Maryland-Real-Estate-Salesperson VCE Exam Download

In Maryland, when a new salesperson applicant identifies a supervising broker on the license application, the applicant receives an active license.

An inactive license is issued only if no broker is designated.

An active license authorizes the salesperson to conduct real estate activities under the supervision of the sponsoring broker, in compliance with MREC rules.

A contract assignment occurs when a buyer (the assignor) transfers his or her contractual rights to another party (the assignee) before closing.

However, this is only allowed if the original purchase contract permits assignment—that is, if it includes an assignability clause or does not prohibit assignment.

If the contract specifically states “non-assignable” or “assignment requires seller consent,” the assignor must comply with those terms.

This concept appears in the Contracts and Transaction Procedures section of the course.

Reference (Maryland Source):

– Maryland 60-Hour Principles and Practices Course, Real Estate Contracts and Assignments section.

– Maryland Contract Law Principles (General Common Law on Assignability).

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. §12–27).

Personal property (also known as chattel) refers to movable items that are not permanently attached to the land or the improvements on it.

Examples include furniture, vehicles, and trade equipment. In contrast, real property includes land, improvements, and the legal rights associated with ownership.

The distinction between real and personal property is a core principle of real estate law covered early in the Maryland 60-Hour Course under “Real Property and the Law.”