MARYLAND REAL ESTATE EXAM PREP Flashcards

MARYLAND REAL ESTATE EXAM PREP Flashcards How is the executive director of the Commission chosen?Appointed by the Secretary of Labor, Licensing, and Regulation What is the consequence when purchasers don't receive the Maryland Residential Property Disclosure and Disclaimer Statement before or upon entering into a purchase agreement?The purchasers may rescind the contract before the apply for a mortgage loan Dual agency is permitted only in brokerage firms consisting of three or more licensee true in maryland An unlicensed person improperly collecting a real estate commission is guilty of A misdemeanor Does Maryland have dower laws?no Does Maryland allow Holographic wills?no What is the maximum penalty possible for filing false statements with the Commission in reference to a Guaranty Fund claim?$25,000 and imprisonment for three years Licensees do NOT need to do which of the following to be "qualified real estate agents" and be eligible to use Schedule C-Self-Employed when filing federal tax returns?Be free from their broker's control of how their work is done a team leaderThe team leader is chosen by the members of the teamThe team leader is responsible for reasonable and adequate supervision of the teamThe team leader can be the branch manager Where does fees paid for by Maryland real estate licenses go?The State Real Estate Commission Fund Which government agency may purchase easements to restrict land for agricultural use?Maryland Agricultural Department What is the maximum security deposit a Maryland landlord may collect from a tenant?Two month's rent or $50, whichever is greater The Salesperson license fee costs how much? $110 What is homestead protection?The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.How and when should it first be revealed to prospects that they have presumed buyer representation?Orally, at the initial interview between licensee and prospect In which of the following situations does an act of real estate brokerage require a real estate brokerage license?A person charges a modest consulting fee to guide his friend in the sale of a home the Maryland Real Estate Commission3 out of its members are not real estate licensees and 5 are cooperating agents-A cooperating agent who brings in a buyer has fiduciary duties to the seller/owner- Cooperating agents can represent the buyer-Cooperating agents are sub-agents of the listing broker

What is required by law on any outdoor sign or advertisement displayed on property for sale subject to ground rent?If the sign shows the price, it must also show ground rent and cost of capitalization in lettering no smaller than the lettering used for the price Does Maryland participate in reciprocity with other states?YESMaryland participates in reciprocity with Pennsylvania and Oklahoma Which is not necessary for a valid contract? due date Which of the following does NOT end presumed buyer representation?The licensee working with prospects fails to present a disclosure of representation form Who can hold standard licenses to provide Maryland residential real estate brokerage services?individuals Which of the following would meet or exceed the requirement for prescriptive easement in Maryland?

25 YEARS

Remodeling is the only expenditure listed that could be capitalized; to capitalize an expenditure means to add the cost to the basis or book value of the property.form of ownership THAT is NOT usually recognized in Maryland?

COMMUNITY PROPERTY

A salesperson cannot be a team leaderTRUE A man owns several acres of Maryland land located along the banks of a navigable river. What is an example of his riparian rights in the situation?He may build a pier out into the river, subject to state and federal laws What term means "going to the state?"escheat Which is TRUE of employees of the Commission? They include an executive director and field inspectors When should sellers complete the Maryland Residential Property Disclosure and Disclaimer Statement?

WHEN PROPERTY IS BEING LISTED

Does Maryland have homestead laws?no WHAT may an unlicensed individual working in a brokerage firm NOT do?

CONDUCT OPEN HOUSE

After getting a license, how often must you take Continuing Education classes?every 2 years - 15 hours What is a holographic will?a will and testament that has been entirely handwritten and signed by the testator Which of the following could result in discipline by the commission?

BAD FAITH

A broker who represents both buyer and seller in the same transaction must appoint two intra-company agents.true blockbusting regarded by Maryland lawAs a misdemeanor Who appoints members to the Maryland Real Estate Commission?

THE GOVERNOR

Broker's principle are calledclients What is the upper limit, if any, of a financial loss protected by the Guaranty Fund?

25,000

Whom may use a listing agreement form published by a multiple listing service ?Any licensed member of the organization That operates that listing system Which of the following is a requirement for team advertising?The name of the team must be directly connected with the full name of the brokerage firm of which it is a part

Which of the following is a source of funds with which the State can purchase agricultural easements?Transfer taxes imposed at the time of real estate transfers