Maryland Real Estate (Law) Practice Exam Correct 100%
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Course
Maryland Real Estate
Institution
Maryland Real Estate
When a salesperson whose license has not been renewed negotiates a sale of real property, who is the commission payable to?
a. the broker only
b. no one
c. the salesperson only
d. the broker and the salesperson according to prior agreement - ANSWER b. no one
If a salesperson license is iss...
Maryland Real Estate (Law) Practice Exam
Correct 100%
When a salesperson whose license has not been renewed negotiates a sale of real property, who is the
commission payable to?
a. the broker only
b. no one
c. the salesperson only
d. the broker and the salesperson according to prior agreement - ANSWER b. no one
If a salesperson license is issued on January 2, 2016, when will it expire?
a. January 2, 2016
b. September 2, 2016
c. April 1, 2016
d. March 31, 2016 - ANSWER a. January 2, 2016
When prospective purchasers first arrive at a brokerage office to find a house to buy, how does the
Brokers Act require them to be treated?
a. as customers
b. as clients
c. as agents
d. as factors - ANSWER b. as clients
Which of the following is TRUE of salespersons' real estate licenses?
, a. they must be placed and kept in a safe place chosen by the salespersons
b. they are to be carried by the salespersons when performing acts of real estate brokerage
c. they must be retained in their broker's offices
d. they must be maintained in personnel files by their brokers - ANSWER c. they must be retained in their
broker's offices
What is the maximum amount that a claimant may receive from the Guaranty Fund on losses from one
transaction?
a. an unlimited amount
b. $250,000
c. $50,000
d. $25,000 - ANSWER c. $50,000
Under the Junk Fax Prevention Act, which of the following is TRUE of persons who send faxes?
a. they need not provide a way for the recipients to opt out of getting more faxes
b. they may use recipient addresses they receive from a fax-spamming company
c. they may send faxes only between 9:00 am and 5:00 pm
d. they must have an established business relationship with the recipients - ANSWER d. they must have
an established business relationship with the recipients
What advance notice must developers give to those who desire to convert apartment buildings more
than five years old into time-share projects?
, a. 180 days' notice to each tenant
b. 120 days' notice to each tenant
c. no prior notice
d. notice to each tenant within 10 days from filing the Public Offering Statement - ANSWER b. 120 days'
notice to each tenant
Which of the following is NOT the responsibility of Maryland real estate licensees?
a. fair treatment of third parties
b. competence in performance of duties
c. giving of legal guidance
d. loyalty to their principals - ANSWER c. giving of legal guidance
In which states do lenders receive defeasible fee interests in mortgaged land?
a. titled theory states
b. lien theory states
c. modified lien theory states
d. trust theory states - ANSWER a. titled theory states
What is the maximum penalty that the Maryland Real Estate Brokers Act authorizes the Commission to
impose on a licensee?
a. $25,000
b. $15,000
c. $5,000
d. $1,000 - ANSWER a. $25,000
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