CE SHOP FINAL EXAM CORRECT ANSWERS
Blaire apparently hasn't learned her lesson. She paid a $5,000 penalty
when MREC found her guilty of misrepresentation, a $10,000 penalty
when she was found guilty of placing a for sale sign in someone's yard
without permission, and now she's committed three more violations by
placing a series of discriminatory ads. What's the maximum penalty
MREC can levy for these new violations? - CORRECT ANSWER -
75,000
Which of these parties WOULD need a real estate license in Maryland? -
CORRECT ANSWER -Marsha, an attorney who is selling a client's
home, as this is something she typically does as part of her practice
New Maryland licensees pay a fee into the Guaranty Fund to help
maintain it. What is the amount of the fee? - CORRECT ANSWER -
$20
DeShawn has been licensed as a salesperson in Maryland for 18
months. Which of the following statements is true about his upcoming
license renewal? - CORRECT ANSWER -The commission will send
DeShawn a renewal reminder at least 60 days before his license's
expiration date.
Who presides over a Maryland Real Estate Commission hearing? -
CORRECT ANSWER -An administrative law judge
In order to qualify as one of the five real estate professional members of
the Maryland Real Estate Commission board, how many years of real
estate experience must you have? - CORRECT ANSWER -10
,Damon lives in Frederick but is affiliated with a broker in downtown
Baltimore. He'd like to affiliate with a broker closer to home but doesn't
want to sever his relationship with his current broker. What needs to
happen in order for Damon to be able to work for both brokerages? -
CORRECT ANSWER -Both brokers need to send a letter to the
commission stating their approval of the arrangement and that there is
no conflict of interest.
Tiara's Maryland salesperson's license is going to expire next week if
she doesn't complete all of the required continuing education hours.
She's completed three hours of agency, three hours of legislative
updates, 1.5 hours of fair housing, and three hours of electives. What
other coursework does she need to complete in order to renew her
license? - CORRECT ANSWER -Three hours of ethics (including
professionalism) and 1.5 more hours of electives
In addition to your name, what must be included in any advertising? -
CORRECT ANSWER -Designated name of your brokerage firm
Kent's seller client's home just went under contract on Tuesday. Just as
he's hanging the "under contract" sign in the yard, he gets an email alert
from a different buyer's agent with a new offer attached. What should
Kent do with the offer? - CORRECT ANSWER -Present it to his
client.
Ben and Leslie received their finalized purchase contract on April 10,
just moments after the sellers put their final signatures on it. Ben and
Leslie decided that since the home they're buying was built in 1920,
they'd like to have it inspected for lead-based paint. When is the latest
that the couple can have the inspection performed if they want to be able
to back out of the contract? - CORRECT ANSWER -April 20
, Which of the following does NOT qualify as a ministerial act under
Maryland law? - CORRECT ANSWER -Offering earnest money
deposit advice
Which of the following is NOT a penalty that the Maryland Real Estate
Commission may impose upon a licensee who violated the Maryland
Code of Ethics? - CORRECT ANSWER -Jail time
For sale signs on ground rent properties that show the price of the
property must also state which of the following? - CORRECT
ANSWER -Annual ground rent plus the full cost of capitalization
Shelby listed her seller client's condo on April 4. It went under contract
May 16. That contract fell through on May 29. The listing agreement
expired on July 4, with no other offers or contracts. On what date does
the five-year record-retention clock start ticking? - CORRECT
ANSWER -July 4
Jerry is a new licensee and he's excited to be creating some advertising.
When he does this, what must he remember about including his
brokerage's designated name in his advertising? - CORRECT
ANSWER -The brokerage's designated business name must be
meaningfully and conspicuously present.
Fresh out of community college and newly licensed as a real estate
salesperson, Ben just took on a short sale as his first listing. Ben told his
broker, Janine, that he could handle the transaction and had just advised
his seller client that he could do it with minimal damage to the client's
credit rating. Janine immediately took Ben off the listing and assigned it
to a more experienced licensee. Why? - CORRECT ANSWER -By
predicting the seller's credit rating outcome, Ben crossed the line into
giving advice that requires additional licensure.
Blaire apparently hasn't learned her lesson. She paid a $5,000 penalty
when MREC found her guilty of misrepresentation, a $10,000 penalty
when she was found guilty of placing a for sale sign in someone's yard
without permission, and now she's committed three more violations by
placing a series of discriminatory ads. What's the maximum penalty
MREC can levy for these new violations? - CORRECT ANSWER -
75,000
Which of these parties WOULD need a real estate license in Maryland? -
CORRECT ANSWER -Marsha, an attorney who is selling a client's
home, as this is something she typically does as part of her practice
New Maryland licensees pay a fee into the Guaranty Fund to help
maintain it. What is the amount of the fee? - CORRECT ANSWER -
$20
DeShawn has been licensed as a salesperson in Maryland for 18
months. Which of the following statements is true about his upcoming
license renewal? - CORRECT ANSWER -The commission will send
DeShawn a renewal reminder at least 60 days before his license's
expiration date.
Who presides over a Maryland Real Estate Commission hearing? -
CORRECT ANSWER -An administrative law judge
In order to qualify as one of the five real estate professional members of
the Maryland Real Estate Commission board, how many years of real
estate experience must you have? - CORRECT ANSWER -10
,Damon lives in Frederick but is affiliated with a broker in downtown
Baltimore. He'd like to affiliate with a broker closer to home but doesn't
want to sever his relationship with his current broker. What needs to
happen in order for Damon to be able to work for both brokerages? -
CORRECT ANSWER -Both brokers need to send a letter to the
commission stating their approval of the arrangement and that there is
no conflict of interest.
Tiara's Maryland salesperson's license is going to expire next week if
she doesn't complete all of the required continuing education hours.
She's completed three hours of agency, three hours of legislative
updates, 1.5 hours of fair housing, and three hours of electives. What
other coursework does she need to complete in order to renew her
license? - CORRECT ANSWER -Three hours of ethics (including
professionalism) and 1.5 more hours of electives
In addition to your name, what must be included in any advertising? -
CORRECT ANSWER -Designated name of your brokerage firm
Kent's seller client's home just went under contract on Tuesday. Just as
he's hanging the "under contract" sign in the yard, he gets an email alert
from a different buyer's agent with a new offer attached. What should
Kent do with the offer? - CORRECT ANSWER -Present it to his
client.
Ben and Leslie received their finalized purchase contract on April 10,
just moments after the sellers put their final signatures on it. Ben and
Leslie decided that since the home they're buying was built in 1920,
they'd like to have it inspected for lead-based paint. When is the latest
that the couple can have the inspection performed if they want to be able
to back out of the contract? - CORRECT ANSWER -April 20
, Which of the following does NOT qualify as a ministerial act under
Maryland law? - CORRECT ANSWER -Offering earnest money
deposit advice
Which of the following is NOT a penalty that the Maryland Real Estate
Commission may impose upon a licensee who violated the Maryland
Code of Ethics? - CORRECT ANSWER -Jail time
For sale signs on ground rent properties that show the price of the
property must also state which of the following? - CORRECT
ANSWER -Annual ground rent plus the full cost of capitalization
Shelby listed her seller client's condo on April 4. It went under contract
May 16. That contract fell through on May 29. The listing agreement
expired on July 4, with no other offers or contracts. On what date does
the five-year record-retention clock start ticking? - CORRECT
ANSWER -July 4
Jerry is a new licensee and he's excited to be creating some advertising.
When he does this, what must he remember about including his
brokerage's designated name in his advertising? - CORRECT
ANSWER -The brokerage's designated business name must be
meaningfully and conspicuously present.
Fresh out of community college and newly licensed as a real estate
salesperson, Ben just took on a short sale as his first listing. Ben told his
broker, Janine, that he could handle the transaction and had just advised
his seller client that he could do it with minimal damage to the client's
credit rating. Janine immediately took Ben off the listing and assigned it
to a more experienced licensee. Why? - CORRECT ANSWER -By
predicting the seller's credit rating outcome, Ben crossed the line into
giving advice that requires additional licensure.
