, MD CRE EXAM QUESTIONS AND
ANSWERS 100% CORRECT!
What does MREC stand for? - ANSWER Maryland Real Estate Commission
How often are MREC meetings held? - ANSWER Monthly
License law violators may incur penalties of ______ for 1st violation, _________ for the
2nd, and up to_________ after 3 or more. - ANSWER $5,000 - $15,000 - $25,000
What does do the MREC hearings do? - ANSWER The hearing panel reviews
complaints, dismissing invalid claims and forwarding valid ones to Investigative
Services. If warranted, an administrative law judge will preside over a hearing and then
make a recommendation to the hearing panel regarding disciplinary action.
Maximum amount someone can get for filing a claim against the Guaranty Fund? -
ANSWER $50,000
When will you get your license renewal reminder? - ANSWER 30 Days before expiration
Hours need to renew license in MD and breakdown? - ANSWER 15 hours which
includes 3.0 legislative, 3.0 Brokerage Relationships and Disclosure, 3.0 ethics, 1.5 fair
housing (required classes); the remaining 4.5 hours are electives
Who can attend an MREC Hearing or meeting? - ANSWER Anyone may attend, since
MREC hearings are open to the public.
What type of ownership interest needs to be disclosed in writing to all parties? -
ANSWER The code of ethics states, "A licensee shall disclose in writing to all parties to
a real estate transaction any ownership interest in the property that is the subject of the
real estate transaction held directly or indirectly by the licensee, an immediate member
of the licensee's family, the licensee's firm, or a member of the licensee's firm."
What must Maryland sellers provide prospective buyers of homes built prior to 1978? -
ANSWER EPA lead safety pamphlet and disclosure form
Isla is the listing agent for Finn's property. Grayson represents Jaleel, who's purchasing
the home. Because Isla personally approached Grayson at a real estate professional's
ANSWERS 100% CORRECT!
What does MREC stand for? - ANSWER Maryland Real Estate Commission
How often are MREC meetings held? - ANSWER Monthly
License law violators may incur penalties of ______ for 1st violation, _________ for the
2nd, and up to_________ after 3 or more. - ANSWER $5,000 - $15,000 - $25,000
What does do the MREC hearings do? - ANSWER The hearing panel reviews
complaints, dismissing invalid claims and forwarding valid ones to Investigative
Services. If warranted, an administrative law judge will preside over a hearing and then
make a recommendation to the hearing panel regarding disciplinary action.
Maximum amount someone can get for filing a claim against the Guaranty Fund? -
ANSWER $50,000
When will you get your license renewal reminder? - ANSWER 30 Days before expiration
Hours need to renew license in MD and breakdown? - ANSWER 15 hours which
includes 3.0 legislative, 3.0 Brokerage Relationships and Disclosure, 3.0 ethics, 1.5 fair
housing (required classes); the remaining 4.5 hours are electives
Who can attend an MREC Hearing or meeting? - ANSWER Anyone may attend, since
MREC hearings are open to the public.
What type of ownership interest needs to be disclosed in writing to all parties? -
ANSWER The code of ethics states, "A licensee shall disclose in writing to all parties to
a real estate transaction any ownership interest in the property that is the subject of the
real estate transaction held directly or indirectly by the licensee, an immediate member
of the licensee's family, the licensee's firm, or a member of the licensee's firm."
What must Maryland sellers provide prospective buyers of homes built prior to 1978? -
ANSWER EPA lead safety pamphlet and disclosure form
Isla is the listing agent for Finn's property. Grayson represents Jaleel, who's purchasing
the home. Because Isla personally approached Grayson at a real estate professional's
