Maryland Real Estate Practice Question and answers 100% correct 2024
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Course
MARYLAND HOME
Institution
MARYLAND HOME
Maryland Real Estate Practice Question and answers 100% correct 2024 Maryland Real Estate Practice & Law (16th Edition)
Abstract of Title - correct answer The buyer's chosen title company would conduct a title search known as an _________. If a favorable ________ is produced showing marketable...
Maryland Real Estate Practice & Law (16th Edition)
Abstract of Title - correct answer The buyer's chosen title company would conduct a title search known as an _________. If a favorable ________ is produced showing marketable title, then the title insurance for the property will
be issued.
Administrative Law - correct answer Real estate is governed by both ________ and statutory law. _________ is found in the Code of Maryland Regulations (COMAR), which is enforced by the Maryland Real Estate Commission (MREC).
Adverse Possession - correct answer When an adverse user in possession of property for a continuous period of at least 20 years is recognized as having ownership rights. The possession must have been open and notorious (without permission).
Advertising - correct answer Includes all oral, written, and visual promotions done by a licensee or by others on behalf of the licensee.
Affiliate - correct answer The word _______ is used to refer to an individual, a licensed associate broker or salesperson representing a broker. To _________ refers to selecting a broker who will apply for and hold the agent's license.
Affirmative Disclosure - correct answer The voluntary (affirmative) offering of relevant information or material facts that are known or should have been known by a licensee. Asbestos - correct answer A previously popular construction component for siding, kitchen floor tiles, and heating elements. ________ is considered dangerous when it is friable (breaking, chipping, crumbling). When ________ products, such as shingles or tiles, are intact, it is recommended to not disrupt
them.
Associate Broker - correct answer Individuals who have met the requirement of 135 hours of education and 3 years of licensed experience, and have passed both portions of the broker's exam. An __________ has the qualification of a broker but chooses to have the same authority as a salesperson-only to provide brokerage services on behalf of their licensed broker.
Attorney-in-fact - correct answer A person to whom authority is granted by a document, called a power of attorney.
Automatic extension - correct answer A prohibited clause within a listing agreement that extends the term unless either are tequired to provide exact expiration dates within all party provides notice to terminate. Maryland licensees employment contracts without any need for notice.
Automatic Renewal - correct answer Maryland leases are prohibited from having a clause that extends the lease for more than one month without the signing or initialing by the tenant to the renewable clause.
Balloon Clause - correct answer A clause within a mortgage that makes the final payment significantly larger than previous payments. If the loan is a second mortgage for an owner- occupied property, the owner may be able to request a six-month extension.
Beneficial Owner - correct answer Concerning earnest money deposits for a real estate transaction, the owner of earnest money is the purchaser, while the _________ is the seller. Blockbusting - correct answer The illegal practice of inducing panic selling by
making representations regarding the entry of persons of a particular race or national origin into the neighborhood. This action would be a violation of the Brokers Act, the Code of Ethics, and the Fair Housing Act. The Brokers Act qualifies that _______ is a violation even when not done for monetary gain.
Boundary Survey - correct answer This identifies property boundary lines and corners sufficiently well to establish the physical position and extent of the
boundaries. It is needed for an owner who is erecting a fence.
Branch Office Manager - correct answer A manager, with at least three years' licensed experience, who oversees a secondary business location where real estate business is conducted. Their supervision is in addition to the
broker.
Brokers - correct answer Individuals licensed to provide services related to the buying, selling, or leasing of real property for a fee. A brokerage firm can be any form of business but regardless of the formation and size of the brokerage firm, each firm has one ______ of record-an individual licensed as the _______.
Buffer - correct answer For the protection of the critical area, a ______ exists-a 200-foot forested zone of natural vegetation that extends from the mean high-water line landward from tidal waters and tidal wetlands. Human activities in the area are sharply reduced because of their adverse impact on the nearby waterways and wildlife.
Business Entity - correct answer Real estate licensees are now permitted to organize as any legal _______ with the consent of their broker. Salespersons and associate brokers were previously limited to only two choices: either a limited liability company (LLC) or a professional service company (PSC)).
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