Helping Hand Questions for Maryland-Real-Estate-Salesperson

Under the first-time homebuyer exception for IRAs, qualified individuals may withdraw up to $10,000 (lifetime limit) to pay qualified acquisition costs (e.g., down payment and closing costs) without the 10% early withdrawal penalty. Standard income tax may still apply to traditional IRA distributions (Roth rules differ for contributions vs. earnings and five-year holding). Therefore, penalty-free (not tax-free) withdrawals up to $10,000 are permitted for first-time home purchase needs.

The course’s antitrust module identifies group boycotts as agreements among competitors to refuse to deal with a particular person or firm, thereby restraining trade. By contrast:

Option B describes a tying arrangement;

Option C is market allocation;

Regardless of who pays the commission, the client is the person named in the agency agreement—in this case, Sadie, the property owner.

The Maryland Real Estate Brokers Act defines the client as the party with whom the broker or salesperson has an agency relationship, not necessarily the one providing compensation.

Third-party payments do not alter the contractual relationship or fiduciary duties.

Under Maryland’s Code of Ethics and Professional Conduct, licensees must act with honesty, integrity, and reasonable skill and care.

If a licensee lacks experience in a specialized area, they must disclose that fact to the client and either refer the client or seek assistance from a qualified professional—with the client’s informed consent.

By being transparent and collaborating with an experienced commercial broker, Manny fulfills his ethical obligation of competence and disclosure while protecting his client’s interests.

Reference (Maryland Source):

– Maryland 60-Hour Principles and Practices Course, Ethics and Professional Conduct section.

– COMAR 09.11.02.01 – Code of Ethics for Real Estate Licensees.

– Business Occupations and Professions Article §17-322.