Maryland Real Estate Exam Prep Questions and Answers- Already Passed

Maryland Real Estate Exam Prep Questions and Answers- Already Passed Who appoints members to the Maryland real estate commission? A. The State Senate B. The house of Delegates C. The executive director of the Commission D. The governor of Maryland Answer: The governor of Maryland Which of the following is true concerning the Maryland Real Estate Commission? A. Its members are representative brokers from real estate boards or associations through Maryland B. It has 5 members C. It has 4 professional and 5 consumer members D. 3 out of its members are not real estate licensees and 5 are Answer: 3 out of its members are not real estate licensees and 5 are What must be included in advertising by a broker? A. the name of the broker's Realtor board or association or Realtist organization B. The legal name of the licensed real estate broker C. the designated name of that broker as registered with the Commission D. the name of the licensee who listed the property Answer: the designated name of that broker as registered with the commission Which of the following is NOT required in advertising for a team? A. The advertisement must follow branch office and company wide requirements B. The advertisement must contain the name of at least one licensee on the team C. The advertisement must contain the name of the team leaser D. 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 Whom may use a listing agreement form published by a multiple listing service? A. any licensee B. any broker or salesperson licensed by the Commission C. any members of any board or association of Realtors D. Any licensed member of the organization that operates that listing system Answer: any licensed member of the organization that operates that listing system brokers are not required to notify the commission when A. changes occur in the names of their firms B. a salesperson resigns C. changes occur in the commission sharing D. changes occur in the locations of any of their offices Answer: Changes occur in the commissions sharing what does the brokers act require be done with earnest money deposits when there are no instructions to the contrary from their owner and beneficial owner? A. they are to be placed in an interest-bearing account B. they may be withdrawn at any time prior to settlement, as long as a licensee's signature appears on the escrow check C. They may be commingled with the broker's funds D. they must be deposited in an insured and approved financial institution in MD Answer: they must be deposited in an insured and approved financial institution in Maryland 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 consideration B. Their holders are regulated by authority of the Business Occupations and Professions Article of the Maryland Annotated Code C. 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 of the following satisfies the requirement that a broker maintain an office? A. A post office box B. A mechanical answering machine C. A definite place of business D. A telephone answering service Answer: a definite place of business Relations with which of the following is NOT addressed in the Commission's Code of Ethics? A. Fellow Licensees B. Clients C. The real estate commission D. Members of the public Answer: The Real estate Commission In Maryland, whom is primarily responsible for the real estate brokerage services provided through a corporation? A. The licensed real estate broker or the firm B. the chairperson of the corporate board C. the majority shareholder of the corporation D. the president of the corporation Answer: The licensed real estate broker or the firm Broker's principle are called? A. Managers B. Customers C. Clients D. Prospects Answer: Clients When can a brokerage lawfully perform dual agency? A. when both sellers and buyers have agreed to dual agency on a particular property B. When the firm, has only two individual licensees in it C. when the firm's broker designates two company licensees, one to represent the seller and another for the buyer D. 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 What is a requirement for a licensed real estate salesperson to deliver real estate brokerage service? A. affiliation with any licensed real estate associate broker B. performance of real estate acts only on behalf of the broker under whom they are licensed C. operate a real estate business under their own name or designated name D. membership in the local board or association of Realtors Answer: performance of real estate acts only on behalf of the broker under whom they are licensed Which is TRUE when brokers handle the purchase and sale of residential real property? A. they may not act as the agent of the buyer B. They may personally represent both buyer and seller if both parties agree C. they may not represent both buyer and seller in the same transaction without designating two intra-company agents D. 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 What must be shown in ads placed by licensees for a property listed in their firm? A. designated name of the broker B. general location of the property C. Name and address of the property owner D. Name of the listing salesperson Answer: designated name of the broker 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 license B. be free from their broker's control of how the work is done C. Have written employment contract with their brokers agreeing to this status D. 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 type of residential listing agreement is illegal for a broker to use in Maryland? A. Open B. Exclusive-right-to-sell C. Net D. Exclusive Agency Answer: Net Which statement about teams is FALSE A. The team identifies to the public with some name B. a team must have at least two licensee members C. A salesperson cannot be a team leader D. members of the team regularly work together Answer:A salesperson cannot be a team leader How is the executive director of the Commission chosen? A. Confirmed by the state senate B. Appointed by the secretary of Labor, Licensing and Regulation C. Governor appointed D. Selected from the Maryland State Employees Classified System Answer: Appointed by the secretary of Labor, Licensing and Regulation What is the effect on purchasers of having received the Maryland Residential Property Disclosure and Disclaimer Statement before signing their contract offer? A. They may rescind contract at any time up to five days after signing B. They may rescind the contract at any time up to three days after signing C. They may not rescind the contract based on any facts the statement discloses D. they may rescind at any time prior to settlement or to taking occupancy Answer: They may not rescind the contract based on any facts the statement discloses Which of the following would meet or exceed the requirement for prescriptive easement in Maryland? A.25 years' continuous use B. 15 years' intermittent use C. 15 years' continuous use D. 25 years' intermittent use Answers: 25 years' continuous use 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 informed B. This is not a violation of the license law if your broker has given you written permission C. This is not a violation of the license law D. This is a violation of the license law Answer: This is a violation of the license law At what minimum level must the Guaranty Fund be maintained at? A. 200,000 B.2,000 C. 250,000 D. 25,000 Answer: 250,000 Which of the following does NOT end presumed buyer representation? A. prospects orally decline presumed representation B. Prospects decide to make an offer for property listed by a company other than the company representing them C. The licensee shows prospects a property listed with the Licensees own firm D. 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 Which of the following is paid biennially? A. Initial Guaranty Fund Fee B. Broker's and Salesperson's original license fee C. Guaranty fund reassessment D. Broker's and Salesperson's license renewal fee Answer: D. Broker's and Salesperson's license renewal fee Answer: Answer: Answer: Answer: