Maryland License Law (alternative)
A Maryland licensee who is declared bankrupt must report this to:
AMREC within 30 days✓ Correct
BOnly their employing broker
CThere is no requirement to report personal financial matters
DThe Maryland Department of Finance
Explanation
MREC requires disclosure of significant legal and financial events including bankruptcy, as such events may affect a licensee's fitness to hold a license.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
State-Specific Concepts
License Law
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