Maryland Law Final Exam Questions and Answers Already Passed

Maryland Law Final Exam Questions and Answers Already Passed Which of the following is NOT a requirement in obtaining a real estate license? a. affiliate with a broker b. pass state exam c. 15 hours of continuing education d. complete required 60 hour course c. 15 hours of continuing education Al, a broker, listed his friend Bills home. Bill just took a job in another city and needed to sell quickly. In order to help Bill, Al told Jay about the home, Bill's new job and his eagerness to move. Jay offered Bill $10,000 less than Bill was asking because of this Al may have violated: a. code of ethics b. license law c. fiduciary responsibilities d. all of the above d. all of the above A complaint is made to the Real Estate Commission about a particular fraudulent act by a licensee. The licensee told the buyers that the woods behind their lot would never be built on, when in fact, a major new highway was to be built there in the next two year. The Commission determined there were ground for disciplinary action. What is the next step to be taken by the Commission: a. the commission may immediately revoke the license of the licensee b. a hearing board will hold a hearing on the matter and file its recommendations with the commission c. the licensee in question will be fined up to $2,000 with an automatic revocation of his/her license d. the licensee may file a stay of decision before the hearing b. a hearing board will hold a hearing on the matter and file it's recommendations with the commission Mary, a salesperson for XYZ Realty is the listing agent on a property. Sally, another salesperson in the same company represents a buyer under a Buyer Broker agreement. The buyer wants to purchase the home Mary listed. Both buyer and seller have agreed in writing to dual agency. How does the Maryland Law apply? a. Mary and Sally are now Intra-Company agents, fully able to represent their respective clients and the broker of XYZ Realty becomes the dual agent. b. The broker becomes the dual agent, but must designate two different salespeople to work with the buyer and seller c. the agency law prohibits dual agency d. none of the above a. Mary and Sally are now Intra-Company agents, fully able to represent their respective clients and the broker of XYZ Realty becomes the dual agent. Deeds and mortgages may be recorded in each county with the: a. office of planning and zoning b. Torrens system c. tax office d. circuit court clerk of each county d. circuit court clerk of each county A person may acquire a prescriptive easement over another's land in Maryland: a. after 10 years continuous use b. after 20 years continuous use c. after 25 years continuous use d. only if it is an easement by necessity b. after 20 years continuous use Which of the following is NOT a violation of the Maryland license law? a. failing to disclose agency status b. working for more than one broker with the consent of each broker c. as a listing agent, suggesting the lowest price a purchaser should offer d. failing to present all offers b. working for more than one broker with the consent of each broker Which of the following is recognized in Maryland? a. Dower b. Curtsey c. Homestead d. Easement by prescription d. Easement by prescription When a deed conveying title to a husband and wife does not specify how title will be held, the law presumes: a. tenants by the entirety b. joint tenants c. tenants in common d. ownership in severalty a. tenants by the entirety The developer of a time share is required to: a. register with state real estate commission b. register with the state treasurer c. register with the local association of realtors d. be a licensed real estate broker a. register with State Real Estate Commission Legal title may be held to property in Maryland in all of the following EXCEPT: a. fee simple determinable b. leasehold c. fee simple absolute d. legal life estate d. legal life estate A contract for the sale of a condominium by its owner (not the developer) is not enforceable unless the owner furnishes the buyer, not later than 15 days prior to the closing: a. a copy of the declaration b. the rules and regulations c. a statement regarding monthly expenses, proposed capital improvements, other fees, financial statements of the condominium and insurance details d. all of the above d. all of the above Debbie just moved to Maryland from another state and wants to buy a house. She has never owned a home in Maryland. Which statement is correct? a. Debbie must have owned a home before in another state b. she qualifies as a first time MD home buyer and is exempt from the state portion of the transfer taxes c. Debbie need a co-signer d. none of the above b. she qualifies as a first time MD home buyer and is exempt from the state portion of the transfer taxes The maximum allowable amount per claim paid from