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35 Cards in this Set
- Front
- Back
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Licensee commissioner |
licensed for 10 years |
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Area Rep commissioner |
live in that area for 5 years |
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term of commissioners |
4 years beginning June 1 |
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Commission to provide copy of regulations to each licensee |
at lease every 2 years on website |
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commission to submit annual report to secretary |
annually |
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MREC Meetings |
held once a month |
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MREC Hearing Panel |
Consists of 3 elected members with at least one licensee and one non-licensee |
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Minimum age to obtain a salesperson license |
18 years |
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minimum age to obtain a broker's license |
18 years (which is impossible because you have to be a salesperson for three years before you become a broker but whatever) |
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years as an active salesperson to qualify for a broker's license |
3 years |
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term of broker's license |
expires 2 years from date of issue |
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term of associate brokers and salespersons license |
expires 2 years from date of issue |
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renewal of license mailed to licensee |
at least one month before expiration |
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continuing ed requirements (regular) |
for each licensing period 15 hours total 3 hours legislative 1.5 hours fair housing 3 hours MD Code of Ethics, predatory lending and flipping 3 hours Agency needed once every 4 years after first renewal period |
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Time allowed to reinstate an expired license |
within 3 years of expiration |
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term of inactive status |
license expires 3 years after it is placed on inactive |
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time family member has to close out business of deceased broker |
6 months |
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hearing notice to licensee being investigated |
at least 10 days prior to hearing |
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Hearing notice given to broker being investigated |
at least 10 days prior to hearing |
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maximum time to notify commission of change of office location |
10 days |
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time to notify commission of opening an escrow account |
10 days |
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time to respond in writing to commission for written inquiries |
20 days - unless it is a request for response for a Guaranty Fund claim, then it is 10 days |
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time limit to request payment from guaranty fund |
3 years from the loss or discovery of the loss |
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time limit to apply for a license after passing licensing exam |
1 year |
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Statutory right of redemption for a tax sale |
6 months |
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time share: purchasers right to cancel contract |
initial sale 10 days; resale 7 days Developer must make an annual report to the REC until he owns LESS than 25% of the project |
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Condo purchaser's right to cancel contract |
Initial sale 15 days; resale 7 days Owner must furnish buyer Declaration, Rules and Regulations, Statement of Expenses/details Documents must be received not later than 15 days before closing |
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Commission of "35 deadly sins" |
possible suspension or revocation |
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Maximum fine for "35 deadly sins" |
1st offence - $5,000 2nd offence - $15,000 3rd offence - $25,000 |
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Summary suspension of license |
Failing to account promptly for any money held in trust, and/or failing to display all records, books, accounts or trust money on demand of the Commission |
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Bond requirements under court ordered stay of suspension or revocation |
Maximum $50,000 |
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Failure to submit change of address for the principal office or main branch office |
Automatic suspension of broker's license which also results in suspension of all licensees working for that broker |
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Violation of Sections 17-502-17-612 |
1st offence - $5,000 and/or 1 yr in jail 2nd offence - $15,000 and/or 2 yrs in jail 3rd offence - $25,000 and/or 3 yrs in jail |
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Issues that do not exist in Maryland |
Torrens System Strict foreclosure Statutory right of redemption in a foreclosure legal life estates Net Listings Dower; Curtsey; homestead |
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Costs |
Minimum balance in Guaranty fund $250,000 Initial Fee to Guaranty Fund $20.00 Maximum amount recovery for a claim from Guaranty Fund $25,000 |
