Maryland Real Estate Exam Questions<\/p>\n\n\n\n
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?<\/p>\n\n\n\n
In Maryland, transaction records may be stored electronically as long as __<\/strong>.<\/p>\n\n\n\n\n
provide a paper copy upon commission request
Jim’s had one heck of a time getting his latest listing sold. His seller client nitpicked
every single item that the buyers asked her to repair after the home inspection. She was
about to let the deal fall through over it until Jim offered to rebate 0.5% of his
commission back to the seller. Does Maryland license law permit Jim to do this?<\/li>\n\n\n\n
individuals.<\/li>\n\n\n\n
all parties.<\/li>\n\n\n\n
rate. CORRECT ANSWERS 3. Yes, as long as he documents the commission reduction
in writing and discloses it to all parties.
After 15 years of building her business as a salesperson, Estrella has gotten her
broker’s license and is striking out on her own. She’s creating new business cards, and
it’s been so long since she had to do them on her own, she’s double-checking that they
comply with Maryland real estate advertising law. What does she need to be sure to
include?<\/li>\n\n\n\n
or address.<\/li>\n\n\n\n
advertising in Maryland.<\/li>\n\n\n\n
number.<\/li>\n\n\n\n
ANSWERS 4. The cards must include her name as it appears on her license.
Monique received four offers on her client’s listing. Offer A is a written offer that the
buyer’s agent dropped off at Monique’s office. Offer B is an offer that the buyer’s agent
communicated to Monique over the phone. Offer C is a written offer that Monique
received via email. Offer D is a written counter-offer from a buyer that Monique’s client
countered earlier in the week. Which offers must Monique present to her client?<\/li>\n\n\n\n
C, and D, since they’re in writing
In which of the following settings is a prize offering permitted in Maryland?<\/li>\n<\/ol>\n\n\n\n\n
Which of these documents does NOT establish an agency relationship between a client
and a licensee?<\/li>\n\n\n\n
Ben and Leslie received their finalized purchase contract on April 10, just moments after
the sellers put their final signatures on it. Ben and Leslie decided that since the home
they’re buying was built in 1920, they’d like to have it inspected for lead-based paint.
When is the latest that the couple can have the inspection performed if they want to be
able to back out of the contract?<\/li>\n\n\n\n
Blaire apparently hasn’t learned her lesson. She paid a $5,000 penalty when MREC
found her guilty of misrepresentation, a $10,000 penalty when she was found guilty of
placing a for sale sign in someone’s yard without permission, and now she’s committed
three more violations by placing a series of discriminatory ads. What’s the maximum
penalty MREC can levy for these new violations?<\/li>\n\n\n\n
License law violators may incur penalties of $5,000 for the first violation, $15,000 for the
second violation and up to $25,000 per violation after three or more violations.
Phoebe’s New Jersey real estate license was revoked after she was convicted of
intentional misrepresentation. When the Maryland Real Estate Commission learns of
this, it summarily revokes her Maryland salesperson’s license. Does it have the power to
do this?<\/li>\n\n\n\n
case at a hearing.<\/li>\n\n\n\n
revoke her Maryland license.<\/li>\n\n\n\n
revoked. CORRECT ANSWERS Yes, but Phoebe may request a hearing to appeal the
revocation.<\/li>\n<\/ol>\n\n\n\n