Maryland Real Estate - Practice Exam 1|| 110 QUESTIONS || CORRECT SOLUTIONS|| 100% VERIFIED
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Course
Maryland Real Estate
Institution
Maryland Real Estate
What type of agency exists because a written or oral agreement is in place? - ANSWER Express Agency
Which of the following is a right included with real property? - ANSWER Exclusion
Ways to minimize computer risks include avoiding public networks, unsecure sites, and ______ sites. - ANSWER Su...
Maryland Real Estate - Practice Exam 1|| 110
QUESTIONS || CORRECT SOLUTIONS|| 100%
VERIFIED
What type of agency exists because a written or oral agreement is in place? - ANSWER Express Agency
Which of the following is a right included with real property? - ANSWER Exclusion
Ways to minimize computer risks include avoiding public networks, unsecure sites, and ______ sites. -
ANSWER Suspicious
Earnest money is sometimes referred to as a "down payment on the ______." - ANSWER Down payment
Joe and Emma Parsons begin informally working with their neighbor Kyle, who's a real estate licensee, to
find a bigger house. The parties have not signed any agreements or discussed the arrangements. This is
an example of a(n) ______ agency agreement. - ANSWER Implied
Which of the following statements best describes a mortgage broker? - ANSWER A person who works
with multiple lenders to find the product that works best for the client
Which of the following is a true statement about options and option fees? - ANSWER An option fee may
be for any amount agreed to by the parties.
Which of the following describes a sale subject to a mortgage? - ANSWER The seller transfers title with
the lien in place.
Which of the following is true about VA loans? - ANSWER The VA guarantees 25% of the home loan
amount.
, It's not a good idea to post photos of your clients' expensive belongings. Why is that? - ANSWER It can
attract the attention of thieves.
In which of the following situations is it legal to receive compensation? - ANSWER You refer a client to
your sister, who works at another real estate agency. When she gets her commission check, she sends
you a thank you note.
Which document is used to protect the buyer from title defects after closing? - ANSWER Title insurance
policy
What happens when a married couple who owns a property as tenants by the entirety divorce? -
ANSWER Their ownership automatically becomes a tenancy in common.
In the Purchase Price section of the Residential Contract of Sale, the amount the buyer is offering is
referred to as the ______________________. - ANSWER Purchase price
How does the income from property taxes benefit the community? - ANSWER It's used to fund essential
services and public works.
What might the financial implications be if a buyer needed to use individual retirement account funds
toward a down payment? - ANSWER First-time homebuyers can use up to $10,000 of their IRA funds
penalty free for down payment and closing costs.
When must the consent for dual agency be reaffirmed by the parties to the transaction? - ANSWER Prior
to the parties entering into the contract for the transaction
Jillian has a loan-to-value ratio of 90/100. This means __________. - ANSWER Her loan is 90% of the
value of the real estate used as collateral and she is putting 10% down.
Licensees' ethical duties to the public include not naming false consideration,
_________________________, and completing paperwork accurately. - ANSWER Staying informed about
real estate issues
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