From the Author:
Law changes since the first edition was published in 2010: MREC Agency - Residential is a new 3 hour mandatory continuing education topic for the renewal of a residential license. A license may be placed on inactive status for 3 years (previously 4 years). Expired licenses may be reinstated within 3 years of expiration (previously 4 years). These are on pages 99-100 of the print version. The correct answers for practice exam 1, question 6 and practice exam 2, question 5 are 3 years.The maximum amount that can be recoved from the Guaranty Fund was changed from $25,000 to $50,000 (page 93 of the print version). The correct answer for exam 1, question 3 is $50,000.
About the Author:
Philip Martin McCaulay is an actuary with a degree in mathematics from Indiana University. He graduated from the Coldwell Banker Residential Brokerage School of Real Estate in Columbia, Maryland in 2010. He has sold thousands of study guides and practice exam books in the fields of pensions, investments, finance, real estate, and massage therapy. He has also published books on card games, cooking, and military history. He volunteers to write, publish, and ship free copies of books to troops through Operation Paperback.
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