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Cheat sheet

Maryland Real Estate Salesperson Cheat Sheet

Practice QuestionsStudy Guide

MREC Licensing & Education

30%of exam

MREC structureLicense classes60-hr pre-license135-hr broker15-hr CEDisciplinary actions

MD Agency & Consent

25%of exam

Consent formFirst substantive contactDual agencyIntra-company agencyBuyer seller agencyFiduciary duties

MD Contracts & Closing

25%of exam

Purchase agreementEarnest money 7-dayTrust accountTransfer tax 0.5%Recordation taxDeed types

MD Property Regulations

20%of exam

Lead paint pre-1978Homestead 10% capGround rentCondo 5-day rescissionFair housing extraLandlord tenant law

Quick Facts

Exam
MD Salesperson
Questions
110 (80+30)
Pass
70% both portions
Time
2 hrs 30 min
Pre-license
60 hours
CE
15 hrs/2 yrs
Pass rate
62%
Exam fee
$44
Admin
MREC / PSI

CE 15-Hour Breakdown

2+3+3+3+4 = 15 hrs

2 fair housing3 ethics3 legislative3 brokerage4 electives

Independent Contractor vs Employee

Contractor

  • 1099 tax
  • Own schedule
  • Commission split

Employee

  • W-2 tax
  • Broker controls
  • Benefits

Tax vs control

License Classes

Salesperson
60-hr pre-license
Age minimum
18 years old
Salesperson
Under broker
Associate broker
135-hr, under broker
Broker
3 of 5 yrs
Branch office
Licensed location
Designated broker
Ultimate supervisor

MREC Structure

MREC
9 members
Governor
Appoints all
Industry reps
5 brokers
Consumer reps
4 public
DLLR
Parent agency
Senate
Confirms appointments
MREC
Oversees practice

Education & CE

Pre-license
60 hours
Broker ed
135 hours
CE total
15 hrs/2 yrs
Fair housing
2 hrs CENew
Ethics
3 hrs CE
Leg. updates
3 hrs CE
Brokerage
3 hrs CE
Electives
4 hrs CE

Discipline & Penalties

Max fine
$5,000/violationFine
Suspension
License halted
Revocation
License void
Reprimand
Formal warning
CE miss
Auto inactive
Commingling
Revocation risk
Records kept
5 years

OLDCAR Fiduciary Duties

OLDCAR: O-L-D-C-A-R

ObedienceLoyaltyDisclosureConfidentialityAccountingReasonable care

Buyer vs Seller Agent

Buyer agent

  • Owes buyer
  • Loyalty to buyer
  • Negotiate for buyer

Seller agent

  • Owes seller
  • Loyalty to seller
  • Negotiate for seller

Who is client

Whom Do I Represent?

  1. Show my listing→Seller agent(Owes seller)
  2. Buyer hires me→Buyer agent(Owes buyer)
  3. Both in my firm→Dual agency(Written consent)
  4. Two agents same firm→Intra-company(Same brokerage)
  5. Buyer unrepresented→Sub-agent(Seller's side)
  6. No client relationship→Customer(No fiduciary)
  7. First face-to-face→Consent form(Disclose agency)
  8. Written consent signed→Proceed(Keep copy)

Agency Types

Seller agent
Owes seller
Buyer agent
Owes buyer
Dual agency
Both consent
Intra-company
Same firm
Sub-agent
Seller's side
Customer
No fiduciary
Client
Fiduciary owed

Agency Hierarchy

Customer -> Sub-agent -> Client

Customer: no dutiesSub-agent: seller sideClient: full fiduciary

Dual vs Intra-company Agency

Dual agency

  • One agent both
  • Written consent
  • Limited loyalty

Intra-company

  • Two agents firm
  • Same brokerage
  • Each owes client

One vs two agents

Fiduciary Duties

Obedience
Follow instructions
Loyalty
Client first
Disclosure
Material facts
Confidentiality
Post-termination
Accounting
Handle funds
Reasonable care
Diligence
OLDCAR
Six dutiesMD

Transfer Tax Math

0.5% split = 0.25% each

State: 0.5%Split: 50/50First-time: seller pays

State Transfer vs Recordation

Transfer tax

  • State 0.5%
  • Split buyer seller
  • First-time reduced

Recordation

  • County imposed
  • Varies by county
  • Per $500

State vs county

Closing Cost Picker

  1. Estimate transfer tax→0.5% split(0.25% each)
  2. First-time buyer→0.25% seller pays(Affidavit)
  3. Record deed→Seller pays(County stamps)
  4. Record mortgage→Buyer pays(County stamps)
  5. Closing disclosure→3 bus days before(TRID)
  6. Title protection→Title insurance(Owner lender)
  7. Deed prep→Attorney cert(Not attorney-only)
  8. Earnest money→7 bus days(Trust account)

Earnest Money & Trust

Earnest money
7 bus days
Trust account
MD FDIC bank
Commingling
Prohibited
Reconciliation
Required
Records
5 years
Non-interest
Escrow account
Deposit
Promptly after ratification

Estimate vs Track Costs

Estimate

  • Loan estimate
  • Before closing
  • Projected costs

Track

  • Closing disclosure
  • Actual costs
  • At closing

Project vs actual

Transfer Tax & Recordation

State transfer
0.5% split
Split
0.25% each
First-time
0.25% seller pays
Recordation
County tax
Range
$2.50-$5/$500
Buyer pays
Mortgage stamps
Seller pays
Deed stamps
Clerk collects
At recording

Warranty vs Quitclaim Deed

General warranty

  • Full title
  • All defects
  • Strongest protection

Quitclaim

  • No warranty
  • As-is title
  • Weakest protection

Guarantee level

Closing & Deeds

General warranty
Full title
Special warranty
Grantor only
Quitclaim
No warranty
Deed recorded
County land records
CD
3 bus days before
Title insurance
Protects owner
Attorney cert
Deed prep
Not attorney-only
Title cos OK

Homestead Tax Cap

10% cap, apply Dec 31

10% max stateCounties can lowerOwner-occupied only

Disclosure vs Disclaimer

Disclosure

  • Seller discloses
  • Known defects
  • Detailed form

Disclaimer

  • As-is sale
  • No representations
  • Still disclose latent

Disclose vs as-is

Disclosure vs Disclaimer

  1. Know defects→Disclosure(Detail issues)
  2. Don't know→Disclaimer(As-is sale)
  3. Latent defect known→Must disclose(Even w/ disclaimer)
  4. Pre-1978 home→Lead disclosure(EPA pamphlet)
  5. Ground rent→Disclose(Redemption right)
  6. HOA condo fees→Resale cert(20 days)
  7. Radon known→Recommend share(Not mandatory)
  8. No form given→Buyer withdraws(No penalty)

Lead Paint & Homestead

Pre-1978
Lead disclosure
EPA pamphlet
Required
Rental
MDE registration
Latent defects
Always disclose
Homestead
10% cap
Owner-occupied
Only eligible
SDAT
3-yr reassessment
Appeal
45 days

Ground Rent & Condo

Ground rent
Lease the land
Homeowner
Owns building
SDAT
Must register
Redeemable
Fixed by statute
Condo Act
Governs condos
HOA Act
6+ lots
Resale cert
20 days
Condo rescission
5 days

Fair Housing & Tenant

MD extra classes
Broader than fed
Marital status
Protected
Sexual orientation
Protected
Gender identity
Protected
Source of income
ProtectedMD
Military status
Protected
MCCR
Enforces law
Security dep
2 months max
Deposit return
45 days
Wrongful hold
3x damages

Common Traps

Disclosure vs Disclaimer

Disclosure: known defects ≠ Disclaimer: as-is still latent

Transfer vs Recordation tax

Transfer: state 0.5% ≠ Recordation: county per $500

Dual vs Intra-company

Dual: one agent both ≠ Intra: two agents firm

First-time buyer transfer tax

Standard: 0.25% each ≠ First-time: seller pays 0.25%

Client vs Customer

Client: fiduciary duties ≠ Customer: no fiduciary

Earnest money deadline

7 business days ≠ Not calendar days

Homestead eligibility

Owner-occupied only ≠ Not investment homes

Lead paint trigger year

Pre-1978 homes ≠ Federal + MD rules

Last Minute

  1. 1.Transfer tax: 0.5% split
  2. 2.Recordation: $2.50-$5/$500
  3. 3.Earnest money: 7 bus days
  4. 4.Consent: first face-to-face
  5. 5.Lead paint: pre-1978
  6. 6.Homestead: 10% cap
  7. 7.CE: 15 hrs/2 yrs
  8. 8.Pre-license: 60 hours
  9. 9.Broker ed: 135 hours
  10. 10.Guaranty Fund: $25K max
  11. 11.Fine: $5,000/violation
  12. 12.Condo rescission: 5 days
  13. 13.Security dep: 2 months max
  14. 14.Records: 5 years
  15. 15.Pass: 70% both portions
  16. 16.SDAT: 3-yr reassessment

Maryland Real Estate Salesperson

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76 terms3 comparisons
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