Which type of antitrust violation involves two or more businesses conspiring against another business?
Answer(s): A
Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:A group boycott occurs when two or more competitors conspire to refuse to deal with another firm or individual, thereby attempting to eliminate competition.This is a violation of the Sherman Antitrust Act and the Clayton Act, both covered in the "Ethics and Antitrust" section of the Maryland pre-licensing course.Examples include two brokerages agreeing not to cooperate with a third brokerage or to exclude another licensee from access to listings.Maryland law and the National Association of REALTORS® Code of Ethics prohibit any conduct that restricts trade or limits consumer choice.Reference (Maryland Source): Maryland 60-Hour Principles and Practices Course, Fair Housing and Ethics / Antitrust section. Sherman Antitrust Act (15 U.S.C. §1). Clayton Antitrust Act (15 U.S.C. §1227).
Edgar is in the process of selling his home in a short sale. What's a short sale?
Answer(s): D
Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:A short sale occurs when the lender agrees to accept less than the total amount owed on the mortgage to release its lien so that the property can be sold.The lender must approve the sale before closing.This typically happens when the market value of the property is less than the outstanding loan balance, but foreclosure is avoided.In the pre-licensing course, short sales are discussed under Financing and Foreclosure Alternatives, highlighting licensees' duties to disclose the short-sale status to buyers and comply with lender requirements.Reference (Maryland Source): Maryland 60-Hour Principles and Practices Course, Financing and Foreclosure Alternatives section. Maryland Real Property Article §7-105.1 (Mortgage Default Remedies).
Assume you are a licensee in Maryland who has recently entered into an agreement with a seller to represent their interests in a real estate transaction. At what point are you required to provide a potential buyer with the agency disclosure notice?
Answer(s): C
Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:Maryland law requires that a licensee acting as a seller's agent must provide any unrepresented buyer with the "Understanding Whom Real Estate Agents Represent" disclosure at the first scheduled face-to-face meeting about a specific property.The purpose is to ensure that consumers understand who represents whom before discussing confidential or motivational information.This rule is clearly detailed in the Maryland Agency Law module of the pre-licensing course.Reference (Maryland Source): Maryland 60-Hour Principles and Practices Course, Maryland Agency Law section. Business Occupations and Professions Article §17-530 through §17-534. COMAR 09.11.07.01 Agency Disclosure Requirements.
A valid deed must contain all of the essential elements, plus which of the following?
Comprehensive and Detailed Explanation;Under the Statute of Frauds, all conveyances of real property must be in writing to be enforceable. A valid Maryland deed therefore includes: a competent grantor and identifiable grantee, a granting clause, an adequate legal description, consideration, signature of the grantor, delivery, and acceptance -- and it must be in writing. Oral (nuncupative) or judge-approved deeds are not recognized.
Maryland 60-Hour Principles and Practices of Real Estate "Transfer of Title" module; Maryland Real Property Article § 4-101 through § 4-107 (Recording and Execution of Deeds).
A buyer can submit the earnest-money deposit in the form of _______.
Comprehensive and Detailed Explanation;Maryland license law allows the earnest-money deposit (good-faith deposit) to be paid in cash, certified funds, or personal check, provided the terms are disclosed in the sales contract. A post- dated check or promissory note is not considered "good funds" unless all parties agree in writing. Verbal assurances never satisfy the deposit requirement. The broker must promptly deposit the funds in a designated trust (escrow) account.
Maryland 60-Hour Course "Real Estate Contracts" and "Brokerage Operations" modules; COMAR 09.11.02.19 (Escrow Accounts and Trust Money).
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