Maryland State Exam UPDATED ACTUAL Questions and CORRECT Answers
0 view 0 purchase
Course
Maryland State
Institution
Maryland State
Maryland State Exam UPDATED
ACTUAL Questions and CORRECT
Answers
According to Maryland disclosure guidelines, upon which of the following events is it NOT
appropriate to give the buyer the opportunity to review the seller's disclosure/disclaimer
statement?
The day of the home inspection
...
Maryland State Exam UPDATED
ACTUAL Questions and CORRECT
Answers
According to Maryland disclosure guidelines, upon which of the following events is it NOT
appropriate to give the buyer the opportunity to review the seller's disclosure/disclaimer
statement?
The day of the home inspection
When the buyer expresses interest in purchasing the property
When the buyer makes an offer
When the property goes on the market - CORRECT ANSWER- ✔✔The day of the home
inspection
Nancy, a broker in Annapolis, is going over the listing agreement with her new client, Josie,
who asks, "What if I need to cancel the agreement early?" What should Nancy tell her?
"I'm always flexible. If we need to, we'll add an amendment to the agreement granting you
permission to cancel early."
"Listing agreements in Maryland must be for a definite amount of time. If it would make you
more comfortable, we can set the expiration date for one month, then have it automatically
renew unless you decide to cancel."
"There's a provision right here that gives either of us permission to cancel the agreement
early."
"You may cancel early. But per Maryland law, since listing agreements must have a definite
termination date, if you do cancel I'll have to charge you a nominal cancellation fee." -
CORRECT ANSWER- ✔✔"There's a provision right here that gives either of us permission
to cancel the agreement early."
Fatima, a salesperson, is hosting an open house in Annapolis for her seller client Ramona.
Two interested buyers come in, and after Fatima gives them a tour they tell her they'd like her
,to represent them in making an offer. Since her seller client has already consented to dual
agency, she gladly offers to represent the buyers and helps them write an offer right there at
the open house, making sure that they also sign a Consent for Dual Agency form. What's
wrong with this scenario?
Fatima doesn't need them to sign the Consent for Dual Agency form since her seller client
already has.
Fatima isn't permitted to act as a dual agent.
Fatima must wait until the open house is finished to have her new clients sign the Consent
for Dual Agency form.
Fatima needs to reaffirm the seller's dual agency consent before she can help the buyers
make their offer. - CORRECT ANSWER- ✔✔Fatima isn't permitted to act as a dual agent.
Only brokers may act as dual agents. For this scenario to be legal, Fatima would represent
one side of the transaction as an intra-company agent, and her broker would appoint another
licensee in Fatima's brokerage to represent the other party.
evon and Courtney both consented to dual agency when they signed their listing agreement
with Chad from Crab Shack Homes, the Eastern Shore's premiere vacation home brokerage.
But when another licensee from Crab Shack presented Chad with an offer, the couple got cold
claws and decided they didn't want the potential conflict of interest with dual agency and
withdrew their consent. Which of the following is NOT a potential outcome?
Crab Shack may terminate the listing agreement.
Devon and Courtney may terminate their agency relationship with Crab Shack and find
another broker.
Devon and Courtney will be held to their previous dual agency consent and the transaction
will continue unhindered.
, The buyers may find another broker to represent them. - CORRECT ANSWER- ✔✔Devon
and Courtney may terminate their agency relationship with Crab Shack and find another
broker.
Bridget represents Colin, who's buying Hugh's house. Darcy represents Hugh. Hugh
completed and signed the Residential Property Disclosure/Disclaimer Statement, and Colin
reviewed and signed it. Hugh and Colin also signed the Section 10-702 notice form, and their
agents made sure a copy of the form and the disclosure statement were included in the
finalized contract. What's missing from this scenario?
Only the disclosure statement needs to be included in the final contract.
Only the notice form needs to be included in the final contract.
The buyer and seller don't need to sign the notice form, the licensees do.
The licensees also need to sign the notice form. - CORRECT ANSWER- ✔✔Both the buyer
and seller must sign the notice form to acknowledge that they have received the notice and
that the licensee(s) have informed them of their rights under Section 10-702 of the Maryland
Code. The licensees must also sign.
Charlie and her girlfriend, Frankie, are buying a house together. Having found the perfect
home, they made an offer without first having seen the seller's property disclosure/disclaimer
statement. The statement arrived two days after they entered into the contract with the seller.
How many days do Charlie and her girlfriend have to rescind their offer if they find
something in the disclosure that makes them uncertain about the property? - CORRECT
ANSWER- ✔✔Five days
Monica's business is booming. She's representing an owner who's selling a $500,000 home on
one side of town, and a buyer who's purchasing a $300,000 property on the other side of
town. As it happens, the seller and buyer both know each other from church and have been
talking to others about Monica's talents, which has brought in several new leads for her to
pursue. What type of agency relationship does Monica have with the seller and buyer?
She is each party's agent.
She's a dual agent, since the seller and buyer know each other.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
