MarylandFlashCMine2

Question 1

Particiption in MD lead paint program is mandatory for

Answer 1

all leased units built before 1950

Question 2

Time Required to respond to commission for a claim against Guarantee fund

Answer 2

10 days

Question 3

Number of years that MD Commissioners must have held license

Answer 3

10 years

Question 4

Board hearings req how many members present and what kinds?

Answer 4

3 members; at least one licensee and one consumer

Question 5

Can licensee affiliate with more than one broker

Answer 5

Yes, if both are given notice

Question 6

Renewall notices mailed within …

Answer 6

30 days of expiration

Question 7

Hours of continuing ed for Legislative Updates?

Answer 7

3 hours

Question 8

licensee must be informed in real estate issues in the …

Answer 8

community, state, and nation

Question 9

While await appeal on license loss, license post bons not to exceed

Answer 9

$50,000.00

Question 10

Advertisement must include

Answer 10

broker phone and name

Question 11

Licensee must keep copies of documents for …

Answer 11

five years

Question 12

Fair housing MD Protected classes

Answer 12

Marital status and sexual orientation

Question 13

Federal fair housing protected classes

Answer 13

Color – Familial Status – National Origin – Physical or Mental Disability –Race –Religion –Sex

Question 14

Legal system for land classification not recognized in Maryland

Answer 14

Government rectangular system

Question 15

What happens to ground leases not registered them by Sept 20, 2010 …

Answer 15

They are extinquished under the law

Question 16

Right to cancel a condo purchase last how many days?

Answer 16

7 days

Question 17

Second mortgages have a legally allowed maxium interest rate of …

Answer 17

24 percent

Question 18

Commission rule changes require posting where and for how long?

Answer 18

45 days prior in MD Register

Question 19

Licensee can be inactiver for how long?

Answer 19

up to 3 years

Question 20

Years experience before apply for broker’s license

Answer 20

3 years

Question 21

Failure to present records regarding earnest money can result in what for the broker?

Answer 21

automatic suspension of license

Question 22

If arrested for DUI … brokers license is …

Answer 22

unaffected

Question 23

May a broker be part of a team?

Answer 23

No

Question 24

Purchase price of a ground lease is the annual rent …

Answer 24

divided by a factor in the range of 0.04 to 0.12

Question 25

Leases that automatically renew more than one month are ….

Answer 25

illegal in Maryland

Question 26

State law provision related to title insurance

Answer 26

buyers must be offered title insurance at closing

Question 27

Number of days notice license gets before an investigative hearing

Answer 27

10 days notice

Question 28

Max. Amount one can get recovered from guarantee fund

Answer 28

$50,000.00

Question 29

Expired licenses can be reinstated within

Answer 29

3 years

Question 30

Continuing ED hours for Ethics, flipping and predatory lending

Answer 30

3 hours

Question 31

Before changing an office location, brokers must give the commission how many days notice?

Answer 31

7 days notice

Question 32

Number of days for broker to deposit earnest money

Answer 32

7 business days

Question 33

non residential property does not include

Answer 33

agricultural land

Question 34

right to cancel atime share purhcase last how many days?

Answer 34

10 days

Question 35

Interest on security deposits in MD

Answer 35

accures every 6 months and does not compound

Question 36

Maryland Lead Poisoning Prevention program does what?

Answer 36

pays for relocation and medical expenses

Question 37

Time a complainant has to request money from guarantee fund

Answer 37

3 years

Question 38

Amount the Commission may order to pay from guarantee fund

Answer 38

$3,000.00

Question 39

To qualify for a license an applicant must have a broker's

Answer 39

commitment to take them

Question 40

Number of hours continuing Ed for Fair Housing

Answer 40

1.5

Question 41

How long keep contin ed certificates?

Answer 41

5 years

Question 42

offering to buy appliances for a buyer is an

Answer 42

unfair inducement

Question 43

Number of days notice for conversion to a condo

Answer 43

180 days

Question 44

True or false: Non Judicial forecloses are associated with a power of sale clause

Answer 44

TRUE

Question 45

A family member may carry a brokerage of a deceased broker for up to

Answer 45

6 months

Question 46

Licensee changing ownership in a brokerage firm must notify the commission within

Answer 46

30 days

Question 47

What legal land description is most common in MD?

Answer 47

Lot and Block

Question 48

Days of notice before converting to a timeshare

Answer 48

120 days

Question 49

A power of sale clause is found in a ...

Answer 49

Deed of Trust

Question 50

Where is the critical area in the Chesapeak Bay Act?

Answer 50

within 1000 feet of the high water mark

Question 51

Staff employees of the Commission include

Answer 51

Executive director, education administrator and investigators

Question 52

Before taking disciplinary action, the commission must ...

Answer 52

hold a hearing

Question 53

Penalty for making "false" claim to Guarantee fund

Answer 53

$5,000 and or a year in jail

Question 54

When can a lawyer broker a real estate deal

Answer 54

When he doesn't do them regularly...but he still must conform to brokerage law

Question 55

Hours class required to get license

Answer 55

60

Question 56

Hours Educ for broker License

Answer 56

135

Question 57

True or false broker applicants must submit credit report

Answer 57

TRUE

Question 58

Max hours allowed for continuing Ed classes on technology

Answer 58

3 hours

Question 59

Hours of education for renewal

Answer 59

15 or 7.5 for lawyers

Question 60

MERC Agency education hours

Answer 60

3 every four years

Question 61

Education hours for broker supervision class

Answer 61

3 hours every four years for brokers and team leaders

Question 62

Two things that can lead to automatic suspension of broker license

Answer 62

failure to inform commission of office location change within 7 days and failure to provide info on earnest deposit on request

Question 63

No. days notice for agent disposing an interest in a brokerage

Answer 63

30 days notice

Question 64

Max amount salesperson and family can hold in a firm

Answer 64

50.00%

Question 65

Licensees should check material facts by ...

Answer 65

inspecting the property and survey, having owner fill out disclosure form, and checking public records

Question 66

What happens if buyer does not get disclosure form?

Answer 66

Buyer may cancel contract and lender may tell them they can't get a loan without it.

Question 67

Ground rent in realtor ads must be

Answer 67

same size or larger than price of the property

Question 68

Life estates not recognized in MD

Answer 68

coursey, dower or homestead

Question 69

Max security deposits

Answer 69

two months rent

Question 70

Max penalty for late rent in MD

Answer 70

5 percent

Question 71

Who can own property in entirity in MD

Answer 71

Only married couples; one dies becomes severalty

Question 72

How many smoke detectors in new residential SFH

Answer 72

one per level including attics and basements