MARYLAND REAL ESTATE (LAW) TWO DIFFERENT
PRACTICE EXAM LATEST THIS YEAR ALL 250 QUESTIONS
AND VERIFIED DETAILED SOLUTIONS
VERSION A
Q: In case of actual loss, which of the following could be recovered from the Guaranty Fund?
a. the actual monetary loss incurred by the claimant, not exceeding the statutory amount
b. attorney's fees incurred by the claimant
c. a commission owed to a licensee without full knowledge and consent of all parties to the
transaction
d. cost of travel from western Maryland to Baltimore for a hearing - CORRECT ANSWER✔✔a.
the actual monetary loss incurred by the claimant, not exceeding the statutory amount
Q: For a broker to act for more than one party in a real estate transaction without full
knowledge and consent of all parties in the transaction is:
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a. permissible in some states
b. grounds for suspension of license
c. acceptable if no party in the contract suffered financially
d. an acceptable practice - CORRECT ANSWER✔✔b. grounds for suspension of license
Q: Which of the following is NOT required of every nonresident broker licensee to satisfy the
requirements for Maryland licensure?
a. maintaining an active place of business in this state
b. filing an irrevocable consent
c. filing a certified copy of his or her license from the state of origin
d. paying all fees - CORRECT ANSWER✔✔a. maintaining an active place of business in this state
Q: Which of the following are exempt from having to acquire a real estate license?
a. executors
b. part-time salespersons
c. people who list real estate but do not sell it
d. attorneys who sell real estate on a part-time basis - CORRECT ANSWER✔✔a. executors
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Q: When licenses of brokers are suspended or revoked, their salespersons must:
a. find a new employer
b. continue listing and selling
c. stop listing and selling
d. obtain a broker's license - CORRECT ANSWER✔✔c. stop listing and selling
Q: An escrow or special account:
a. must be opened by the broker to hold money that belongs to another party
b. may contain the broker's personal funds if the broker wishes to earn interest on such funds
c. must bear interest
d. may be an interest-bearing account as long as the buyer gets the interest - CORRECT
ANSWER✔✔a. must be opened by the broker to hold money that belongs to another party
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Q: Licensed sales persons may represent:
a. any owner who directly employs them
b. not more than one owner at one time
c. only a broker with whom they are affiliated
d. any broker who is duly licensed, at any time - CORRECT ANSWER✔✔c. only a broker with
whom they are affiliated
Q: The license certificate issued to a salesperson must be:
a. carried by the salesperson at all times
b. displayed by the broker in his or her place of business
c. retained by the Real Estate Commission
d. displayed by the salesperson in his or her home - CORRECT ANSWER✔✔b. displayed by the
broker in his or her place of business
Q: As a licensed salesperson you receive a lead from a friend who is not licensed as a real estate
broker, associate broker, or salesperson. You want to split your commission check with your
friend:
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