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Exam (elaborations)

Maryland Real Estate (Law) Practice Exam Correct 100%

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  • Course
  • Maryland Real Estate
  • Institution
  • Maryland Real Estate

When a salesperson whose license has not been renewed negotiates a sale of real property, who is the commission payable to? a. the broker only b. no one c. the salesperson only d. the broker and the salesperson according to prior agreement - ANSWER b. no one If a salesperson license is iss...

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  • October 26, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • maryland real estate
  • Maryland Real Estate
  • Maryland Real Estate
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shantelleG
Maryland Real Estate (Law) Practice Exam
Correct 100%
When a salesperson whose license has not been renewed negotiates a sale of real property, who is the
commission payable to?



a. the broker only

b. no one

c. the salesperson only

d. the broker and the salesperson according to prior agreement - ANSWER b. no one



If a salesperson license is issued on January 2, 2016, when will it expire?



a. January 2, 2016

b. September 2, 2016

c. April 1, 2016

d. March 31, 2016 - ANSWER a. January 2, 2016



When prospective purchasers first arrive at a brokerage office to find a house to buy, how does the
Brokers Act require them to be treated?



a. as customers

b. as clients

c. as agents

d. as factors - ANSWER b. as clients



Which of the following is TRUE of salespersons' real estate licenses?

, a. they must be placed and kept in a safe place chosen by the salespersons



b. they are to be carried by the salespersons when performing acts of real estate brokerage



c. they must be retained in their broker's offices



d. they must be maintained in personnel files by their brokers - ANSWER c. they must be retained in their
broker's offices



What is the maximum amount that a claimant may receive from the Guaranty Fund on losses from one
transaction?



a. an unlimited amount

b. $250,000

c. $50,000

d. $25,000 - ANSWER c. $50,000



Under the Junk Fax Prevention Act, which of the following is TRUE of persons who send faxes?



a. they need not provide a way for the recipients to opt out of getting more faxes



b. they may use recipient addresses they receive from a fax-spamming company



c. they may send faxes only between 9:00 am and 5:00 pm



d. they must have an established business relationship with the recipients - ANSWER d. they must have
an established business relationship with the recipients



What advance notice must developers give to those who desire to convert apartment buildings more
than five years old into time-share projects?

, a. 180 days' notice to each tenant

b. 120 days' notice to each tenant

c. no prior notice

d. notice to each tenant within 10 days from filing the Public Offering Statement - ANSWER b. 120 days'
notice to each tenant



Which of the following is NOT the responsibility of Maryland real estate licensees?



a. fair treatment of third parties

b. competence in performance of duties

c. giving of legal guidance

d. loyalty to their principals - ANSWER c. giving of legal guidance



In which states do lenders receive defeasible fee interests in mortgaged land?



a. titled theory states

b. lien theory states

c. modified lien theory states

d. trust theory states - ANSWER a. titled theory states



What is the maximum penalty that the Maryland Real Estate Brokers Act authorizes the Commission to
impose on a licensee?



a. $25,000

b. $15,000

c. $5,000

d. $1,000 - ANSWER a. $25,000

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