Maryland: Multiple Choice Ch. 1

  1. Whom may licensed salespersons present?

    B. only brokers under whom they are licensed
  2. License certificated issued for salespersons MUST be

    B. displayed by their brokers in their company offices
  3. Brokers need NOT notify the Commission when

    B. changes occur in commission sharing
  4. As a licensed salesperson, you receive a lead from a friend who is not a real estate licensee. As previously agreed upon, you split the commission with your friend. Which of the following is TRUE?

    A. this is a violation of the license law
  5. Which of the following do licensees not need to do to be "qualified real estate agents" and be eligible to use Schedule C-Self-Employed when filing federal tax returns?

    A. be free from their broker's control of how their work is done
  6. Which of the following is paid biennially?

    B. broker's and salesperson's license renewal fee
  7. How is the act of blockbusting regarded by Maryland law?

    B. as a misdemeanor
  8. Who may fine individuals found guilty of operating in the real estate business without a license?

    C. the Commission
  9. Of what is an unlicensed person improperly collecting a real estate commission guilty?

    B. a misdemeanor
  10. Which of the following could result in discipline by the Commission?

    C. bad faith
  11. What is the maximum penalty possible for filing false statements with the Commission in reference to a Guaranty Fund claim?

    C. $25,000 and imprisonment for 3 years
  12. Who may hold standard licenses to provide Maryland residential real estate brokerage services?

    C. individuals
  13. Who appoints members to the Maryland Real Estate Commission?

    A. the governor of Maryland
  14. When will a salesperson license issued by the Commission on November 1 expire?

    C. 2 years from the date of issue
  15. What is the primary purpose of the Brokers Act?

    A. to protect the public interest
  16. How is the executive director of the Commission chosen?

    C. appointed by the Secretary of Labor, Licensing, and Regulation
  17. What must be shown in ads placed by licensees for a property listed in their firm?

    D. designated name of the broker
  18. At what minimum level must the Guaranty Fund be maintained?

    C. $250,000
  19. Relations with which of the following is NOT addressed in the Commission's Code of Ethics?

    C. the Real Estate Commission
  20. Which of the following is TRUE concerning the Maryland Real Estate Commission?

    D. 4 of its members are not real estate licensees and 5 are
  21. The Commission may refuse to issue a broker license to a Maryland resident who has filed a proper application and met the legal requirements

    B. if it then offers the applicant a hearing on the matter
  22. Which of the following has authority to set license fees?

    D. the Commission
  23. In which of the following situations does an act of real estate brokerage require a real estate brokerage license?

    A. a person charges a modest consulting fee to guide his friend in the sale of a home
  24. Where do fees paid for Maryland real estate licensees finally do?

    A. State Real Estate Commission Fund
  25. Which is TRUE of employees of the Commission?

    B. they include an executive director and field inspectors
  26. The licenses of salespersons who are released by their brokers are to be

    D. returned to the Commission by the brokers
  27. What is the upper limit, if any, of a financial loss protected by the Guaranty Fund?

    D. $25,000
  28. Which statement pertaining to licenses held by Maryland real estate brokerage licensees is NOT correct?

    D. they are required for every person who sells real estate for considerations
  29. What is a requirement for licensed real estate salespersons to deliver real estate brokerage services?

    B. performance of real estate acts only on behalf of the broker under whom they are licensed
  30. Which of these must hold a valid real estate license to perform the acts shown in return for consideration?

    A. an attorney-at-law who advertises real estate services and agrees to serve as a prospect's buyer broker
Card Set
Maryland: Multiple Choice Ch. 1
maryland book multiple choice from chapter 1