Podcast
Questions and Answers
Who appoints members to the Maryland Real Estate Commission?
Who appoints members to the Maryland Real Estate Commission?
- The Governor of Maryland (correct)
- The House of Delegates
- The State Senate
- The Executive Director of the Commission
Which of the following is true concerning the Maryland Real Estate Commission?
Which of the following is true concerning the Maryland Real Estate Commission?
- Its members are representative brokers from real estate boards or associations throughout Maryland
- It has 4 professional and 5 consumer members
- It has 5 members
- 3 out of its members are not real estate licensees and 5 are (correct)
What must be included in advertising by a broker?
What must be included in advertising by a broker?
- The legal name of the licensed real estate broker
- The name of the licensee who listed the property
- The name of the broker's Realtor board or association or Realtist organization
- The designated name of that broker as registered with the Commission (correct)
Which of the following is NOT required in advertising for a team?
Which of the following is NOT required in advertising for a team?
Whom may use a listing agreement form published by a multiple listing service?
Whom may use a listing agreement form published by a multiple listing service?
Brokers are not required to notify the Commission when?
Brokers are not required to notify the Commission when?
What does the Brokers Act require to be done with earnest money deposits when there are no instructions to the contrary from their owner?
What does the Brokers Act require to be done with earnest money deposits when there are no instructions to the contrary from their owner?
Which statement pertaining to licenses held by Maryland real estate brokerage licensees is NOT correct?
Which statement pertaining to licenses held by Maryland real estate brokerage licensees is NOT correct?
Which of the following satisfies the requirement that a broker maintain an office?
Which of the following satisfies the requirement that a broker maintain an office?
Relations with which of the following is NOT addressed in the Commission's Code of Ethics?
Relations with which of the following is NOT addressed in the Commission's Code of Ethics?
In Maryland, who is primarily responsible for the real estate brokerage services provided through a corporation?
In Maryland, who is primarily responsible for the real estate brokerage services provided through a corporation?
Broker's principals are called?
Broker's principals are called?
When can a brokerage lawfully perform dual agency?
When can a brokerage lawfully perform dual agency?
What is a requirement for a licensed real estate salesperson to deliver real estate brokerage service?
What is a requirement for a licensed real estate salesperson to deliver real estate brokerage service?
Which is TRUE when brokers handle the purchase and sale of residential real property?
Which is TRUE when brokers handle the purchase and sale of residential real property?
What must be shown in ads placed by licensees for a property listed in their firm?
What must be shown in ads placed by licensees for a property listed in their firm?
Licensees do NOT need to do which of the following to be 'qualified real estate agents' and be eligible to use Schedule C-Self-Employed when filing federal tax returns?
Licensees do NOT need to do which of the following to be 'qualified real estate agents' and be eligible to use Schedule C-Self-Employed when filing federal tax returns?
Which type of residential listing agreement is illegal for a broker to use in Maryland?
Which type of residential listing agreement is illegal for a broker to use in Maryland?
Which statement about teams is FALSE?
Which statement about teams is FALSE?
How is the executive director of the Commission chosen?
How is the executive director of the Commission chosen?
What is the effect on purchasers of having received the Maryland Residential Property Disclosure and Disclaimer Statement before signing their contract offer?
What is the effect on purchasers of having received the Maryland Residential Property Disclosure and Disclaimer Statement before signing their contract offer?
Which of the following would meet or exceed the requirement for prescriptive easement in Maryland?
Which of the following would meet or exceed the requirement for prescriptive easement in Maryland?
If you are a licensed salesperson and receive a lead from a friend who is not a real estate licensee and then split the commission with your friend, which of the following will be true?
If you are a licensed salesperson and receive a lead from a friend who is not a real estate licensee and then split the commission with your friend, which of the following will be true?
At what minimum level must the Guaranty Fund be maintained at?
At what minimum level must the Guaranty Fund be maintained at?
Which of the following does NOT end presumed buyer representation?
Which of the following does NOT end presumed buyer representation?
Which of the following is paid biennially?
Which of the following is paid biennially?
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Study Notes
Maryland Real Estate Commission
- Members are appointed by the governor of Maryland.
- Commission consists of 3 non-licensee members and 5 licensed real estate professionals.
Advertising Regulations
- Brokers must include their designated name as registered with the Commission in advertisements.
- Team advertisements do not need to include the name of the team leader.
Listing Agreements and Practices
- Listing agreement forms published by a multiple listing service can be used by any licensed member of the organization operating the service.
- Net listing agreements are illegal for brokers to use in Maryland.
Financial Management
- Earnest money deposits must be placed in insured and approved financial institutions in Maryland unless instructed otherwise.
Licensing Requirements
- Real estate licenses are required for anyone selling real estate for consideration.
- Licensees classified as "qualified real estate agents" must earn income primarily through commissions, and cannot only operate free from their broker’s control.
Agency Relationships
- A brokerage can perform dual agency only if the broker designates two licensees, one for each party in a transaction.
- Brokers cannot represent both buyer and seller without designating intra-company agents.
Compliance and Ethics
- Brokers are not required to notify the Commission about changes in commission sharing or a salesperson's resignation.
- The Commission's Code of Ethics addresses relations with clients, fellow licensees, and the public, but not with the Commission itself.
Residential Property Disclosure
- Buyers receiving the Maryland Residential Property Disclosure and Disclaimer Statement may not rescind their contract based on disclosed facts.
Easement Requirements
- A 25-year continuous use satisfies the requirement for establishing a prescriptive easement in Maryland.
Guaranty Fund
- The Guaranty Fund for real estate in Maryland must be maintained at a minimum of $250,000.
Team Regulations
- Teams must have at least two licensed members.
- A salesperson can serve as a team leader.
Commission Splitting Regulations
- A licensed salesperson splitting commission with a non-licensee without broker approval violates license law.
License Fees
- The broker's and salesperson's license renewal fee is paid biennially.
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