CE SHOP MARYLAND STATE EXAM
REVIEW QUESTIONS AND ANSWERS
How many Real estate professionals are members of the MREC? - Answer-5
- must have at least 10 years of RE experience
How much money does the guaranty fund must always carry? - Answer-$250,000
MREC may summarily suspend a license b/c - Answer-1. if licensee is convicted of a
felony
2. if licensee fails to promptly account for trust funds
3. OR fail to provide trust fund records
If client needs to cancel agreement early then they can? - Answer-Listing agreements
may not automatically renew and must contain a provision granting either party
permission to cancel the agreement early.
In Maryland, listing agreements and their associated disclosure forms must be kept on
file with the broker for a minimum of ______. - Answer-5 years
What is one of the buyer's responsibilities as stated in the Maryland exclusive buyer
agency agreement? - Answer-The buyer must work exclusively with the broker during
the term of the agreement.
If a license expires due to nonrenewal, it must be reinstated within what time period? -
Answer-within 3 years
How should you disclose your agency relationship when first contacting with
unrepresented party? - Answer-Email or phone.. whatever you want to use
-WHOM Form must be given no later then first scheduled face to face
Rebates - Answer-Such as a commission rebate or cash payment paid to a client or
customer of the licensee
Must be documented in writing and disclosed to all parties to the transaction
Foreclosure consultants may not: - Answer-1. charge fees
2. collect compensation until they have performed all services
3. Compensation may not exceed 8% of the propertys sale price
What information about the Guaranty Fund must be included in every Maryland sales
contract? - Answer-Notice to the buyer of the Guaranty Fund's protection up to $50,000
REVIEW QUESTIONS AND ANSWERS
How many Real estate professionals are members of the MREC? - Answer-5
- must have at least 10 years of RE experience
How much money does the guaranty fund must always carry? - Answer-$250,000
MREC may summarily suspend a license b/c - Answer-1. if licensee is convicted of a
felony
2. if licensee fails to promptly account for trust funds
3. OR fail to provide trust fund records
If client needs to cancel agreement early then they can? - Answer-Listing agreements
may not automatically renew and must contain a provision granting either party
permission to cancel the agreement early.
In Maryland, listing agreements and their associated disclosure forms must be kept on
file with the broker for a minimum of ______. - Answer-5 years
What is one of the buyer's responsibilities as stated in the Maryland exclusive buyer
agency agreement? - Answer-The buyer must work exclusively with the broker during
the term of the agreement.
If a license expires due to nonrenewal, it must be reinstated within what time period? -
Answer-within 3 years
How should you disclose your agency relationship when first contacting with
unrepresented party? - Answer-Email or phone.. whatever you want to use
-WHOM Form must be given no later then first scheduled face to face
Rebates - Answer-Such as a commission rebate or cash payment paid to a client or
customer of the licensee
Must be documented in writing and disclosed to all parties to the transaction
Foreclosure consultants may not: - Answer-1. charge fees
2. collect compensation until they have performed all services
3. Compensation may not exceed 8% of the propertys sale price
What information about the Guaranty Fund must be included in every Maryland sales
contract? - Answer-Notice to the buyer of the Guaranty Fund's protection up to $50,000
