Maryland Real Estate Exam CORRECT QUESTIONS & ANSWERS(GRADED A)
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Course
Maryland Real Estate
Institution
Maryland Real Estate
Appoints members of Maryland Real Estate Commission
MREC created by? - ANSWER Governor
license law
How is executive director of commission chosen? - ANSWER Appointed by secretary of labor, licensing, and regulation
Minimum level of guaranty fund
Initial fee? - ANSWER 250,000
$20
Maryla...
Maryland Real Estate Exam CORRECT
QUESTIONS & ANSWERS(GRADED A)
Appoints members of Maryland Real Estate Commission
MREC created by? - ANSWER Governor
license law
How is executive director of commission chosen? - ANSWER Appointed by secretary of labor, licensing,
and regulation
Minimum level of guaranty fund
Initial fee? - ANSWER 250,000
$20
Maryland real estate commission comprised of - ANSWER four members not real estate licensees, five
are licensee (must be member of county appointed for at least 5 years)
Fees paid for real estate licensees go where? - ANSWER The State Real Estate Commission Fund
Upper limit of financial loss protected by guaranty fund - ANSWER 25,000
Brokers principals are called... - ANSWER Clients
Brokers handle purchase and sale what must happen - ANSWER Designate two intra-company agents
Dual Agency is permitted when.. - ANSWER In brokerage firms consisting of three or more licenses
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