MarylandFlashCMine2 Flashcards
Particiption in MD lead paint program is mandatory for
all leased units built before 1950
Time Required to respond to commission for a claim against Guarantee fund
10 days
Number of years that MD Commissioners must have held license
10 years
Board hearings req how many members present and what kinds?
3 members; at least one licensee and one consumer
Can licensee affiliate with more than one broker
Yes, if both are given notice
Renewall notices mailed within …
30 days of expiration
Hours of continuing ed for Legislative Updates?
3 hours
licensee must be informed in real estate issues in the …
community, state, and nation
While await appeal on license loss, license post bons not to exceed
$50,000.00
Advertisement must include
broker phone and name
Licensee must keep copies of documents for …
five years
Fair housing MD Protected classes
Marital status and sexual orientation
Federal fair housing protected classes
Color – Familial Status – National Origin – Physical or Mental Disability –Race –Religion –Sex
Legal system for land classification not recognized in Maryland
Government rectangular system
What happens to ground leases not registered them by Sept 20, 2010 …
They are extinquished under the law
Right to cancel a condo purchase last how many days?
7 days
Second mortgages have a legally allowed maxium interest rate of …
24 percent
Commission rule changes require posting where and for how long?
45 days prior in MD Register
Licensee can be inactiver for how long?
up to 3 years
Years experience before apply for broker’s license
3 years
Failure to present records regarding earnest money can result in what for the broker?
automatic suspension of license
If arrested for DUI … brokers license is …
unaffected
May a broker be part of a team?
No
Purchase price of a ground lease is the annual rent …
divided by a factor in the range of 0.04 to 0.12
Leases that automatically renew more than one month are ….
illegal in Maryland
State law provision related to title insurance
buyers must be offered title insurance at closing
Number of days notice license gets before an investigative hearing
10 days notice
Max. Amount one can get recovered from guarantee fund
$50,000.00
Expired licenses can be reinstated within
3 years
Continuing ED hours for Ethics, flipping and predatory lending
3 hours
Before changing an office location, brokers must give the commission how many days notice?
7 days notice
Number of days for broker to deposit earnest money
7 business days
non residential property does not include
agricultural land
right to cancel atime share purhcase last how many days?
10 days
Interest on security deposits in MD
accures every 6 months and does not compound
Maryland Lead Poisoning Prevention program does what?
pays for relocation and medical expenses
Time a complainant has to request money from guarantee fund
3 years
Amount the Commission may order to pay from guarantee fund
$3,000.00
To qualify for a license an applicant must have a broker’s
commitment to take them
Number of hours continuing Ed for Fair Housing
1.5
How long keep contin ed certificates?
5 years
offering to buy appliances for a buyer is an
unfair inducement
Number of days notice for conversion to a condo
180 days
True or false: Non Judicial forecloses are associated with a power of sale clause
TRUE
A family member may carry a brokerage of a deceased broker for up to
6 months
Licensee changing ownership in a brokerage firm must notify the commission within
30 days
What legal land description is most common in MD?
Lot and Block
Days of notice before converting to a timeshare
120 days
A power of sale clause is found in a …
Deed of Trust
Where is the critical area in the Chesapeak Bay Act?
within 1000 feet of the high water mark
Staff employees of the Commission include
Executive director, education administrator and investigators
Before taking disciplinary action, the commission must …
hold a hearing
Penalty for making “false” claim to Guarantee fund
$5,000 and or a year in jail
When can a lawyer broker a real estate deal
When he doesn’t do them regularly…but he still must conform to brokerage law
Hours class required to get license
60
Hours Educ for broker License
135
True or false broker applicants must submit credit report
TRUE
Max hours allowed for continuing Ed classes on technology
3 hours
Hours of education for renewal
15 or 7.5 for lawyers
MERC Agency education hours
3 every four years
Education hours for broker supervision class
3 hours every four years for brokers and team leaders
Two things that can lead to automatic suspension of broker license
failure to inform commission of office location change within 7 days and failure to provide info on earnest deposit on request
No. days notice for agent disposing an interest in a brokerage
30 days notice
Max amount salesperson and family can hold in a firm
50.00%
Licensees should check material facts by …
inspecting the property and survey, having owner fill out disclosure form, and checking public records
What happens if buyer does not get disclosure form?
Buyer may cancel contract and lender may tell them they can’t get a loan without it.
Ground rent in realtor ads must be
same size or larger than price of the property
Life estates not recognized in MD
coursey, dower or homestead
Max security deposits
two months rent
Max penalty for late rent in MD
5 percent
Who can own property in entirity in MD
Only married couples; one dies becomes severalty
How many smoke detectors in new residential SFH
one per level including attics and basements
