THE CE SHOP: FINAL EXAM GEORGIA
ACTUAL LATEST UPDATE 2024-2025
QUESTIONS AND WELL DETAILED
CORRECT ANSWERS GRADED A+++
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 ANSWERS - 75,000
Which of these parties WOULD need a real estate license in Maryland? -
CORRECT ANSWERS - 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 ANSWERS - $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 ANSWERS - 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
ANSWERS - 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - April 20
Which of the following does NOT qualify as a ministerial act under Maryland
law? - CORRECT ANSWERS - 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 ANSWERS - Jail time
For sale signs on ground rent properties that show the price of the property must
also state which of the following? - CORRECT ANSWERS - 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - By predicting the seller's credit rating outcome, Ben
crossed the line into giving advice that requires additional licensure.
You're a real estate licensee in Maryland. You're walking through a property
with a new seller client. The seller tells you that the property is serviced by the
public sewer system, but when walking up the drive you noticed the access
hatch for a septic system. What should you do? - CORRECT ANSWERS -
Inquire about the homeowner's claim to ensure the property really is on public
sewer.
, Jason has completed 60 hours of Maryland pre-licensing real estate education,
met the minimum requirements, and passed his licensing examination. What
else does he need in order to receive an active license when applying for
licensure? - CORRECT ANSWERS - Affiliation with a supervising broker
Which of these payment structures is illegal in Maryland? - CORRECT
ANSWERS - Dean, an unlicensed assistant, is paid an extra $50 each time he
takes clients on a showing on a licensee's behalf.
The Guaranty Fund paid a consumer's $15,000 claim because of licensee Ben's
negligence. Ben is breaking the news to his broker. How's his broker likely to
respond? - CORRECT ANSWERS - "Well, since this means your license is
suspended, we'll see you back at the office when you reimburse the fund."
Which of the following statements about counter-offers is true? - CORRECT
ANSWERS - Once a counter-offer has been made, the prior offer is cancelled.
Ned is a Maryland listing agent who has learned of a material fact related to the
transaction. To whom and when must he disclose this information? -
CORRECT ANSWERS - To all parties as soon as possible
Salesperson Katie represents seller Suzie in a transaction. Bob and Janine are
buying Suzie's home, and they're not represented. To whom does Katie need to
disclose her agency relationship using the Understanding Whom Real Estate
Agents Represent form? - CORRECT ANSWERS - Bob and Janine only
In Maryland, you could be fined up to $1,000 per solicitation if you use this
method to advertise and a prior business relationship does not exist. -
CORRECT ANSWERS - Fax machine
Jim's had one heck of a time getting his latest listing sold. His seller client
nitpicked every single item that the buyers asked her to repair after the home
inspection. She was about to let the deal fall through over it until Jim offered to
ACTUAL LATEST UPDATE 2024-2025
QUESTIONS AND WELL DETAILED
CORRECT ANSWERS GRADED A+++
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 ANSWERS - 75,000
Which of these parties WOULD need a real estate license in Maryland? -
CORRECT ANSWERS - 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 ANSWERS - $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 ANSWERS - 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
ANSWERS - 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - April 20
Which of the following does NOT qualify as a ministerial act under Maryland
law? - CORRECT ANSWERS - 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 ANSWERS - Jail time
For sale signs on ground rent properties that show the price of the property must
also state which of the following? - CORRECT ANSWERS - 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - By predicting the seller's credit rating outcome, Ben
crossed the line into giving advice that requires additional licensure.
You're a real estate licensee in Maryland. You're walking through a property
with a new seller client. The seller tells you that the property is serviced by the
public sewer system, but when walking up the drive you noticed the access
hatch for a septic system. What should you do? - CORRECT ANSWERS -
Inquire about the homeowner's claim to ensure the property really is on public
sewer.
, Jason has completed 60 hours of Maryland pre-licensing real estate education,
met the minimum requirements, and passed his licensing examination. What
else does he need in order to receive an active license when applying for
licensure? - CORRECT ANSWERS - Affiliation with a supervising broker
Which of these payment structures is illegal in Maryland? - CORRECT
ANSWERS - Dean, an unlicensed assistant, is paid an extra $50 each time he
takes clients on a showing on a licensee's behalf.
The Guaranty Fund paid a consumer's $15,000 claim because of licensee Ben's
negligence. Ben is breaking the news to his broker. How's his broker likely to
respond? - CORRECT ANSWERS - "Well, since this means your license is
suspended, we'll see you back at the office when you reimburse the fund."
Which of the following statements about counter-offers is true? - CORRECT
ANSWERS - Once a counter-offer has been made, the prior offer is cancelled.
Ned is a Maryland listing agent who has learned of a material fact related to the
transaction. To whom and when must he disclose this information? -
CORRECT ANSWERS - To all parties as soon as possible
Salesperson Katie represents seller Suzie in a transaction. Bob and Janine are
buying Suzie's home, and they're not represented. To whom does Katie need to
disclose her agency relationship using the Understanding Whom Real Estate
Agents Represent form? - CORRECT ANSWERS - Bob and Janine only
In Maryland, you could be fined up to $1,000 per solicitation if you use this
method to advertise and a prior business relationship does not exist. -
CORRECT ANSWERS - Fax machine
Jim's had one heck of a time getting his latest listing sold. His seller client
nitpicked every single item that the buyers asked her to repair after the home
inspection. She was about to let the deal fall through over it until Jim offered to
