state 3

In order to qualify as one of the four appointed consumer members of the Maryland Real Estate Commission, how many years of experience must you have as a real estate licensee? 10 Seven Zero Five

Zero

In which type of listing agreement does a seller contract with one listing agent but reserve the right to locate the buyer, and only pay the listing agent if an agent locates the buyer? Open Exclusive right to sell Exclusive agency Seller prefers

open

Adesha made an offer on a three-bedroom townhouse in Hanover on April 5. The sellers accepted her offer on April 6, and all signatures were finalized by April 7. Adesha still hasn't received the property disclosure/disclaimer statement. Until when can Adesha rescind the contract without penalty? At any time before she receives the disclosure/disclaimer statement April 17 April 14 April 12

At any time before she receives the disclosure/disclaimer statement Sellers should provide buyers with the disclosure/disclaimer before the contract is signed. If they don't, and the parties still enter into the contract, the buyer may rescind the contract any time before receiving the disclosure/disclaimer form.

In Maryland, which type(s) of licensee must take 15 hours of continuing education every renewal cycle? Brokers only Associate brokers only Brokers, associate brokers, and salespersons Salespersons only

Brokers, associate brokers, and salespersons In Maryland, brokers, associate brokers, and salespersons must take 15 hours of continuing education during every two-year renewal cycle.

Which of the following statements is true about buyers and the Maryland Residential Property Disclosure and Disclaimer Statement? Buyers must request a copy of the disclosure/disclaimer statement when they submit their offer. Buyers do not have to acknowledge that they have received the disclosure/disclaimer statement. Buyers can rescind a contract on the basis of having received an incomplete disclosure from the seller. Buyers only receive the part of the disclosure/disclaimer statement that the seller completed.

Buyers can rescind a contract on the basis of having received an incomplete disclosure from the seller. Buyers can rescind a contract on the basis of having received an incomplete disclosure from the seller.

Chandler is a licensed salesperson in a state that doesn't have a reciprocal agreement with Maryland. What must he do in order to qualify for licensure in Maryland? Chandler needs to receive commission approval before completing any licensure requirements. Chandler needs to pass both the national and Maryland licensing exams and submit an irrevocable consent form. Chandler needs to complete the same licensure requirements as other Maryland salesperson candidates and submit an irrevocable consent form. Chandler only needs to pass the Maryland portion of the licensing exam and provide the name of the Maryland broker with whom he'll be affiliating once licensed.

Chandler needs to complete the same licensure requirements as other Maryland salesperson candidates and submit an irrevocable consent form. Nonresidents from states with no reciprocal agreement with Maryland must complete the same requirements for Maryland licensure as other candidates and submit an "irrevocable consent" form, which allows legal action to be placed on the licensee in Maryland

Which of the following is NOT true regarding the Maryland Commission on Civil Rights? The commission is managed by an executive director. The governor appoints members to the commission. Commission members serve four-year terms. The commission is made up of nine members.

Commission members serve four-year terms MCCR is made up of nine governor-appointed members and an executive director who serve six-year terms.

William is a real estate licensee who's preparing a sale agreement that will include an unusual circumstance. What's the best course of action? Use existing forms but modify the language to address the unusual circumstance. Use an existing form and write an addendum that covers the unusual circumstance. Create his own forms. Consult an attorney.

Consult an attorney. It's possible that William could still use an existing form, but it won't cover the unusual circumstance. William should not write an addendum that covers it. His best bet is to consult an attorney.

Which of the following is NOT a relief option that the nine-member Maryland Commission on Civil Rights may order if it determines that housing discrimination has occurred? A civil penalty awarded to the state An injunction to prevent further discriminatory behavior Training for the party who discriminated Criminal action against the party who discriminated

Criminal action against the party who discriminated MCCR may seek civil action and order: monetary relief for the victim, a civil penalty awarded to the state, injunctions to prevent further discrimination, training for the party who discriminated, and reasonable accommodation.

Stanley, a broker, received notice from the Maryland Real Estate Commission that it was summarily suspending his license. What's the most likely reason that his license was immediately suspended? He failed to report that he was charged with a misdemeanor last week. He failed to pay his license renewal fee on time. He held onto an earnest money check until the offer had been accepted. He didn't provide the commission with trust account records.

He didn't provide the commission with trust account records. MREC may summarily suspend a license if the licensee is convicted of a felony, or if the licensee fails to: promptly account for trust funds, provide trust fund records, or disclose to the commission that the licensee has been convicted of a felony.

If DeMarcus fails to make sure that his buyer client, Ross, has received the property disclosure/disclaimer statement before he submits an offer, DeMarcus may be violating his obligation to protect Ross's interests ______. Only if Ross decides to press charges against him If DeMarcus's failure could result in the contract becoming voidable Unless DeMarcus thought the seller would provide it within five days of offer acceptance Only if there are significant defects in the property

If DeMarcus's failure could result in the contract becoming voidable Failure to ensure that a buyer receives the disclosure/disclaimer statement before offer submission may be a violation of the licensee's obligation to protect and promote the client's interests if this failure could result in a contract becoming voidable.

Hank is a real estate licensee working for an investor. Which of these actions is he prohibited from performing? Search the MLS, auctions, advertisements, etc. for investment properties. Recommend a specific investment. Crunch numbers for the client. Prepare an offer for an investment property.

Recommend a specific investment. Licensees can perform actions to find and evaluate properties, but should not recommend a specific investment. Ultimately, this needs to be the client's decision, but you can provide the data needed to make the decision.

Mike's a busy listing broker. Luna, one of his associated licensees, had a complaint filed against her. Mike was busy with his own clients, and the commission's response deadline came and went without him noticing. The following week Mike received a new complaint—this time, against him. What is the new complaint likely about? He didn't make sure that Luna responded to the commission's notice. He failed to properly supervise his affiliated licensees. He failed to present himself before the commission. He failed to cooperate with the commission in its investigation.

He failed to cooperate with the commission in its investigation. Licensees must cooperate with the commission in its regulation of licensees and their activities. A complaint response doesn't require an in-person meeting, but definitely requires a written response from the accused licensee's broker.

Which of the following specifically states that real estate licensees must make reasonable efforts to discover all material facts about each property they list? Maryland Broker's Act Maryland's Multiple Listing Service Maryland Real Estate Commission's Code of Ethics Maryland Residential Property Disclosure and Disclaimer Statement

Maryland Real Estate Commission's Code of Ethics The Maryland Real Estate Commission's Code of Ethics states that real estate licensees must make reasonable efforts to discover all material facts about each property they list

What is used to secure a home loan in Maryland? Mortgage Full covenant and warranty deed Deed of trust The property

The property Maryland is a lien theory state, which means that the property acts as security for the loan.

Maryland Real Estate Comission has how many real estate professional members? How many consumer members? How long is a term? How many years real estate practice do you need?

5 real estate members 4 consumers 4 year terms 10 years in pactice

The Protection of Homeowners in Foreclosure Act (PHIFA) outlines parameters for foreclosure consulting services offered to homeowners who are at least ______ delinquent on their mortgage payments 90 days 60 days 45 days 30 days

60 days PHIFA sets guidelines for foreclosure consulting services offered to owners who are at least 60 days delinquent on their mortgage payments. Certain foreclosure consultation services require additional licensure outside of a typical real estate license.

Which of these written counter-offers would the offeror be able to withdraw? A counter-offer sent 10 days ago with no response A counter-offer that the offeree verbally accepted A counter-offer that the offeree signed and returned to the offeror A counter-offer that the offeree signed and put in the mail after her agent called to tell the offeror's agent that it was coming

A counter-offer sent 10 days ago with no response Written offers and counter-offers may be withdrawn until accepted. Acceptance is effective upon notification to the offeror (as long as the document is signed).

Which one of the following statements about dual agency disclosure and informed consent in Maryland is true? Dual agency consent and disclosure must be in writing Dual agency is illegal. Maryland license law allows single-license and dual-license agency, as long as the clients give written consent. Dual agency applies to seller/buyer transactions only; not landlord/tenant.

Dual agency consent and disclosure must be in writing In order to practice dual agency legally, there must be informed written consent from all parties and written disclosure to all parties involved in a transaction.

How does a Maryland broker's license renewal differ from a salesperson's license renewal? Brokers have to renew every three years and salespersons have to renew every two years. Brokers must take the 15 hours of CE salespersons take, plus an additional three hours of broker supervision coursework. Instead of having 4.5 hours of electives, brokers must take three hours of broker supervision coursework and only 1.5 hours of electives. There is no difference between license renewals for brokers and salespersons.

Instead of having 4.5 hours of electives, brokers must take three hours of broker supervision coursework and only 1.5 hours of electives. Like salespersons, brokers must also complete 15 hours of CE, but unlike the salesperson renewal requirements, three of those hours must be in broker supervision (only 1.5 CE hours are electives).

In Maryland, the agency disclosure notice ______. Must be video taped Is a contract Creates a brokerage relationship once it is signed and dated Is required by law

Is required by law Although required by law, the agency disclosure notice is not a contract, and it does not create a brokerage relationship. The licensee must provide a written disclosure to any party the licensee does not represent in the transaction.

MREC received Shanice's complaint against licensee Nick two years and eight months after he helped her buy her one-bedroom condo in Silver Spring. Nick and his broker responded to the copy of the complaint MREC sent them. Three weeks later, Nick and his broker received notice via certified mail that Shanice's claim warranted a hearing, which would take place in a week. What's wrong with this scenario? Condominiums and co-ops are outside MREC's jurisdiction; Shanice should bring her complaint directly to her condo board. Nick's broker is only contacted if the claim moves forward to a hearing. Complaints must be filed within two years. MREC must give 10 days' notice before a hearing.

MREC must give 10 days' notice before a hearing. MREC's hearing panel will consider complaints filed within three years of a real estate transaction, including condo sales. When a complaint is filed against a licensee, the licensee and his or her broker receive a copy of it. Licensees must be given at l

Net listings are illegal in some states due to their inherent conflict of interest. Question 36 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? Erica, who's selling her five-unit apartment building to an investor who will be converting it to retail space Tessa, who represents a lender that's selling a foreclosed four-bedroom ranch-style home that sits on three acres Bryce, who, as the executor of his deceased mother's will, is selling her house Mikey, an investor who's selling a property that he converted into a three-unit apartment building

Mikey, an investor who's selling a property that he converted into a three-unit apartment building Unimproved properties, new construction, transfer tax-exempt properties, foreclosures/REOs, sheriff's/tax sales, court-appointed transfers, and properties that will be converted to commercial use or demolished are exempt from the disclosure requirement.

A broker has designated two members of the same team as intra-company agents (ICAs) in a transaction. Who may serve as the dual agent? Only the office manager The broker or an office manager from the same team as the ICAs The broker or an office manager not on the same team as the ICAs Only the broker The broker or an office manager not on the same

Only the office manager

Dorothy, a Maryland broker, deposited her buyer client's earnest money funds a month ago. The seller backed out of the contract two days before closing and claimed she was owed the earnest money because of the time the property had been taken off the market during contract negotiations. The buyer wants his earnest money back. Which of the following is NOT an option that Dorothy has regarding the dispute? She can hold onto the funds until one of the parties files suit and a court orders the funds' disbursement. She can file a bill of interpleader and deposit the funds with the courts, which would then decide their disbursement. She can hold the funds until she receives both parties' authorization to disburse them. She can file a claim with the Maryland Real Estate Commission, which would then decide how the funds should be disbursed.

She can file a claim with the Maryland Real Estate Commission, which would then decide how the funds should be disbursed. Brokers may: hold disputed funds until both parties authorize their disbursement, file a bill of interpleader and deposit the funds with the courts to decide their disbursement, or hold the funds until one party files suit and a court orders disbursement.

Which of the following describes sub-agency? Chico is a listing agent and is helping Tuti write an offer on her listing, but Tuti does not want representation. Norm is a listing agent. He allows Stu, an agent from another firm, to present an offer from an unrepresented buyer. A listing agent accepts an offer from a buyer written by Cali. Cali does not represent the buyer. Cali and the listing agent work for the same firm. Lance listed Max's house. Brenda, who is under a buyer agency agreement with Tim, helps Tim buy Max's house.

Since Stu doesn't represent the buyer, he's technically the seller's sub-agent.

What happens in situations where an ethical complaint has resulted in the Maryland Real Estate Commission recommending charges be brought against the licensee? The licensee's license is immediately suspended. The licensee is brought up on criminal charges. The commission sets a date for the case to be heard. The complaint is referred to the Attorney General's office.

The complaint is referred to the Attorney General's office. The complaint is referred to the Attorney General's office, where it is reviewed for legal sufficiency.

In addition to completing the Consent for Dual Agency form, what information about dual agency in teams must be provided to the buyer and seller?

The regulations regarding who may serve as a dual agent in Maryland The names of all real estate team members involved in the transaction The fact that the team could have a financial interest in the transaction's outcome The name of the specific team The brokerage firm must inform both buyer and seller that the team could benefit financially from the transaction.

How does discrimination testing work? Landlords are given a 20-point questionnaire. A minority applies for housing to test how they're treated. Two different applicants whose only difference is protected class apply for the same property. The demographic data for tenants is audited.

Two different applicants whose only difference is protected class apply for the same property. To conduct a discrimination test, two applicants whose only difference is protected class status apply for a property and test whether they're treated differently.

Which of these scenarios does NOT accurately reflect the MREC complaints and investigations process? The hearing panel decided against the administrative law judge's recommendation to suspend Swaroop's license. Finding no evidence of misconduct, the hearing panel reviewing Monica's complaint dismissed the claim. Upon reviewing a complaint against licensee Derek, an administrative law judge deemed it worthy of further investigation. The hearing panel forwarded Charlene's complaint against licensee Todd to Investigative Services for further inquiry.

Upon reviewing a complaint against licensee Derek, an administrative law judge deemed it worthy of further investigation. The hearing panel reviews complaints, dismissing invalid claims and forwarding valid ones to Investigative Services. If warranted, an ALJ will preside over a hearing and then make a recommendation to the hearing panel regarding disciplinary action.

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, but only after 30 days. Yes. He has the right to plead his case in front of the commission. No. Appeals are only granted for temporary suspensions. No. Only license revocations can be appealed.

Yes. He has the right to plead his case in front of the commission Licensees whose licenses have been summarily suspended or revoked have the right to a prompt hearing before the commission.

You recently listed an historic home more than 100 years old, which was the site of a suicide many years ago. A spirit is believed to roam the grounds, but the current owner doesn't want this shared with prospective buyers. Which action best demonstrates good faith? You tell the owner you must disclose whether a property was the site of a suicide or homicide. You tell the owner you don't have to disclose the ghost, but do need to tell buyers that a suicide occurred on the property. You follow the owner's wishes because the suicide and haunting don't need to be disclosed. You tell the owner you don't have to disclose that the property was the site of a suicide, but do need to disclose the ghost.

You follow the owner's wishes because the suicide and haunting don't need to be disclosed. Good faith means properly disclosing material facts. Usually, you don't need to disclose ghosts, suicides, or homicides related to the property unless the prospective buyer asks you directly about them.

Joanne's a new licensee, and her broker has suggested that she attend a meeting of the Maryland Real Estate Commission to learn more about how the commission works. If it's December 1, and she's trying to go before the end of the year, how many more meetings are available for her to attend? Zero; MREC meetings aren't open to the public. Two; MREC meets every other week. One; MREC meets once a month (12 times per year). Four; MREC meets every week.

Zero; MREC meetings aren't open to the public. MREC meets 12 times per year (once a month). MREC meetings are open to the public.