Free Maryland Real Estate Practice Exam Questions (April 2024) 30+

All Maryland agents must give a client or potential client the "Understanding Whom Real Estate Agents Represent" form no later than the first scheduled face-to-face meeting.

The maximum amount that may be paid in a single transaction is $50,000.00. This is the maximum meaning it can be less. It's important to note this payment from the fund may only be made to cover actual monetary loss and cannot be paid for attorney or court costs or anything else. Per Section 17-404

The agent can, in fact, practice real estate again when the amount paid on his or her behalf is repaid with interest. It has to be completely paid off otherwise their license remains suspended. After it is paid off, they have to apply to the commission for reinstatement of the license.

None, all agents and brokers are required to complete required continuing education.

The Maryland Real Estate Commission consists of nine members. Per Maryland Real Estate Brokers Act: 17-202. “5 shall be licensed real estate brokers, licensed associate real estate brokers, or licensed real estate salespersons; and 4 shall be consumer members.”

The time limit to request payment from the fund is 3 years from the loss or discovery of the loss. Per Maryland Real Estate Brokers Act: 17-404.

The Governor is in charge of handling the appointment of Commission members.

Confidentiality goes on indefinitely. The only exception is if the agent has written permission to applicable information.

ALL Maryland real estate agents wishing to sell their own property must disclose their license status in advertising. It's only fair to any seller to be aware of their expertise.

Each sales contract that is provided by a real estate broker must include a written notice to the buyer that the buyer is protected by the Maryland Real Estate Guaranty Fund.

Once the Maryland Real Estate Commission has made a final disciplinary decision, typically options are limited. However, affected individuals may file an appeal with the Maryland Circuit Court.

The Maryland Real Estate Guarantee Fund is supported by licensees. Sometimes the fee can be increased if the fund is below a certain amount but it is almost always $25.00.

Pretty self explanatory. All real estate agents MUST follow not only the state laws that apply to them but the national ones as well.

Maryland real estate license law is administered by the Maryland Real Estate Commission.

The Maryland Real Estate Commission has the power to suspend a licensee's license. The Commission cannot however transfer a license to another state, give out licenses based on merit and launch investigations on escrow firms.

The law specifically states that the broker is responsible to supervise brokerage activities and oversee the escrow account.

Unlike some states, in Maryland there is no state law that dictates what a broker may charge for a commission. The commission is completely negotiable in the listing contract.

Law requires that brokers deposit funds no later than the 7th business day after the contract has been executed.

Maryland Real Estate Law requires that the brokerage name be in all advertising and that it is in a clearly visible way.

A Maryland broker can function as a corporation, limited liability company, partnership, or sole proprietorship. There is no law that dictates what business structure a broker must be.

The Commission has the authority to control real estate advertising in areas of Maryland if they believe that blockbusting or panic selling is going on. These specific areas are called conservation areas.

According to Maryland law, unless the client directs the agent otherwise, contract offers and counteroffers should be presented even if the property is subject to an existing offer up until settlement occurs.

Dower and Curtesy was an old law. Oftentimes, back in the day, real property owned by a husband was typically not inherited by the wife nor was the wife's property inherited by her husband. Instead, the property would either go to the children or some other member of the husband or wife's line. Since the late 1800’s the law has been largely abolished, however some states still hold the law true. Maryland abolished Dower and Courtesy in 1980. Today most states abolished dower and curtesy and generally provide the same benefits regardless of sex.

The Maryland Code of Ethics specifically requires that a licensee get the owner's prior consent before putting a sign on a property. It's best practice to always get consent for all real estate related activities.

If the Commission orders payment by the Guaranty Fund of a claim based on an act or omission for which a licensee is responsible, the Commission immediately and without further proceedings shall suspend the license of the licensee. Per Maryland Real Estate Brokers Act: 17-412.

Maryland has 3 state protected classes in addition to the 7 federal protected classes. They are: Sexual orientation, gender identity, and marital status.

Prior to changing the location of an office or escrow account, a broker must give the Commission 7 days notice.

Whenever you pay your agency fees a portion of those fees go towards the fund, the goal is for the fund to be at least $250,000. If it is lower than that the commission may ask for an additional fee or take money from interests built on investments. Per theMaryland Real Estate Brokers Act: 17-402.

Yes, Maryland does in fact recognize oral express agencies. Many states do not, Maryland is one of those states that do.

In Maryland, licensed activity is defined as anyone who lists, sells, leases, or deals in real estate transactions. If someone does any of those activities without a license it is considered unlicensed activity. In order to do prior tasks they must hold an active real estate license.