Maryland License Law
What is the purpose of the Maryland Real Estate Guaranty Fund?
ATo pay licensee commissions if the broker fails
BTo compensate consumers who suffer financial loss due to a licensee's fraudulent or dishonest act✓ Correct
CTo fund MREC's operating budget
DTo provide scholarships for pre-license students
Explanation
The Maryland Real Estate Guaranty Fund compensates consumers who suffer financial losses caused by a licensee's dishonest or fraudulent acts that cannot be recovered from the licensee.
Related Maryland Maryland License Law Questions
- Which of the following individuals does NOT need a Maryland real estate license?
- Maryland MREC may conduct an investigation of a licensee's activities:
- Under Maryland law, which entity is responsible for investigating complaints against real estate licensees?
- A Maryland broker who allows an unlicensed person to perform real estate activities may face:
- Maryland's reciprocity agreements allow out-of-state agents to obtain a Maryland license if:
- Which of the following Maryland license categories can independently operate a real estate brokerage?
- A Maryland broker must maintain escrow (trust) account records that are:
- Which of the following actions could result in MREC revoking a Maryland real estate license?
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