MD State Real Estate Practice Exam CORRECT QUESTIONS & SOLUTIONS!!
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Course
MARYLAND State Real Estate
Institution
MARYLAND State Real Estate
Mark lives in Maryland and purchased property in Pennsylvania. His real estate agent gave him poor advice, which cost him $52,000. Which of the following is true? - ANSWER Mark cannot file a claim with Guaranty Fund because the property purchased was in Pennsylvania.
Maryland salesperson Claire ...
MD State Real Estate Practice Exam
CORRECT QUESTIONS & SOLUTIONS!!
Mark lives in Maryland and purchased property in Pennsylvania. His real estate agent gave him poor
advice, which cost him $52,000. Which of the following is true? - ANSWER Mark cannot file a claim with
Guaranty Fund because the property purchased was in Pennsylvania.
Maryland salesperson Claire has been licensed for a little over a year. She's a bit of an overachiever, so
she's already completed 12 hours of her required continuing education. Her broker Darnell's license is
renewing on August 28. Claire must make sure that her license is renewed by ______. - ANSWER The
date printed on her license.
Seo-yun completed all of her Maryland salesperson licensure requirements and submitted her
documentation and licensing fees to the commission. A few days later, her broker presented her with her
new license. What's wrong with this scenario? - ANSWER The license should've also come with a pocket
card
Phyllis has learned that the Maryland Real Estate Commission's real estate professional member from
the Eastern Shore is vacating his seat soon. Phyllis has eight years of experience as a salesperson, and
she's lived in Ocean City for six years. What else does Phyllis need in order to secure her nomination by
the governor? - ANSWER At least two more years of real estate experience
The Maryland Real Estate Commission creates several hearing panels consisting of how many members
each? - ANSWER 3
If a license expires due to nonrenewal, it must be reinstated within what time period? - ANSWER Within
three years
In Maryland, which type(s) of licensee must take 15 hours of continuing education every renewal cycle? -
ANSWER Brokers, associate brokers, and salespersons
Aurelia is a relatively new salesperson who has been accused of discriminating against minorities in her
real estate advertising. Which of the following is NOT a possible outcome if she's found guilty?
, 1. Her license and her broker's licenses are suspended for 15 days.
2. She has to pay a $5,000 fine.
3. She must place a retraction in any publication that featured her ad.
Dorothy, a Maryland broker, deposited her buyer client's earnest money funds a month ago. The seller
backed out of the contract two days before closing and claimed she was owed the earnest money
because of the time the property had been taken off the market during contract negotiations. The buyer
wants his earnest money back. Which of the following is NOT an option that Dorothy has regarding the
dispute? - ANSWER She can file with the Maryland Real Estate Commission, which would then decide
how the funds should be disbursed
Assuming that the following individuals only carry a real estate license, who is in violation of the
foreclosure consultation parameters set forth in PHIFA? - ANSWER Clint's former buyer client lost her
home to foreclosure. When the lender filed a deficiency judgement against her, Clint advised her how to
proceed
Kate's client is looking for a condo with at least 2,500 finished square feet. She finds a listing that's
advertised as 2,200 square feet, but Kate lives in the same condo community and knows that even the
largest unit is only 1,800 square feet. Should she alert the listing agent?
No. It's the listing agent's responsibility to make sure the listing is accurate, and this mistake could
provide Kate with leverage in negotiations.
No. It's likely that there's just a larger unit that Kate is unaware of.
Yes, but only if Kate's client is interested in the unit.
Yes. At the very least this is likely an innocent mistake, but at worst it's intentional misrepresentation. -
ANSWER Yes. At the very least this is likely an innocent mistake, but at worst it's intentional
misrepresentation.
Jorge's firm has just been assigned as the listing brokerage for a foreclosed condo unit in Jorge's own
building. Jorge knows that given the unit's condition, it's bound to sell for far less than market value of a
nicer unit such as his. Worried that the new listing will bring down his unit's value, Jorge quickly lists his
unit at current market price and sells it before the foreclosed listing hits the market—at a price $100,000
less than Jorge sold his unit for. Has Jorge done anything wrong? - ANSWER Yes, Jorge has engaged in
self-dealing
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