Md real estate stuvia Samenvattingen, Notities en Examens

Real Estate brokerage is govern by: - Answer 1. Satutory Law - Brokers Act "Title 17" 2. Administrative Law - Code of Maryland Regulations (COMAR) Regulation is enacted and enforced by MD Real Estate Commission (MREC) Brokerage Services: - Answer For consideration: - *Selling, buying, exchanging, or leasing* any real estate or collecting rent - Assisting to *locate/obtain* for purchase/lease any residential real estate - Serving as a consultant Engage regularly in a business of.....

home equity loan - Answer A loan under which a property owner uses the property as collateral and can then draw funds up to a prearranged amount against the property. Also called a home equity line of credit, or HELOC. home inspection - Answer A thorough visual survey of a property's structure, systems, and site conditions conducted by a professional. Home Mortgage Disclosure Act - Answer A federal law, implemented at its creation by Regulation C of the Federal Reserve, that requires lend...

Which of the following items is something a lender is prohibited from doing if the lender wants to write qualified mortgages? - ANSWER-Payback terms longer than 30 years Janice's life tenant, Jacob, is currently living on her property. Once Jacob dies, Janice has made arrangements that the property will go to the School for the Gifted. What interest does the School for the Gifted currently have? - ANSWER-Remainder In states without full disclosure requirements, whose responsibility is it ...

Inactive Status - Answer associate real estate brokers and real estate salesperons that are no longer affiliated with licensed real estate brokers and their license certificates and pocket cards are returned to the Commission. An inactive license - Answer expires 3 years from the date it was placed on inactive status Commission pays any penalty collected to - Answer General Fund of the State Instead of, or in addition to, suspension or revocation, for any violation of the Brokers Act (T...

The Real Estate Commission Duties - Answer - Investigates complaints of unlicensed brokerage activity - Investigate complaints about license behavior - Conduct hearings and administer oaths - Issue subpoenas for attendance of witness or production of evidence. - Take Dispositions - Seek injustices Guaranty Fund - Answer Reimburses the public with financial losses at the hands of a real estate licenses and their unlicensed employees * Initial licensee applications require to pay $20 a...