MD Real Estate Exam- State Portion Correct questions & ANSWERS(RATED A)
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Course
Maryland Real Estate
Institution
Maryland Real Estate
Inactive Status - ANSWER associate real estate brokers and real estate salesperons that are no longer affiliated with licensed real estate brokers and their license certificates and pocket cards are returned to the Commission.
An inactive license - ANSWER expires 3 years from the date it was pla...
MD Real Estate Exam- State Portion Correct
questions & ANSWERS(RATED A)
Inactive Status - ANSWER associate real estate brokers and real estate salesperons that are no longer
affiliated with licensed real estate brokers and their license certificates and pocket cards are returned to
the Commission.
An inactive license - ANSWER expires 3 years from the date it was placed on inactive status
Commission pays any penalty collected to - ANSWER General Fund of the State
Instead of, or in addition to, suspension or revocation, for any violation of the Brokers Act (Title 17), the
Commission may impose a penalty for a first violation - ANSWER not exceeding $5,000
Instead of, or in addition to, suspension or revocation, for any violation of the Brokers Act (Title 17), the
Commission may impose a penalty for a second violation - ANSWER not exceeding $15,000
Instead of, or in addition to, suspension or revocation, for any violation of the Brokers Act (Title 17), the
Commission may impose a penalty for a third violation - ANSWER not exceeding $25,000
Real Estate Hearing Board/Panel - ANSWER Established by the Commission- consist of 3 Commission
Members including at least 1 professional member and 1 consumer member
License Renewal - ANSWER Extends a license for another 2-year term
Reissuance / Reactivation - ANSWER Licensee returns to active status and affiliates with a broker
Reinstatement - ANSWER Revives license that expired for lack of renewal or restores license after
suspension or revocation
, Tenaancies by the entireties - ANSWER Tenancy by the entireties is a form of ownership that husbands
and wives can choose or create by deciding to do so and declaring it as such in contracts and deeds.
Husband and wife
Tenancy in common - ANSWER put in motion by state law. Community Property is a law of ownership
that exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and some
other states.
Tenancy by the Entireties - ANSWER Tenancy by the Entireties is an estate that is recognized in some
states between husband and wife, who have equal right of possession and enjoyment during their joint
lives and with the right of survivorship--that is when one dies, the property goes to the surviving tenant.
Husband and wife
Escheat - ANSWER If someone dies and there is no one to inherit or no will the property goes to the
state
Appointed by the Secretary of Labor, Licensing, and Regulation - ANSWER How is the executive director
of the commission chosen
20 years of continuous use - ANSWER What meets or exceeds the requirement for prescriptive easement
in Maryland
Lessee - ANSWER Is responsible for maintaining a habitable property and for complying with local
housing and building codes
Guaranty Fund - ANSWER Must be maintained at $250,000
Maryland residential listing agreement - ANSWER It must be in writing
Maryland have homestead laws? - ANSWER No
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