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Exam (elaborations)

Maryland real estate final exam study guide CORRECT 100%

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  • Course
  • Maryland real estate
  • Institution
  • Maryland Real Estate

Categories of real property (5) - ANSWER (1) Residential, (2) Commercial, (3) Industrial, (4) Agricultural, (5) Special Purpose Factors that affect supply - ANSWER Labor force, construction costs, and material costsa; government controls, and financial policies; local Government factors Facto...

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  • October 26, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • maryland real estat
  • Maryland real estate
  • Maryland real estate
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shantelleG
Maryland real estate final exam study
guide CORRECT 100%
Categories of real property (5) - ANSWER (1) Residential, (2) Commercial, (3) Industrial, (4) Agricultural,
(5) Special Purpose



Factors that affect supply - ANSWER Labor force, construction costs, and material costsa; government
controls, and financial policies; local Government factors



Factors that affect demand - ANSWER Population, demographics, employment and wage levels.



Nonconforming use - ANSWER A use of property that is permitted to continue after an amendment of
zoning ordinance prohibits it for area. Until the improvement is destroyed or torn down. Grandfathered
in.



Conditional Use Permit - ANSWER A permit that allows a special use, such as a Daycare center or church
in a residential neighborhood



Variance - ANSWER Permits a prohibited use of a land to be granted to avoid a hardship of the owner



Truth in Lending Act - ANSWER An act which requires lenders to inform borrowers of all direct, indirect
and true costs of credit.



RESPA - ANSWER Real Estate Settlement Procedures Act



RESPA (Real Estate Settlement Procedures Act) - ANSWER a law requiring full disclosure of closing costs
to buyer and seller.



TRID - ANSWER merges TILA and RESPA intergrated disclosures

, Who's death will terminate a contract before it's ratified - ANSWER The listing broker or the seller



What must be disclosed when hosting an open house - ANSWER Open house disclosure (MD) and who
the agent represents



Income Approach - ANSWER Uses the capitalization rate (IRV)



IRV - ANSWER Net Operating Income ÷ Capitalization Rate x Value (Rate of Return)



Dual agency in Maryland - ANSWER Only allowed with disclosure and consent



Encapsulation - ANSWER A method of sealing friable asbestos



Unilateral Contract - ANSWER promise in exchange for an act; Only one person gives



Bilateral Contract - ANSWER promise for a promise



anti-trust laws (4) - ANSWER 1. Price-fixing

2. Group boycotting

3. Allocation of markets

4. Tie in agreements



Only your broker - ANSWER Person who pays the agent



Mechanic's Lien - ANSWER Liens that arise from construction and other improvements to real estate.



Deficiency Judgment - ANSWER A personal judgment levied against the borrower when a foreclosure
sale does not produce sufficient funds to pay the mortgage debt in full.

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