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MD Real Estate Exam CE Shop Results Questions and Answers
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MD Real Estate Exam CE Shop ResultsQuestions and Answers
In order to be enforceable, what does the Statute of Frauds require a real estate
contract to be? - Answer -a) In writing
Which of the following items is something a lender is prohibited from doing if the lender
wants to write qualified mortgages? - Answer -Payback terms longer than 30 years
Janice's life tenant, Jacob, is currently living on her property. Once Jacob dies, Janice
has made arrangements that the property will go to the School for the Gifted. What
interest does the School for the Gifted currently have? - Answer -Remainder
In states without full disclosure requirements, whose responsibility is it to review
disclosures, ask questions, and obtain a home inspection? - Answer -Buyer
Jill needs to pay the web developer who created a new website for her brokerage, but
her checking account is low, so she floats herself a loan from earnest money kept in the
brokerage's escrow account and deposits it in her account for a few days before paying
the developer. Which answer correctly identifies the violation(s) Jill has committed? -
Answer -Commingling and conversion
Which of these statements about cooperating with other licensees is true? - Answer -
Licensees must cooperate with other licensees when it is in the interest of their client,
and share the commission on a previously agreed-upon basis.
Which of these is a potential drawback to a real property exchange? - Answer -Taxable
gains
Agatha helped her client Rufus complete the ______, which documents Rufus's
purchase offer to the seller for the property he is interested in buying. - Answer -Sales
contract
A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal
and interest payment totaling $2,042.71. If $1,145.83 is interest, how much is applied to
principal? - Answer -$896.88
Jerome, a real estate licensee, works independently instead of under a sponsoring
broker. This means that he is licensed as ________. - Answer -A broker
, The power of the state to claim property when the owner dies without a will and without
locatable heirs or creditors is also known as ______. - Answer -Escheat
When preparing the sales contract, when is it acceptable for a licensee who is not an
attorney to offer legal advice to the client? - Answer -Never
Although Kirk has been paying rent toward his ground lease for more than 17 years, he
will never be able to buy the lease from the landowner. What type of ground lease does
Kirk have? - Answer -Irredeemable
You are meeting with prospective clients in person for the first time. What are you
required by law to explain to them? - Answer -The types of agency relationships they
may have with a real estate professional
In the conveyance of real property after death, what trumps any terms specified in the
deceased person's will? - Answer -Operation of law
In the sales comparison approach, the appropriateness of the various comparable sales
in relationship to the subject is considered in a process known as ______, where certain
factors may be given more weight. - Answer -Correlation
Which of these is a system that many states use to determine lien priority? - Answer -
First in time, first in right
Which of the following is a residential dwelling with shared walls where the owner also
typically owns the land on which the home sits? - Answer -Townhome
In a life estate, all of the following apply during the term except ______. - Answer -
Transferability
Joe signed a listing agreement with Marisa. A week later, Marisa's co-worker, Tina,
showed Joe a property that he's interested in buying once his home sells. A week after
that, Ross submitted an offer on Joe's property on behalf of his buyer client. Who is
Joe's agent? - Answer -Marisa
If a licensee is convicted of a controlled substance offense, what can the Real Estate
Commission do? - Answer -Impose additional sanctions
_________ occurs when the parties meet all terms of the contract. - Answer -
Performance of contract
Land, plus all things permanently attached to it naturally or artificially, is ______. -
Answer -Real estate
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