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