License certificated issued for salespersons MUST be
B. displayed by their brokers in their company offices
Brokers need NOT notify the Commission when
B. changes occur in commission sharing
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
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
Which of the following is paid biennially?
B. broker's and salesperson's license renewal fee
How is the act of blockbusting regarded by Maryland law?
B. as a misdemeanor
Who may fine individuals found guilty of operating in the real estate business without a license?
C. the Commission
Of what is an unlicensed person improperly collecting a real estate commission guilty?
B. a misdemeanor
Which of the following could result in discipline by the Commission?
C. bad faith
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
Who may hold standard licenses to provide Maryland residential real estate brokerage services?
C. individuals
Who appoints members to the Maryland Real Estate Commission?
A. the governor of Maryland
When will a salesperson license issued by the Commission on November 1 expire?
C. 2 years from the date of issue
What is the primary purpose of the Brokers Act?
A. to protect the public interest
How is the executive director of the Commission chosen?
C. appointed by the Secretary of Labor, Licensing, and Regulation
What must be shown in ads placed by licensees for a property listed in their firm?
D. designated name of the broker
At what minimum level must the Guaranty Fund be maintained?
C. $250,000
Relations with which of the following is NOT addressed in the Commission's Code of Ethics?
C. the Real Estate Commission
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
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
Which of the following has authority to set license fees?
D. the Commission
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
Where do fees paid for Maryland real estate licensees finally do?
A. State Real Estate Commission Fund
Which is TRUE of employees of the Commission?
B. they include an executive director and field inspectors
The licenses of salespersons who are released by their brokers are to be
D. returned to the Commission by the brokers
What is the upper limit, if any, of a financial loss protected by the Guaranty Fund?
D. $25,000
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
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
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
