Under the Maryland Real Estate Brokers Act, which of the following penalties may the Maryland Real Estate Commission impose on a licensee found guilty of misrepresentation?
Correct Answer
C) Reprimand, fine, suspension, or revocation of the license
Under Md. Code Ann., Bus. Occ. & Prof. § 17-322, MREC may impose a range of disciplinary sanctions including a reprimand, a fine of up to $5,000 per violation, suspension of the license, or revocation of the license when a licensee is found guilty of misrepresentation or other prohibited conduct.
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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.
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