Maryland Real Estate Prep COMPLETE
QUESTIONS & SOLUTIONS(GRADED A)
When a salesperson, whose license has not been renewed, negotiates a sale of real property, who is the
commission payable to ? - ANSWER No one
When prospective purchasers first arrive at a brokerage office to find a house to buy, how does the
brokers act require them or be treated ? - ANSWER As customers
Which of the following is TRUE of a salesperson's real estate license ? - ANSWER They must be retained
by the broker or designated manager in their office
What is the maximum amount that a claimant may receive from the guaranty fund on losses from one
transaction ? - ANSWER 50,000
Who may be members of the State Real Estate Commission? - ANSWER UNLICENSED PERSONS AND
LICENSED BROKERS AND SALESPERSONS
Susan Parks must affirmatively disclose the fact that she holds a Maryland Real Estate license when -
ANSWER Advertising her own home for sale
What body sets ethical standards that must be observed by all Maryland real estate licensees? - ANSWER
Maryland Real Estate Commission
What advance notice must developers give to tenants when converting a 10 year old apartment building
into a time share project ? - ANSWER 120 days notice to each tenant
Which of the following is NOT the responsibility of Maryland real estate licensees ? - ANSWER Giving
legal guidance
, A licensee, who is new to the team, has discovered that other team members are recommending a
popular handyman to all their clients due to the handyman's reliability and being the spouse of the team
leader. The handyman is using an MHIC license number from a former employer. The new team member
should - ANSWER Discuss these concerns with the branch manager or the broker while refusing to use
the handyman
Which is true of an employment agreement to list a Maryland property for sale ? - ANSWER It may not
require notice from either the seller or the broker to activate its termination date
If a Maryland seller does not disclose the existence of known deferred water and sewer fees ? - ANSWER
The seller could be obligated to pay the deferred water and sewer fees
Maryland requirements for real estate brokerage office includes all the following except : - ANSWER It
must be a place where the firm regularly conducts insurance sales
Which of the following is TRUE about the 3 hour continuing education course in supervision ? - ANSWER
It must be taken by a new manager within 90 days of taken that positiin
Which of the following relations are NOT addressed in the COMAR code of ethics ? - ANSWER Relations
to the commission
Which statement about Maryland FHA is true? - ANSWER In a multi unit community that is advertised for
and occupied exclusively by , a persons 62 plus, sellers may refuse to to sell a unit for occupancy to a
family with minor children
Which of the following is false regarding a team? - ANSWER At least 2 members and one is a broker
When do regulations require the commissions form UWREA to be utilized ? - ANSWER At the first face to
face meeting with an unrepresented tenant seeking a one year lease
When preparing and presenting a CMA , that statement that begins with "This analysis is not an
appraisal " must be included - ANSWER On the first page of the CMA
QUESTIONS & SOLUTIONS(GRADED A)
When a salesperson, whose license has not been renewed, negotiates a sale of real property, who is the
commission payable to ? - ANSWER No one
When prospective purchasers first arrive at a brokerage office to find a house to buy, how does the
brokers act require them or be treated ? - ANSWER As customers
Which of the following is TRUE of a salesperson's real estate license ? - ANSWER They must be retained
by the broker or designated manager in their office
What is the maximum amount that a claimant may receive from the guaranty fund on losses from one
transaction ? - ANSWER 50,000
Who may be members of the State Real Estate Commission? - ANSWER UNLICENSED PERSONS AND
LICENSED BROKERS AND SALESPERSONS
Susan Parks must affirmatively disclose the fact that she holds a Maryland Real Estate license when -
ANSWER Advertising her own home for sale
What body sets ethical standards that must be observed by all Maryland real estate licensees? - ANSWER
Maryland Real Estate Commission
What advance notice must developers give to tenants when converting a 10 year old apartment building
into a time share project ? - ANSWER 120 days notice to each tenant
Which of the following is NOT the responsibility of Maryland real estate licensees ? - ANSWER Giving
legal guidance
, A licensee, who is new to the team, has discovered that other team members are recommending a
popular handyman to all their clients due to the handyman's reliability and being the spouse of the team
leader. The handyman is using an MHIC license number from a former employer. The new team member
should - ANSWER Discuss these concerns with the branch manager or the broker while refusing to use
the handyman
Which is true of an employment agreement to list a Maryland property for sale ? - ANSWER It may not
require notice from either the seller or the broker to activate its termination date
If a Maryland seller does not disclose the existence of known deferred water and sewer fees ? - ANSWER
The seller could be obligated to pay the deferred water and sewer fees
Maryland requirements for real estate brokerage office includes all the following except : - ANSWER It
must be a place where the firm regularly conducts insurance sales
Which of the following is TRUE about the 3 hour continuing education course in supervision ? - ANSWER
It must be taken by a new manager within 90 days of taken that positiin
Which of the following relations are NOT addressed in the COMAR code of ethics ? - ANSWER Relations
to the commission
Which statement about Maryland FHA is true? - ANSWER In a multi unit community that is advertised for
and occupied exclusively by , a persons 62 plus, sellers may refuse to to sell a unit for occupancy to a
family with minor children
Which of the following is false regarding a team? - ANSWER At least 2 members and one is a broker
When do regulations require the commissions form UWREA to be utilized ? - ANSWER At the first face to
face meeting with an unrepresented tenant seeking a one year lease
When preparing and presenting a CMA , that statement that begins with "This analysis is not an
appraisal " must be included - ANSWER On the first page of the CMA
