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Maryland State Exam Practice Questions and Answers
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Maryland State Exam Practice Questions and 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 expre...

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  • November 4, 2024
  • 34
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • maryland state exam practice questions and answers

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Maryland State Exam Practice Questions

and 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 - 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."




Copyright © Stuvia International BV 2010-2024 Page 1/34

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




"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." - 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.


Copyright © Stuvia International BV 2010-2024 Page 2/34

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




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. - 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.




Copyright © Stuvia International BV 2010-2024 Page 3/34

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




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. - 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.


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