Maryland Real Estate Practice Exam || 45 QUESTIONS|| CORRECT ANSWERS|| VERIFIED
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Course
Maryland Real Estate
Institution
Maryland Real Estate
Price tends to fall - ANSWER When demand for a commodity decreases and supply remains the same.
A property manager - ANSWER When responsible for maintaining a client's property and maximizing return on the client's investment, a broker is serving as
Known paint hazards must be disclosed - ANS...
Maryland Real Estate Practice Exam ||
45 QUESTIONS|| CORRECT ANSWERS||
VERIFIED
Price tends to fall - ANSWER When demand for a commodity decreases and supply remains the same.
A property manager - ANSWER When responsible for maintaining a client's property and maximizing
return on the client's investment, a broker is serving as
Known paint hazards must be disclosed - ANSWER In regulations regarding lead-based paints, HUD
requires that
Fails to account promptly for any funds held in trust - ANSWER The Maryland Real Estate Commission
may summarily order the suspension of a licensee who
Patio furniture - ANSWER Which of the following is considered personal property
Coinsurance clause - ANSWER Most homeowner's insurance policies contain a
Equity - ANSWER That portion of the value of owners' property that exceeds the amount of their
mortgage debt is called
$250,000/$500,000 - ANSWER Federal income tax law excludes gain realized on the sale of a primary
residence for individuals filing separately and for couples filing jointly. The amount of this exclusion is
Same powers as the Maryland Real Estate Commission to make decisions involving monetary loss,
misappropriation of funds, or fraud - ANSWER What power, if any, does a hearing board or panel have?
, A tenancy by the entirety - ANSWER In Maryland, a deed to a legally married husband and wife is
presumed to create
Consumers who make an inquiry to a licensee may be contacted up to three months later. - ANSWER The
National Do Not Call Registry provides that
Terminated - ANSWER After 30 days, the listing broker learned that her client has been declared
incompetent by the court. Her listing now is
May rescind the contact within seven days without stating any reason - ANSWER In Maryland, once
reseal purchasers of a condominium receive the "condo does," they
A charge - ANSWER The closing statement involves debits and credits to the parties in the transaction. A
debit is
Seller and Buyer - ANSWER A firm wants to represent not only the seller but also the buyer in the same
property transaction. Before proceeding, who must sign the Consent for Dual Agency.
Intra-company Agents - ANSWER Under what circumstances, if any, can a firm offer client-level services
to a seller and buyer in the same property transaction.
Is presumed by law to represent those prospects - ANSWER In Maryland, a licensee who is not affiliated
with the listing firm who shows prospects real property to purchase.
An item that is prepaid by the seller - ANSWER In a closing statement, a prepaid item is
The lot-and-block description - ANSWER The owner has a large parcel of land surveyed into lots and
streets and files a subdivision plat. Each lot can be legally described by
Material facts - ANSWER Which of the following are Maryland real estate licensees obligated to disclose
to both their clients and third parties?
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