MD Exam Prep: Licensing and the Real Estate Commission

Someone who violates the Maryland license law may incur a penalty of up to how much for the second violation?

$15,000

For a third or subsequent violation, someone who violates the Maryland license law may incur a penalty of how much per violation?

$25,000

What is the minimum balance of The Guaranty Fund?

$250,000

Someone who violates the Maryland license law may incur a penalty of up to how much for the first violation?

$5,000

What is the maximum claim payout of the Guaranty Fund?

$50,000

How many hours of prelicense education is required to qualify to apply for a Maryland broker's license?

135

What is the minimum age at which someone may become a real estate salesperson in Maryland?

18

How many hours of prelicense education is required to qualify to apply for a Maryland salesperson's license?

60

What does a salesperson need to change sponsoring brokers?

A transfer application and statements from both brokers

How many years of experience must a Maryland broker applicant have?

At least 3 years

How often must Maryland real estate licensees review their licenses?

Every two years

Who serves on the Maryland Real Estate Commission?

Five real estate licensees with at least 10 years' experience each, and four non-licensee consumers

How long do the MREC members serve?

Members serve four-year terms.

How many broker affiliations may each Maryland licensee have?

Multiple

How many people serve on the Maryland Real Estate Commission?

Nine

Who appoints the members of the Maryland Real Estate Commission?

The Governor of Maryland

What is the name of the fund that is set aside for consumer use if a court judgment is awarded against a licensee and the consumer is unable to collect on the judgment?

The Guaranty Fund

Which organization administers and enforces the Maryland Broker's Act?

The Maryland Real Estate Commission

How many years do consumers have in which to file a claim against the Guaranty Fund?

Three