Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
21 Cards in this Set
- Front
- Back
|
Define "Broker." |
An individual who provides real estate brokerage services |
|
|
What is COMAR? |
Code of Maryland Regulations, administrative law |
|
|
Define common law. |
Unwritten law; used when no relevant statute exists or when a statute is challenged as unconstitutional |
|
|
What is the main purpose of the Maryland Real Estate Broker's Act? |
To protect the public interest |
|
|
What type of law is the Maryland Real Estate Broker's Act? |
Statutory/legislative |
|
|
What is strict construction? |
Takes statutes at face value and defers to original intent of writers |
|
|
What is consideration? |
Compensation, payment for brokerage services |
|
|
True or false: A corporation can hold a Maryland real estate license. |
False: Only individuals can hold a license, but a BROKER'S LICENSE may show the company name under which the broker is operating. |
|
|
How long can a license be inactive? |
3 years |
|
|
What are the 4 different types of broker's licenses? |
Resident, nonresident, reciprocal, and temporary only for commercial |
|
|
What are the 3 different types of associate broker and salesperson licenses? |
Resident, nonresident, and reciprocal |
|
|
With whom does MD have reciprocal licensing agreements? |
Pennsylvania and Oklahoma |
|
|
True or false: Associate brokers and salespersons can be registered to manage branch offices. |
True |
|
|
Who is an affiliate? |
A licensed associate broker or salesperson |
|
|
Who makes up the MD Real Estate Commission? |
9 members: 5 have licenses and 4 are consumers |
|
|
Who is Maryland's Governor? |
Martin O'Malley |
|
|
When does membership for the Commission appointment begin? When does it end? |
June 1 and ends 4 years later |
|
|
Who appoints the Commission's Executive Director? |
the Secretary of the DLLR |
|
|
Name a member of the Commission. |
John D'Ambrosia, Chairman, Charles County |
|
|
What are the requirements for a Broker's license? |
18 years old, 135 hours RE course, been a salesperson for 3 years, pass the broker's exam. |
|
|
If a broker dies, who can take over the business and for how long? |
An adult family member for 6 months |
