Maryland Real Estate Final 5

The steps for applying for the license are:

1. Complete and submit the application electronically to the Commission; 2. Pay the required fee into the Guaranty Fund; 3. Pay the license fee set by the Commission; and 4. Submit any additional information or documentation that the Commission requires, including any information or documentation to determine the professional competence or the good character and reputation of the applicant.

To renew a real estate license before it expires, how many clock hours of continuing education must be completed? 12 clock hours 15 clock hours 18 clock hours 21 clock hours

15 clock hours

Which is NOT one of the "Three Cs" of credit used by mortgage underwriters? Capacity Capability Collateral Credit

Capability

The housing GSEs are

Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System (System)

Which license is issued by the Maryland Real Estate Commission? Real estate appraiser license Real estate home inspector license Real estate salesperson license Termite inspector license

Real estate salesperson license

The Federal Housing Finance Agency (FHFA) is responsible for the oversight of the housing Government Sponsored Enterprises. Which is NOT one of the GSEs? Fannie Mae Federal Home Loan Bank System Sallie Mae Freddie Mac

Sallie Mae

________ is responsible for the oversight of the housing Government Sponsored Enterprises.

The Federal Housing Finance Agency (FHFA)

The parties in a deed of trust are

borrower (trustor), the lender (beneficiary), and a neutral third party (trustee).

To get pre-approved for a mortgage loan, borrowers must: countersign the loan. complete and sign a loan application. underwrite the loan. close the loan.

complete and sign a loan application.

A security instrument placing into the hands of a disinterested third party (a trustee) a specific financial interest in the title to real property as security for the payment of a note, making the lender the beneficiary. Also called Trust Deed.

deed of trust

A property manager must understand the essential strategies of risk management and apply them as a part of a risk management plan. The essential strategies of risk management do NOT include: assessment. discernment. identification. mitigation.

discernment.

For federal income tax purposes, the Internal Revenue Service states that a person who is told how and when to perform a task, most likely would be considered a(n): independent contractor. employee. statutory employee employer.

employee.

Individuals guide their behavior based on a set of principles or values called: believability. edicts. ethics. generosity.

ethics.

Acts of the parties that can terminate a brokerage relationship are all of the following, EXCEPT by: extinction of the subject matter. mutual agreement. renunciation. revocation.

extinction of the subject matter.

A property manager must understand the essential strategies of risk management and apply them as a part of a risk management plan. When creating a risk management plan, several steps are involved

identification, assessment, and mitigation

A real estate agent's activities are varied and can be divided into six separate areas:

know your market area, preview properties, prospect for listings, work with prospective buyers and write up purchase offers, handle the paperwork and close escrow, and attend meetings.

Both federal and Maryland fair housing laws include all of the following as a protected class, EXCEPT: level of education. national origin. race. religion.

level of education

Acts of the parties that can terminate a brokerage relationship are

mutual agreement, renunciation, or revocation

The legal document that provides evidence of a mortgage debt is called the: promissory note. security instrument. mortgage. deed of trust.

promissory note.

Real estate salespersons or associate brokers who accept trust money on behalf of their broker must: immediately deposit the trust money. hold the check uncashed. promptly give the trust money to their broker. promptly give the trust money to the seller.

promptly give the trust money to their broker

Because Sam's Sushi Bar is open to the public, it is considered a: profitable establishment. communal accommodation. private accommodation. public accommodation.

public accommodation.

Brokers who relinquish their responsibility of reasonable and adequate supervision over their affiliated licensees are called: provisional brokers. rent-a-brokers. share-a-brokers. temporary brokers.

rent-a-brokers.

Typical activities of real estate agents include all of the following, EXCEPT: staging open houses. writing up offers. finding buyers. previewing properties.

staging open houses.

The IRS classifies affiliated real estate licensees who meet the common law rules for independent contractors, as: agents. employees of the broker. independent contractors. statutory nonemployees.

statutory nonemployees.

differentiate between real estate agents as _______ for IRS purposes and as _______ for state licensing purposes.

statutory nonemployees; independent contractors