A wild search for the U.S. dollars supposedly backing the stablecoin at the center of the global cryptocurrency trade—and in the crosshairs of U.S. regulators and prosecutors.
October 7, 2021, 9:00 AM UTCUpdated onOctober 7, 2021, 6:25 PM UTC
In July, Treasury Secretary Janet Yellen summoned the chair of the Federal Reserve, the head of the Securities and Exchange Commission, and six other top officials for a meeting to discuss Tether. The absurdity of the situation couldn’t have been lost on them: Inflation was spiking, a Covid surge threatened the economic recovery, and Yellen wanted to talk about a digital currency dreamed up by the former child actor who’d missed a penalty shot in The Mighty Ducks. But Tether had gotten so large that it threatened to put the U.S. financial system at risk. It was as if a playground snowball fight had escalated so wildly that the Joint Chiefs of Staff were being called in to avert a nuclear war.
Megaphone.fm: Define 'Stable': A Wild Search for Te...
Nancy, a broker in Annapolis, is going over the listing agreement with her new client, Josie, who asks, "What if I need to cancel the agreement early?" What should Nancy tell her?
"I'm always flexible. If we need to, we'll add an amendment to the agreement granting you permission to cancel early."
"Listing agreements in Maryland must be for a definite amount of time. If it would make you more comfortable, we can set the expiration date for one month, then have it automatically renew unless you decide to cancel."
"There's a provision right here that gives either of us permission to cancel the agreement early."
"You may cancel early. But per Maryland law, since listing agreements must have a definite termination date, if you do cancel I'll have to charge you a nominal cancellation fee."
Because her agent didn't tell her about the leaking roof he knew about, Dulce's had to pay $20,000 to repair her roof, $8,000 to repair the bedroom ceiling that caved in, $2,000 to repaint the bedroom, $10,000 to replace her ruined furniture and wardrobe, and $10,000 in legal fees pursuing her agent in court. She also wants to get back the $2,500 commission she paid him. How much can she seek from the Guaranty Fund?
Amelia's portfolio is on fire! She's got four upcoming listings and each of them will list for at least $500,000. Before she can count her commissions, though, she's got some paperwork to get through. Since she wants to stay on the right side of the Maryland Property Condition Disclosure Law, which of these sellers does Amelia need to remind about completing the Residential Property Disclosure/Disclaimer Statement?
Bryce, who, as the executor of his deceased mother's will, is selling her house
Erica, who's selling her five-unit apartment building to an investor who will be converting it to retail space
Mikey, an investor who's selling a property that he converted into a three-unit apartment building
Tessa, who represents a lender that's selling a foreclosed four-bedroom ranch-style home that sits on three acres
Which of the following is NOT an example of legal dual agency in Maryland?
Chet, the managing broker, represents a seller and designates one of his associated salespersons, Chanice, to represent the buyer in the same transaction.
Damon, an associate broker with Sunshine Realty, represents the property seller, and Jake, a salesperson at the same firm, represents the property buyer.
Patrice, the office manager of Nest Egg Homes, appoints salesperson Sharlene to represent the seller and salesperson Butch to represent the buyer of a property listed with Nest Egg.
Ruthe, an associate broker with Fortunata Realty, represents a property seller, and Lisa, another associate broker at the same firm, represents that property's buyer.
Four years ago, licensee Gustav assisted a buyer in her purchase of a foreclosed three-bedroom townhome in Hanover. The buyer recently called Gustav, telling him that she filed a complaint with MREC, claiming that Gustav knew the plumbing was faulty, but didn't disclose this to her. As a result, she's racked up more than $35,000 in plumbing bills since her home purchase. Panicked, Gustav begins searching for the transaction file until his broker tells him he can stop. Why?
Because the property was a foreclosure and therefore sold "as-is," Gustav was exempt from disclosing that the plumbing was faulty.
Complaints must be filed within three years of the transaction date, and this sale took place four years ago.
MREC doesn't have jurisdiction in this case; the buyer needs to contact the Guaranty Fund.
Records only need to be maintained for three years in Maryland; after that point, no complaints may be made against a licensee.
Which advertisement most likely complies with Maryland's real estate advertising law?
James's ad, which includes his firm's logo, his name as it appears on his salesperson's license, and his phone number.
Katie's ad, which includes her firm's logo, her broker's name, and her name and phone number.
Leslie's ad, which includes her broker's name and phone number, her firm's logo, and her name and phone number.
Petra's ad, which includes her broker's name, her name, and her firm's logo.