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Este Si Que Es > Vocab > Flashcards

Vocab Flashcards

1
Q

Ratification

A

Is acceptance after the fact, sometimes in contrast to a prior agreement

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2
Q

ESTOPPEL

A

A legal concept that says that a person may not disavow something that the person has previously affirm either by actions or words

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3
Q

Was originally the primary surveing method of the original 13 colonies in the U. S.A and it’s still use to this day

A

Metes and bounds

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4
Q

Buyer’s half ____ days from the day the Contra is signed to conduct a risk assessment or inspection of the property for lead-based pain hazards

A

10 days

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5
Q

Buyers have ____ days from the time they receive a lead base paint inspection report to send the seller copy of the report, plus a written it’s a itemization of the hazardous and how they must be abated

A

5 days

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6
Q

Stigmatized properties

A

The side of a death, suicide, or felony, or a property occupants HIV or aids status did not need to be disclosed in Maryland even if you know it

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7
Q

Megan’s law

A

is a Federal Law requiring a public registry of known sex offenders. This information must be made available to the public usually through websites. Buyers should do the research of this if it is a concern keep it in mind that sex offenders may move

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8
Q

Implied agency and non-agency

A

RN recognized in Maryland

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9
Q

Licenses are permitted to show the same property to multiple buyer clients without

A

Breaking their finisher duties to those clients

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10
Q

With an agency agreement in place, licensee assisting buyers technically represent the

A

Seller

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11
Q

Listing agreements

A

Established a brokerage agency relationship between the seller and the broker

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12
Q

Ministerial Acts

A

This means that license is May assist a customer in completing or fulfilling a contract and must be treat the customer with honesty and fairness

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13
Q

Sup agents

A

Our agents who are not affiliated with the listing firm, but don’t have a buyer representation agreement and therefore represent the sellers interest, even though they’re assisting the buyer

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14
Q

Understanding who real estate agents represents form must be given to our representative transaction parties and written from

A

The first face-to-face meeting

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15
Q

Licensees hosting an open house must display and _______

A

MREC mandate notice advising consumers that the licensee represents the seller and warning visitors not to discuss with the agent anything they wouldn’t want the seller to know. The notice is available on the MREC website

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16
Q

Buyers have the option to resign their offer within _____ days of receiving the disclosure / disclaimer statement

A

5 days

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17
Q

If the seller completes the Maryland residential property disclosure / disclaimer’s statement they’re selling the property as is and therefore makes…..

A

No representations or warranties regarding the condition of the property or its improvements

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18
Q

A material fact

A

Is information that might affect a buyer’s decision to purchase the property or that might affect the terms of conditions of the buyer’s office

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19
Q

Rebates

A

when a real estate agent gives their client a portion of the commission received from the purchase of a home.

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20
Q

Rebates pay to a client or customer of the license seat, even though the decline customer is not licensed are ____

A

Permitted. But rebates must be documented and written in this close to all parties to the transaction

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21
Q

Contest offering prices at ____ are permitted

A

Open houses

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22
Q

If a salesperson or associate broker includes their personal telephone number or email address in an ad, the broker office telephone number must be….

A

Also included

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23
Q

Signs may only be placed on a property with the

A

Owners prior consent

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24
Q

If a for sale sign is placed on a property that is subject to ground rent, and the sun includes the listing price, the signage must also stay the….

A

Full cost of capitalization and the annual ground rent

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25
Q

Commercial solicitation via fax is ____ in Maryland unless it previous business relationship exists

A

Illigal in MD

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26
Q

The Maryland commission of civil rights regulates ____ in Maryland

A

Fair housing laws

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27
Q

Wish to protect the classes will not specify in the featherford housing law may still be protected under the visitor fair housing laws under certain circumstances?

A

Sexual orientation and gender identity

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28
Q

Maryland commission on civil rights is made up of ____ Governor appointment members in a executive director who serves ____ years terms

A

9, and 6 years

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29
Q

Maryland commission on civil rights holds public meetings ____ a month

A

Once

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30
Q

Fair housing laws does not apply to _____ real estate transactions

A

Commercial

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31
Q

A real estate conservation area

A

Is an area and was the racial stability has been threatened by the volume of real estate transactions

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32
Q

Maryland commission on civil rights may levy penalties as much as _____ for first offense
____ for a second offense within a 5-year period
_____ for any subsequent offense within 7 years

A

500
1,000
2,500

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33
Q

The code of Maryland regulations ( comar) it’s divided in three sections relations to the ____

A

Relationship to the public relations to the client relations to fellow licenses

34
Q

Hi sissies must remain informed about _____, _______, and _____ real estate matters

A

Local, state, and national

35
Q

Licensees must present a true picture of a

A

Property

36
Q

Advertising must includes the _____ or _____ name as it appears on the license

A

Brokers or company

37
Q

All commitments and financial obligation should be written in copies of all the commercial being to the

A

Transection parties

38
Q

Licenses may not accept compensation for more than one transaction party without…

A

All parties acknowledge

39
Q

Maryland Real estate commission is comprised of______ members. _____ of whom are licensed real I stay professionals with at least ____ years experience. The other ____ are members of the general public

A

Nine members, five real estate professionals with at least 10 years of experience, the other four members of the general public

40
Q

Maryland Real estate commission members are appointed by thee _____ and serve ____ terms that begin on June 1

A

Governor, 4 year terms

41
Q

At least every ____ years the Maryland Real estate commission must adopt a could have ethic and distributed to the licensees it is typically available online.

A

2 years

42
Q

Maryland Real estate commission has the power to adopt reasonable bylaws and regulations regarding real estate practices and licensing cotton dogs, and oversee licenses _____, _____, and renewal

A

Applications, insurance, and renewal

43
Q

The commission must follow and ____ report to the department of labor, licensee and regulation

A

Annual

44
Q

The Maryland Real estate commission operates under the authority of the secretary of the department of Labor ( DOL)

A

Formerly the department of labor, licensee and regulations (DLLR), wish you may still see reference

45
Q

Although MRC doesn’t have the authority to impose ____

A

Prison sentences, but can still reform matters to The authority for prosecution, conviction may result in up to one year prison for a first offense, 2 years for a second offense and up to 3 years for a third offense

46
Q

Consumers May file complaints against licenses with Maryland Real estate commission that in most cases, complex must be filled within ____ years of the contract date or date of the action upon which the complaint is based

A

3 years

47
Q

The hair in panel consists of ____ commission members at least one real estate professional and one consumer member who determine if the complaint is worthy of further investigation

A

3

48
Q

Licenses must respond and written with ____ in of the commission’s mailing of the notice

A

30 days

49
Q

Who presides over the public hearing and recommends any disciplinary actions as a result of the hearing

A

And administer trip law judge

50
Q

Parties are given at least _____ days notice before hearing that both parties may bring their opportunities to the hearing that wishes Is _____to the public

A

10 days notice

Open to the public

51
Q

When a licenses license is suspended or revoke, the following parties are notified

A

Delicacy, the license is broker, the Maryland associate of realtor and any other local association / board of realtors where the licensee is licensed

52
Q

Licensee suspensions are ____

A

Temporary

53
Q

Licensing revocations are _____

A

Permanent

54
Q

To become licensed again after revocation, a formal licenses will have to go through the _______ process again

A

Pre-licensing

55
Q

Depending on the nature and severity of the violation, brokers may also be reprime for their associate licenses violation, and does all associated licenses may be affected by____ licensees violation

A

One

56
Q

Earnest money

A

It’s an indicator of how serious a buyer is about buying a property

57
Q

Remember that earnest money serves as a

A

Down payment on the down payment

58
Q

Earnest money must be placed in a ____ account, which also is known as an escrow account

A

Trust

59
Q

Conversion

A

Spending earnest money funds belonging to someone else did Miss handling of escrow funds can result in disciplinary actions and fines

60
Q

Earnest money is disbursed according to the ____ of the contract

A

Terms

61
Q

Sellers May ____ earnest money as damages when a buyer terminates for reasons not in the contract of cell

A

Retain

62
Q

Buyers may receive the _______ monet back when contingencies are not satisfied

A

Earnest

63
Q

Commingling

A

Mixing earnest money with personal funds

64
Q

Trust money, or trust funds

A

Our funds belonging to another that are entrusted to a licensee like an earnest money deposit

65
Q

Trust funds may only be used for their ____ purpose

A

Intended

66
Q

Maryland arrested workers who hold trust funds must maintain a non-interest bearing check-in or saving account to submitted so late late to hold trust money and separate from their other accounts. The financial institution must be

A

Federally insured and in Maryland

67
Q

Trust money account records must be securely maintained at the _____ main place of business for at least ____ years

A

At the broker’s,

5 years

68
Q

The protection of homeowner and foreclosure act pH ifa outlines parameters for foreclosure consulting services offer to homeowners who are at least _____ days delinquent of their mortgage payments

A

60 days

69
Q

Licenses must verify at least _____ that any home improvements contractors whose names they provide to clients are licensed by the Maryland home improvement commission

A

Annually

70
Q

When providing a contractor’s name to a client, licensees are also required to provide the _____ verify the contractors this is your and the ____ to the Maryland home improvement license search on the DOL website

A

Date, link

71
Q

The Maryland Real estate commission administrates and regulates…

A

Real estate professionals licensees

72
Q

On license assistance may only perform duties that do not require

A

A license

73
Q

Maryland law does that permit a recognize ______ relationship in real estate transactions

A

Non agency

74
Q

you may or parade as a burger employee or independent contractor but let’s talk about employees first

Employees

A

Broker withholds taxes on earnings, pay unemployment compensation and benefits independent

75
Q

you may or parade as a burger employee or independent contractor but let’s talk about independing contractors

A

Must be licensed, underwritten contract with broker, responsible for own income / social security taxes, at least 90% of income must come from production (not hours work)

76
Q

What is precuring cause?

A

Who started the chain of events that leads to a sell

77
Q

The Sherman act 1890

A

Prohibits actions that cause an unreasonable restraint of trade limiting competition

78
Q

The Clinton act of 1914

A

Stops mergers or accusations that will stifle competition

79
Q

The Federal trade commission act of 1914

A

Created the feather trade commission with authorities to investigate and stop on Fair competition and deceptive practices

80
Q

The Federal trade commission act was created to …..

A

Investigate antitrust practices

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