Maryland real estate final exam study guide CORRECT 100%
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Course
Maryland real estate
Institution
Maryland Real Estate
Categories of real property (5) - ANSWER (1) Residential, (2) Commercial, (3) Industrial, (4) Agricultural, (5) Special Purpose
Factors that affect supply - ANSWER Labor force, construction costs, and material costsa; government controls, and financial policies; local Government factors
Facto...
Maryland real estate final exam study
guide CORRECT 100%
Categories of real property (5) - ANSWER (1) Residential, (2) Commercial, (3) Industrial, (4) Agricultural,
(5) Special Purpose
Factors that affect supply - ANSWER Labor force, construction costs, and material costsa; government
controls, and financial policies; local Government factors
Factors that affect demand - ANSWER Population, demographics, employment and wage levels.
Nonconforming use - ANSWER A use of property that is permitted to continue after an amendment of
zoning ordinance prohibits it for area. Until the improvement is destroyed or torn down. Grandfathered
in.
Conditional Use Permit - ANSWER A permit that allows a special use, such as a Daycare center or church
in a residential neighborhood
Variance - ANSWER Permits a prohibited use of a land to be granted to avoid a hardship of the owner
Truth in Lending Act - ANSWER An act which requires lenders to inform borrowers of all direct, indirect
and true costs of credit.
RESPA - ANSWER Real Estate Settlement Procedures Act
RESPA (Real Estate Settlement Procedures Act) - ANSWER a law requiring full disclosure of closing costs
to buyer and seller.
TRID - ANSWER merges TILA and RESPA intergrated disclosures
, Who's death will terminate a contract before it's ratified - ANSWER The listing broker or the seller
What must be disclosed when hosting an open house - ANSWER Open house disclosure (MD) and who
the agent represents
Income Approach - ANSWER Uses the capitalization rate (IRV)
IRV - ANSWER Net Operating Income ÷ Capitalization Rate x Value (Rate of Return)
Dual agency in Maryland - ANSWER Only allowed with disclosure and consent
Encapsulation - ANSWER A method of sealing friable asbestos
Unilateral Contract - ANSWER promise in exchange for an act; Only one person gives
Bilateral Contract - ANSWER promise for a promise
anti-trust laws (4) - ANSWER 1. Price-fixing
2. Group boycotting
3. Allocation of markets
4. Tie in agreements
Only your broker - ANSWER Person who pays the agent
Mechanic's Lien - ANSWER Liens that arise from construction and other improvements to real estate.
Deficiency Judgment - ANSWER A personal judgment levied against the borrower when a foreclosure
sale does not produce sufficient funds to pay the mortgage debt in full.
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