Maryland Real Estate Practice - Unit 1 with Verified Solutions

Maryland Real Estate Practice - Unit 1 with Verified Solutions The Maryland Real Estate Brokers Act a law designed to protect the public interest. it is title chapter 17 in the Business Occupations and Professions article Annotated Code of Maryland. Also known as title 17. enacted by the legislative branch of the Maryland government: General Assembly, which is a statutory law. Divisions each book that contains Maryland law is called Article, each article is divided into chapter-like titles. Real Estate brokerage governed both by statutory law and administrative law and it is found in Code of Maryland Regulations (COMAR). COMAR is administrative law and it contains regulations adopted by all 18 of Maryland's licensing boards. Maryland Real Estate Commission regulations governing the practice of real estate brokerage are enacted and enforced by this commission. which is also a body within the executive branch of government. the regulations are administrative law and it implements the brokers act. Common law unwritten law, it is not written by a legislative body; it is found in numerous volumes of decisions from courts of appeal. use for difficult case when the law doesn't really apply. the judges by discussion make a decision. consideration compensation for brokerage services. Considerations for consideration and for another person - selling, buying, exchanging, or leasing any real estate or collecting rent for its use. for consideration, assisting another person to locate or obtain for purchase or lease any residential real estate. engaging regularly in a business of dealing in real estate or leases or options on real estate. engaging in a business, the primary purpose of which is promoting the sale of real estate through a listing in a publication issued primarily for promotion of real estate sales. engaging in a business that subdivides land located in any state into lots and then selling those subdivided lots for consideration, serving as a consultant for any of the activities in this list. persons individuals, receivers, trustees, guardians, personal representatives, fiduciaries, or representatives of any kind and any partnership, firm, association, or other entity. Licensees are natural persons (individuals). then it should show the broker's name. the branch offices are issued certificates rather than licenses. Time-shared license issued to brokerage firms that deal in time-shares. commission refers to the State Real Estate Commission. Licensed refers to the status of an individual licensed by the commission. Level of licenses broker associate broker salesperson Licenses may be kept on inactive status no longer than three years, after which they expire. Expired licenses are held three years from the date of their expiration, during which time they may be reinstated. people with inactive or expired licenses may not perform acts of real estate brokerage. They may not receive compensation for referrals. Broker license resident, nonresident, reciprocal, pr temporary/for commercial only. licensees can affiliate with brokers either as employees or non employees of their broker. Associate broker and Salesperson license resident, nonresident, and reciprocal. also can register to manage branch offices. to have an active license