Under the Maryland Real Estate Brokers Act, which of the following activities requires a Maryland real estate license? Select the activity that does NOT qualify for an exemption from licensing.
Correct Answer
A) A licensed property manager employed by an owner to lease units in a residential apartment complex for compensation.
A property manager who leases residential units for compensation on behalf of an owner is engaged in licensed real estate activity under Maryland law. This activity requires a real estate license unless the property manager is a salaried employee of the owner. An independent property manager receiving compensation for leasing services does not qualify for the property owner exemption and must hold a Maryland real estate license under Md. Code Ann., Bus. Occ. & Prof. § 17-302.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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