Maryland Real Estate Exam Questions and Answers 100% Pass

Maryland Real Estate Exam Questions and Answers 100% Pass Appoints members of Maryland Real Estate Commission MREC created by? Governor license law How is executive director of commission chosen? Appointed by secretary of labor, licensing, and regulation Minimum level of guaranty fund Initial fee? 250,000 $20 Maryland real estate commission comprised of four members not real estate licensees, five are licensee (must be member of county appointed for at least 5 years) Fees paid for real estate licensees go where? The State Real Estate Commission Fund Upper limit of financial loss protected by guaranty fund 25,000 Brokers principals are called... Clients Brokers handle purchase and sale what must happen Designate two intra-company agents Dual Agency is permitted when.. In brokerage firms consisting of three or more licenses How and when should it be revealed to prospects that they have presumed buyer representation? Orally, at initial interview Which of the following is true about the Understanding Whom Real Estate Agents Represent disclosure of agency representation form? Failure to property present form is a violation of the Brokers act by licensee Required by law on any outdoor sign for property for sale subject to ground rent? If price is shown, show ground rent, cost of capitalization, in lettering no smaller than lettering for the price Property that is listed needs Designated name of the broker Brokers Act team name restrictions (3 words) Realty, Real Estate, Associate When should sellers complete the Residential Property Disclosure and Disclaimer statement? When property is being listed If you do not receive the Residential Property Disclosure and Disclaimer Statement before or after entering into purchase agreement then? Purchasers may rescind contract before you apply for a mortgage loan Listing agreement needs to be In writing and signed by all parties Community property Not a form of ownership in MD Time share developers must Vote required to amend bylaws of Maryland Condominium Register with the State Real Estate Commission Two-Thirds Vote