Licensing Regulations in Maryland Study Sheet Flashcards
Who administers and regulates licenses for real estate professionals?
Maryland Real Estate Commission
Broker
Person or entity with Broker’s license
Associate Broker
Broker’s license, but sponsored by a different broker
Salesperson
Salesperson license; must be sponsored by a broker
True or False: A broker’s license does not need to be displayed.
False; Brokers must display license at all branch locations.
Who carries a pocket card?
Salesperson. They must display the card upon request.
Yes or No: Performing real estate activities for others for a fee is considered a licensed activity.
Yes
True or False: Negotiating with or aiding any person in locating or obtaining for purchase, lease or acquisition an interest in real estate does not require a license.
False; A license is required.
True or False: Negotiating listing sales, purchases, exchanges, leases, time-shares, and similar interests; financing or option for any real estate requires a license.
True
True or False: Representing oneself to be a real estate consultant, counselor, agent, or finder does not require a license to do so.
False; A license is required.
How many hours in continuing education does a licensee needs?
15 hours every 2 years.
Does a saleperson need to affiliate with a broker?
Yes
What do inactive licensees need to complete to renew?
Must complete CE requirements.
Can a broker have multiple brokerages?
Yes with separate broker licenses for each.
Who holds a salespersons and associate brokers license?
Broker
