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Maryland Real Estate Exam|| 100 QUESTIONS|| CORRECT ANSWERS|| 2024 LATEST UPDATE || VERIFIED 100%
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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? 1. "I'm always flexible. If we need to, we'll add an amendment to the agreement granting you permission to cancel ear...

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  • October 26, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • maryland real estate
  • maryland real estate exam 100 questions correc
  • nancy a broker in annapolis is going over the li
  • sheila filed a discrimination complaint against he

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  • Maryland Real Estate
  • Maryland Real Estate

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Maryland Real Estate Exam|| 100 QUESTIONS||
CORRECT ANSWERS|| 2024 LATEST UPDATE ||
VERIFIED 100%

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?

1. "I'm always flexible. If we need to, we'll add an amendment to the agreement granting you
permission to cancel early."

2. "Listing agreements in Maryland must be for a definite amount of time. If it would make you more
comfortable, we can set the expiration date for one month, then have it automatically renew unless you
decide to cancel."

3. "There's a provision right here that gives either of us permission to cancel the agreement early."

4. "You may cancel early. But per Maryland law, since listing agreements must have a definite
termination date, if you do cancel I'll have to charge you a nominal cancellation fee." - ANSWER 3.
"There's a provision right here that gives either of us permission to cancel the agreement early."



Sheila filed a discrimination complaint against her landlord. She's worried that when he finds out about
her complaint, he's going to evict her. However, he knows not to evict her just because she filed a
complaint. Why?

1. He must wait to evict her until after the complaint has been investigated.

2. Landlords must wait 180 days to evict parties who file a discrimination complaint.

3. Parties who file a discrimination complaint may not be evicted for any reason.

4. Retaliation against parties who file a discrimination complaint is illegal. - ANSWER 4. Retaliation
against parties who file a discrimination complaint is illegal.



For sale signs on ground rent properties that show the price of the property must also state which of the
following?

1. Annual ground rent

2. Annual ground rent plus the full cost of capitalization

3. Price for which the land could be purchased

4. The market value of the property - ANSWER 2. Annual ground rent plus the full cost of capitalization

, Raul, a broker licensed in Maryland, has just signed on to manage a landlord's 15-unit apartment
building. Which of the following tasks may Raul NOT perform without the owner's express knowledge
and consent?

1. Accept a rebate from the laundry machine company.

2. Collect each tenant's rent on the first of the month.

3. Maintain the building's landscaping.

4. Return security deposits to tenants after they move out. - ANSWER 1. Accept a rebate from the
laundry machine company.



In Maryland, transaction records may be stored electronically as long as ______.

1. Licensees are able to provide a paper copy upon commission request

2. The electronic storage system has unlimited capacity

3. The storage system used is on the commission's approved systems list

4. They're stored for at least six years - ANSWER 1. Licensees are able to provide a paper copy upon
commission request




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?

1. 10 days from the home inspection date

2. April 15

3. April 20

4. May 10 - ANSWER 3. April 20



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?

1. $100,000

, 2. $25,000

3. $50,000

4. $75,000 - ANSWER 4. $75,000

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?

1. No. MREC may not revoke a license before the licensee has a chance to present her case at a hearing.

2. No. MREC would have to prove that she has violated Maryland license law in order to revoke her
Maryland license.

3. Yes, but Phoebe may request a hearing to appeal the revocation.

4. Yes. Revocation in another state automatically means her Maryland license must be revoked. -
ANSWER Yes, but Phoebe may request a hearing to appeal the revocation.



MREC may summarily (immediately and prior to a hearing) revoke a license if the licensee is convicted of
a serious license law violation and the appeals process has been exhausted, or if the licensee has a
license in another jurisdiction revoked.



Which of these parties could NOT file a claim with the Guaranty Fund?

1. Devon, a broker who lost $10,000 when a seller client demanded that Devon pay to have her home
staged, then cancelled the listing a week later when the house hadn't sold

2. Raul, who lost $68,000 in a real estate pyramid scheme initiated by a long-time broker

3. Regina, a buyer who accrued $15,000 in repair costs because her agent didn't tell her that the roof
leaked

4. Yashika, a buyer who lost $26,000 when her checking account was hacked after her agent's assistant
lost her earnest money check - ANSWER Devon, a broker who lost $10,000 when a seller client
demanded that Devon pay to have her home staged, then cancelled the listing a week later when the
house hadn't sold



The Guaranty Fund is for consumers who have exhausted all other resources in collecting a judgment
placed against a licensee (or an unlicensed employee of a licensee). The transaction in question must be
related to a property located in Maryland.

, Fresh out of community college and newly licensed as a real estate salesperson, Ben just took on a short
sale as his first listing. Ben told his broker, Janine, that he could handle the transaction and had just
advised his seller client that he could do it with minimal damage to the client's credit rating. Janine
immediately took Ben off the listing and assigned it to a more experienced licensee. Why?

1. By predicting the seller's credit rating outcome, Ben crossed the line into giving advice that requires
additional licensure.

2. New salespersons aren't permitted to take on listings until after the 90-day probationary period.

3. Salespersons must get their broker's permission before accepting a short sale listing or offering on a
short sale property.

4. Short sales may only be listed by brokers or associate brokers. - ANSWER By predicting the seller's
credit rating outcome, Ben crossed the line into giving advice that requires additional licensure.



The Protection of Homeowners in Foreclosure Act prohibits real estate licensees (unless they're further
licensed) from predicting the credit effects of a short sale/foreclosure, the benefits of a strategic default,
or how to avoid a deficiency judgment.



An administrative law judge presided over Sabine's misconduct hearing. Sabine presented several
documents indicating she was an excellent licensee, including notarized statements from three of her
clients. However, the ALJ found evidence of misconduct and recommended that Sabine be required to
take an additional three hours of CE in ethics. What happens next?

1. Sabine may request that her broker appear before the judge to corroborate the evidence she
presented.

2. Sabine must take the ethics coursework and submit proof of completion to MREC.

3. Since Sabine was found guilty of a violation, her case is automatically appealed.

4. The MREC hearing panel decides whether or not to accept the ALJ's recommendation. - ANSWER The
MREC hearing panel decides whether or not to accept the ALJ's recommendation.



What type of ownership interest needs to be disclosed in writing to all parties?

1. Only property held directly by the licensee

2. Only property held directly or indirectly by the licensee

3. Only property held directly or indirectly by the licensee or by the licensee's immediate family member

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