MD Real Estate Exam Practice Question and answers already passed 2024
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Course
MARYLAND HOME
Institution
MARYLAND HOME
MD Real Estate Exam Practice Question and answers already passed 2024 MD Real Estate Exam Practice
Which of these parties would be eligible to be one of MREC's consumer members? - correct answer Amelia, a retired community college professor who used to teach about home improvement
Blaire ap...
MD Real Estate Exam Practice
Which of these parties would be eligible to be one of MREC's consumer members? - correct answer Amelia, a retired community college professor who used to teach about home improvement
Blaire apparently hasn't learned her lesson. She paid a $5,000 penalty when MREC found her guilty of misrepresentation, a $10,000 penalty when she was
found guilty of placing a for sale sign in someone's yard without permission, and now she's committed three more violations by placing a series of discriminatory ads. What's the maximum penalty MREC can levy for these new violations? - correct answer $75,000
When ______ in Maryland, you must submit a statement of affiliation from the new broker and a statement of affiliation termination from the former broker along with your transfer application. - correct answer Changing brokers
Because Lisa's agent didn't inform her that she needed to pull a permit to build a deck off the back of her home, she spent $11,000 having it installed, $7,000 having it removed when the homeowners association discovered she didn't pull a permit, and another $5,000 in legal fees fighting her agent in court
over it. How much money is she entitled to seek from the Guaranty Fund? - correct answer $18,000
What type of license would Sarah be eligible for if she is new to real estate and does not yet have a supervising broker lined up? - correct answer Inactive salesperson license
MREC's five-member hearing panel reviewed Rachel's complaint against David, a supervising broker of a 10-member firm. The panel then forwarded the claim to Investigative Services, which determined that a hearing was necessary. MREC gave both Rachel and David 10 days' notice before the hearing, to which they each brought their attorneys. What's wrong with this scenario? - correct answer Hearing panels have three members.
Ebony is a licensed real estate salesperson in Maryland. Which of the following does she NOT need to submit to the commission as part of her license renewal? - correct answer A credit report
Ellen just completed a whirlwind continuing education marathon, taking all 15 of her required CE hours in the span of one weekend with a company called Last Minute Real Estate Education. It's just in the nick of time, too: Ellen's license is set to expire the following week. How will the CE hours get reported to the commission? - correct answer Last Minute Real Estate Education must electronically submit Ellen's completion data to the commission.
In addition to your name, what must be included in any advertising? - correct answer Designated name of your brokerage firm
Your client and you just successfully closed on a home. Early on in the transaction you collected an agency disclosure notice. How long do you have to keep the notice on file? - correct answer Five years
Peter represents an owner who's selling an investment property. The property is listed at $245,000, which Peter knows is too high. He encourages his business partner, Mel, to offer $235,000 and convinces the seller to take it. After closing, Peter and Mel flip the house and make a handsome profit. What illegal activity has Peter engaged in? - correct answer Self-dealing
Antonio feels that his agent did not act in his best interests when she waited nearly a week to present an offer to him. His agent argues that she held onto the offer because it was $15,000 less than list price and she wanted to see if a
better offer came in before the weekend. Which section of the Maryland Code of Ethics did Antonio's agent possibly violate? - correct answer Relations to the client Which licensee has violated Maryland license law concerning the use of unlicensed assistants? - correct answer Antonio paid his assistant $100 for staying late one evening to help a client fill out an offer form when Antonio had
to leave unexpectedly.
First Baptist Church in Annapolis owns two apartments next door to the church, which used to be housing for their ministerial staff. It does not rent to non-Baptists. Is this legal? - correct answer Yes, as long as it does not discriminate based on race, color, national origin, or familial status.
Broker Malcolm submits his client's purchase offer, then goes on vacation. When he returns two weeks later, he learns that a counter-offer was submitted, and the response date had expired. His client's offer was terminated because he failed to respond on time. This violation is an example of ______. - correct answer Demonstrating untrustworthiness or incompetency to act as a real estate broker
A property is listed as having four bedrooms and two-and-a-half bathrooms. However, when showing your buyer clients the property, you only count three bedrooms. As their agent, what should you do as part of your due diligence? - correct answer Investigate this discrepancy.
Dennis thinks he was discriminated against by a potential landlord in Maryland
and wants to file a complaint. Which entity can he contact to do this? - correct answer Maryland Commission on Civil Rights
Which of the following statements is true of a material fact? - correct answer A material fact would cause a reasonable person to either act or not act, if that
fact were known.
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