from their owner and beneficial owner, what does the Brokers Act require be done with earnest money deposits? a. they may be commingled with the broker's funds b. they must be deposited in an insured and approved financial institution in Maryland c. they are to be placed in an interest-bearing account d. they may be withdrawn at any time prior to settlement, as long as a licensee's signature appears on the escrow check

b. they must be deposited in an insured and approved financial institution in Maryland

Which of the following statements about a team leader is incorrect? a. the team leader is designated by the firm's broker (or branch manager) b. the team leader is responsible for reasonable and adequate supervision of the team c. the team leader can appoint intra-company agents (ICAs) when dual agency involves two team members d. the team leader can be the branch manager

c. the team leader can appoint intra-company agents (ICAs) when dual agency involves two team members

Which of the following satisfies the requirement that a broker maintain an office? a. a telephone answering service b. a post office box c. a mechanical answering machine d. a definite place of business

d. a definite place of business

Who may operate a real estate brokerage firm? a. a real estate salesperson b. an associate broker c. any person holding a valid real estate license issued by the State Real Estate Commission d. a licensed real estate broker

d. a licensed real estate broker

Which of the following statements about teams is FALSE? a. a team must have at least two licensee members b. members of the team regularly work together c. the team identifies itself to the public with some name d. a salesperson cannot be a team leader

d. a salesperson cannot be a team leader

How must a check down on a brokerage firm's escrow (trust) account be signed? a. by the associate broker of the firm using her designated name b. by at least two licensees in the firm c. it may be cosigned by an appointed non-licensee, if signed by a nondesignated licensee d. it does not necessarily need a second signature if signed by the broker of the firm

d. it does not necessarily need a second signature if signed by the broker of the firm