Maryland Real Estate Exam Prep with 80 Questions and Answers-

Maryland Real Estate Exam Prep with 80 Questions and Answers- Study Everywhere Flashcards 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?A. Hold a real estate licenseB. be free from their broker's control of how the work is doneC. Have written employment contract with their brokers agreeing to this statusD. Earn substantially all the income coming from their brokerage firms in the form of commissions

Answer: be free from their broker's control of how the work

is done Which of the following would meet or exceed the requirement for prescriptive easement in Maryland?A.25 years' continuous useB. 15 years' intermittent useC. 15 years' continuous useD. 25 years' intermittent use

Answers: 25 years' continuous use

What must be shown in ads placed by licensees for a property listed in their firm?A. designated name of the brokerB. general location of the propertyC. Name and address of the property ownerD. Name of the listing salesperson

Answer: designated name of the broker

Answer:Answer: Who appoints members to the Maryland real estate commission?A. The State SenateB. The house of DelegatesC. The executive director of the CommissionD.The governor of Maryland

Answer: The governor of Maryland

Whom may use a listing agreement form published by a multiple listing service?A. any licenseeB. any broker or salesperson licensed by the CommissionC. any members of any board or association of RealtorsD. Any licensed member of the organization that operates that listing system

Answer: any licensed member of the organization that

operates that listing system When can a brokerage lawfully perform dual agency?A.when both sellers and buyers have agreed to dual agency on a particular propertyB. When the firm, has only two individual licensees in itC. when the firm's broker designates two company licensees, one to represent the seller and another for the buyerD. when the firm has been certified by the Commission for dual agency brokerage

Answer: when the firm's broker designates two company

licensees, one to represent the seller and another for the buyer Which is TRUE when brokers handle the purchase and sale of residential real property?A. they may not act as the agent of the buyerB. They may personally represent both buyer and seller if both parties agreeC. they may not represent both buyer and seller in the same transaction

without designating two intra-company agentsD. they are agents of the owner of the property being bought or sold

Answer: they may not represent both buyer and seller in

the same transaction without designating two intra-company agents Which of the following is NOT required in advertising for a team?A. The advertisement must follow branch office and

company wide requirementsB. The advertisement must contain the name of at least one licensee on the teamC.The advertisement must contain the name of the team leaserD. the advertisement must include the phone number of the office out of which the team works

Answer: the advertisement must contain the name of the

team leaser

Which of the following is paid biennially?A. Initial Guaranty Fund FeeB. Broker's and Salesperson's original license feeC. Guaranty fund reassessmentD. Broker's and Salesperson's license renewal fee

Answer: D. Broker's and Salesperson's license renewal fee

Broker's principle are called?A. ManagersB. CustomersC.ClientsD. Prospects

Answer: Clients

Relations with which of the following is NOT addressed in the Commission's Code of Ethics?A. Fellow LicenseesB.ClientsC. The real estate commissionD. Members of the public

Answer: The Real estate Commission

brokers are not required to notify the commission whenA.changes occur in the names of their firmsB. a salesperson resignsC. changes occur in the commission sharingD.changes occur in the locations of any of their offices

Answer: Changes occur in the commissions sharing

Which of the following does NOT end presumed buyer representation?A. prospects orally decline presumed representationB. Prospects decide to make an offer for property listed by a company other than the company representing themC. The licensee shows prospects a property listed with the Licensees own firmD. The licensee working with prospects fails to present a disclosure of representation form

Answers: The licensee working with prospects fails to

present a disclosure of representation form How is the executive director of the Commission chosen?A.Confirmed by the state senateB. Appointed by the secretary of Labor, Licensing and RegulationC. Governor appointedD. Selected from the Maryland State Employees Classified System

Answer: Appointed by the secretary of Labor, Licensing

and Regulation If you are a licensed salesperson and receive a lead from a friend who is not a real estate licensee and then split the commission with your friend, which of the following will be true?A. This is a violation of the license law only if the seller is not informedB. This is not a violation of the license law if your broker has given you written permissionC. This is not a violation of the license lawD. This is a violation of the license law

Answer: This is a violation of the license law

Which statement pertaining to licenses held by Maryland real estate brokerage licensees is NOT correct?A. They are required for every person who sells real estate for considerationB. Their holders are regulated by authority of the Business Occupations and Professions Article of the Maryland Annotated CodeC. They are not issued to corporations or associations.D. they are issued and administered by the Maryland Real estate commission

Answer: They are required for every person who sells real

estate for consideration Which statement about teams is FALSEA. The team identifies to the public with some nameB. a team must have