Maryland: Multiple Choice Ch. 1

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  1. Whom may licensed salespersons present?

    A. not more than one owner at one time
    B. only brokers under whom they are licensed
    C. owners who employ them directly
    D. any broker who is duly licensed
    B. only brokers under whom they are licensed
    (this multiple choice question has been scrambled)
  2. License certificated issued for salespersons MUST be

    A. retained by the Commission
    B. displayed by them in their homes
    C. displayed by their brokers in their company offices
    D. carried by them when they are performing acts of brokerage
    C. displayed by their brokers in their company offices
    (this multiple choice question has been scrambled)
  3. Brokers need NOT notify the Commission when

    A. changes occur in the locations of any of their offices
    B. salesperson resign
    C. changes occur in commission sharing
    D. changes occur in the names of their firms
    C. changes occur in commission sharing
    (this multiple choice question has been scrambled)
  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
    B. this is not a violation of the license law if your broker has given you written permission
    C. this is not a violation of the license law
    D. this is a violation of the license law only if the seller is not informed
    A. this is a violation of the license law
    (this multiple choice question has been scrambled)
  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. earn substantially all the income coming from their brokerage firms in the form of commission
    B. be free from their broker's control of how their work is done
    C. hold a real estate license
    D. have a written employment contract with their brokers agreeing to this status
    B. be free from their broker's control of how their work is done
    (this multiple choice question has been scrambled)
  6. Which of the following is paid biennially?

    A. Guaranty Fund reassessment
    B. broker's and salesperson's original license fee
    C. broker's and salesperson's license renewal fee
    D. Initial Guaranteed Fund Fee
    C. broker's and salesperson's license renewal fee
    (this multiple choice question has been scrambled)
  7. How is the act of blockbusting regarded by Maryland law?

    A. as a legitimate listing technique
    B. as a misdemeanor
    C. as unethical but not prohibited by law
    D. as a felony
    B. as a misdemeanor
    (this multiple choice question has been scrambled)
  8. Who may fine individuals found guilty of operating in the real estate business without a license?

    A. the district attorney
    B. the state or local association of REALTORS®
    C. the Commission
    D. the attorney general
    C. the Commission
    (this multiple choice question has been scrambled)
  9. Of what is an unlicensed person improperly collecting a real estate commission guilty?

    A. fraud
    B. a misdemeanor
    C. a felony
    D. duress
    B. a misdemeanor
    (this multiple choice question has been scrambled)
  10. Which of the following could result in discipline by the Commission?

    A. slandering competitors
    B. puffing
    C. intemperance
    D. bad faith
    D. bad faith
    (this multiple choice question has been scrambled)
  11. What is the maximum penalty possible for filing false statements with the Commission in reference to a Guaranty Fund claim?

    A. $1,500
    B. $25,000 and imprisonment for 3 years
    C. $10,000 and imprisonment for 2 years
    D. $10,000
    B. $25,000 and imprisonment for 3 years
    (this multiple choice question has been scrambled)
  12. Who may hold standard licenses to provide Maryland residential real estate brokerage services?

    A. individuals
    B. corporations
    C. partnerships
    D. limited liability companies (LLCs)
    A. individuals
    (this multiple choice question has been scrambled)
  13. Who appoints members to the Maryland Real Estate Commission?

    A. the State Senate
    B. the governor of Maryland
    C. the House of Delegates
    D. the executive director of the Commission
    B. the governor of Maryland
    (this multiple choice question has been scrambled)
  14. When will a salesperson license issued by the Commission on November 1 expire?

    A. 2 years from the date of issue
    B. April 30 of the next even-numbered year
    C. 1 year from the date of issue
    D. March 1 of the next even-numbered year
    A. 2 years from the date of issue
    (this multiple choice question has been scrambled)
  15. What is the primary purpose of the Brokers Act?

    A. to raise revenue
    B. to protect the public interest
    C. to restrict competition
    D. to control salesperson
    B. to protect the public interest
    (this multiple choice question has been scrambled)
  16. How is the executive director of the Commission chosen?

    A. appointed by the Secretary of Labor, Licensing, and Regulation
    B. Appointed by the governor
    C. confirmed by the State Senate
    D. selected from the Maryland State Employees Classified System
    A. appointed by the Secretary of Labor, Licensing, and Regulation
    (this multiple choice question has been scrambled)
  17. What must be shown in ads placed by licensees for a property listed in their firm?

    A. designated name of the broker
    B. name and address of the property owner
    C. name of the listing salesperson
    D. general location of the property
    A. designated name of the broker
    (this multiple choice question has been scrambled)
  18. At what minimum level must the Guaranty Fund be maintained?

    A. $250,000
    B. $200,000
    C. $2,000
    D. $25,000
    A. $250,000
    (this multiple choice question has been scrambled)
  19. Relations with which of the following is NOT addressed in the Commission's Code of Ethics?

    A. fellow licensees
    B. clients
    C. Members of the public
    D. the Real Estate Commission
    D. the Real Estate Commission
    (this multiple choice question has been scrambled)
  20. Which of the following is TRUE concerning the Maryland Real Estate Commission?

    A. its members are representative brokers from real estate boards or associations throughout Maryland
    B. 4 of its members are not real estate licensees and 5 are
    C. it has 4 professional and 5 consumer members
    D. it has 5 members
    B. 4 of its members are not real estate licensees and 5 are
    (this multiple choice question has been scrambled)
  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

    A. if it then offers the applicant a hearing on the matter
    B. if the applicant has not reached the age of 21 years
    C. if the applicant has been convicted of a traffic violation within the last year
    D. without offering to hold a hearing on the matter
    A. if it then offers the applicant a hearing on the matter
    (this multiple choice question has been scrambled)
  22. Which of the following has authority to set license fees?

    A. the General Assembly
    B. the Commission
    C. the Secretary of the Department of Labor, Licensing, and Regulation
    D. associations and boards of licensees
    B. the Commission
    (this multiple choice question has been scrambled)
  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
    B. an attorney at law handling a divorce action charges 3% to help sell a house the couple owns
    C. a mortgage lender sells real estate acquired through foreclosure
    D. a property owner subdivides his land and sells 5 lots in 1 calender year
    A. a person charges a modest consulting fee to guide his friend in the sale of a home
    (this multiple choice question has been scrambled)
  24. Where do fees paid for Maryland real estate licensees finally do?

    A. real estate board or association active in the area
    B. Maryland General Fund
    C. State Real Estate Commission Fund
    D. Guaranty Fund
    C. State Real Estate Commission Fund
    (this multiple choice question has been scrambled)
  25. Which is TRUE of employees of the Commission?

    A. they must be licensed as brokers or salespersons while employed by the Commission
    B. they include an executive director and field inspectors
    C. they are permitted to perform acts of brokerage for which a license is required
    D. they must have been licensed to get their position
    B. they include an executive director and field inspectors
    (this multiple choice question has been scrambled)
  26. The licenses of salespersons who are released by their brokers are to be

    A. returned to the Commission by the salesperson
    B. returned to the salesperson
    C. removed from display but retained by the brokers
    D. returned to the Commission by the brokers
    D. returned to the Commission by the brokers
    (this multiple choice question has been scrambled)
  27. What is the upper limit, if any, of a financial loss protected by the Guaranty Fund?

    A. $2,500
    B. $25,000
    C. $250,000
    D. an unlimited amount
    B. $25,000
    (this multiple choice question has been scrambled)
  28. Which statement pertaining to licenses held by Maryland real estate brokerage licensees is NOT correct?

    A. they are issued and administered by the Maryland Real Estate Commission
    B. they are required for every person who sells real estate for considerations
    C. their holders are regulated by authority of the Business Occupations and Professions Article of the Maryland Annotated Code
    D. they are not issued to corporations or associations
    B. they are required for every person who sells real estate for considerations
    (this multiple choice question has been scrambled)
  29. What is a requirement for licensed real estate salespersons to deliver real estate brokerage services?

    A. affiliation with any licensed real estate associate broker
    B. operate a real estate business under their own name or designated name
    C. performance of real estate acts only on behalf of the broker under whom they are licensed
    D. memberships in the local board or association of REALTORS®
    C. performance of real estate acts only on behalf of the broker under whom they are licensed
    (this multiple choice question has been scrambled)
  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
    B. a person who serves as a real estate salesperson for a homebuilder
    C. attorneys-in-fact who use powers of attorney to earn commissions for the sale of real estate
    D. trustees who sell properties upon which their lender has foreclosed
    A. an attorney-at-law who advertises real estate services and agrees to serve as a prospect's buyer broker
    (this multiple choice question has been scrambled)
Author:
red_star1412
ID:
207792
Card Set:
Maryland: Multiple Choice Ch. 1
Updated:
2013-03-17 16:34:59
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real estate multiple choice
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maryland book multiple choice from chapter 1
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