Session 1 Flashcards
Define Broker
“An individual who provides real estate brokerage services”
Define Associate Broker
“A licensee who has taken and passed the broker examination but chooses to associate with and work under a broker’s supervision”
Define Salespersons
“Performs real estate brokerage services”
Age Requirement
•Salesperson - 18+
•Broker/Associate Broker- 3 years of experience is required if you are 18, so you must be 21+
Reputation
• Salesperson- must be good of character and reputation
•Broker/Associate Broker- must be of good character and reputation
Experienced Required
•Salesperson- None
•Broker/Associate Broker- 3 years as a lawful and active liscensed salesperson
Educational requirements
•Salesperson- 60 hours of salespersons qualifying course, including 3 hours of real estate ethics
•Broker/Associate Broker- 135 hours of approved real estate course (in addition to salesperson requirements), including 3 hours of real estate ethics
Exam Passed 70%+
•Salespersons- $61 exam fee
•Broker- $61 exam fee
License Fee
•Salesperson $110
•Associate Broker $150
•Broker $210
When is a real estate licensed required?
When performing real estate activities for others, for compensation of any kind
In MD how many hours of approved real estate courses must an individual complete before taking the real estate salesperson exam?
60
A salesperson or associate broker may perform real estate brokerage activities under what circumstances?
While associated with and supervised by a broker
Tom is an unlicensed individual helping his sister find a new home, in return for a trip to Europe. Which of the following activities can he perform?
He can search real estate sites and resources to find available homes in the area
A person performing real estate activities under the judgement or order of the court, such as a trustee in a bankruptcy, is ___?
An exception to the real estate licensing requirement
Maintaining a Broker license
•displays brokers license at all branch locations
•stores licenses for all sponsored salesperson and associate broker
•completes 15 hour continuing education requirements every 2 years
• multiple brokerages allowed, with separate brokers license
Maintaining a Salespersons license
• affiliates with broker to be active
• multiple broker affiliations allowed with agreement
• carries pocket card
• displays card upon request
• completes 15 hour continuing education every 2 years
• inactive license must also complete continuing education requirements to renew
