MD Real Estate Study Guide Questions and
Answers
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Terms in this set (196)
According to the rule of By paying four points up front
thumb, how can a
borrower lower the
interest rate on a loan by
1%?
After a life estate holder Fee simple....At the end of a life estate, the
dies and ownership rights reversionary owner or remainderman hold a fee
have either reverted to the simple estate.
original owner or have
been transferred to a
remainderman, with what
type of estate is the
property held?
Agency may be legally The principal broker becomes incapacitated.
terminated in which of the
following ways?
All terms and conditions Never
the client authorizes must
be specified and included
in an offer to sell or buy.
When is it acceptable to
offer the property under
other terms?
,Amira's seller Tom just If they see the report, they'll be required to disclose
received the news that his any adverse findings.
buyers are walking away
from the sale. They weren't
willing to proceed after
they saw the inspection
report. Neither Amira nor
Tom has requested a copy
of the report. What's the
most likely reason for
that?
Ann Marie is a tenant with Taxes, maintenance, insurance
a triple net lease. Per her
lease, she pays for which
of the following expenses
related to the property?
Another term for a Another term for a valuation is a formal appraisal. This
valuation is ______. is a professional appraiser's unbiased opinion of value.
As a licensee, you'll have Review transaction documents with the buyer,
several tasks you must clarifying anything that could be confusing, without
perform for your buyer stepping outside the scope of your license
client. One of these tasks
is to ______.
An attorney receives a This isn't a federally related transaction and under
request to have an federal law an appraisal isn't required.
appraisal performed on a
property inheritance that
she is transferring from
her deceased client's
estate to his heir. Which of
these statements is true?
, Bernie represented Oscar Yes, because exclusive right to sell means Bernie gets
in the sale of Oscar's paid no matter who finds the buyer.
home. They signed an
exclusive right to sell
listing agreement. If Oscar
was able to find his own
buyer, would he owe
Bernie a commission?
Bob signed a contract to A rescission is a definitive end of the parties'
purchase Ingrid's commitments under an agreement—one in which the
apartment building. Bob parties are returned to their pre-contract status. Each
decided he didn't want to party gives back anything he or she received under
be a landlord, and Ingrid the contract.
decided she didn't want to
sell and move to Maui.
They mutually agreed to
cancel the contract and
Ingrid returned Bob's
earnest money. This is
referred to as ______.
Brenda represents Tina in Fiduciary....Fiduciary duties include obedience, loyalty,
a real estate transaction. disclosure, confidentiality, accounting, and
She therefore owes Tina reasonable skill and care.
______ duties, such as
confidentiality, obedience,
and reasonable skill and
care.
Answers
Save
Terms in this set (196)
According to the rule of By paying four points up front
thumb, how can a
borrower lower the
interest rate on a loan by
1%?
After a life estate holder Fee simple....At the end of a life estate, the
dies and ownership rights reversionary owner or remainderman hold a fee
have either reverted to the simple estate.
original owner or have
been transferred to a
remainderman, with what
type of estate is the
property held?
Agency may be legally The principal broker becomes incapacitated.
terminated in which of the
following ways?
All terms and conditions Never
the client authorizes must
be specified and included
in an offer to sell or buy.
When is it acceptable to
offer the property under
other terms?
,Amira's seller Tom just If they see the report, they'll be required to disclose
received the news that his any adverse findings.
buyers are walking away
from the sale. They weren't
willing to proceed after
they saw the inspection
report. Neither Amira nor
Tom has requested a copy
of the report. What's the
most likely reason for
that?
Ann Marie is a tenant with Taxes, maintenance, insurance
a triple net lease. Per her
lease, she pays for which
of the following expenses
related to the property?
Another term for a Another term for a valuation is a formal appraisal. This
valuation is ______. is a professional appraiser's unbiased opinion of value.
As a licensee, you'll have Review transaction documents with the buyer,
several tasks you must clarifying anything that could be confusing, without
perform for your buyer stepping outside the scope of your license
client. One of these tasks
is to ______.
An attorney receives a This isn't a federally related transaction and under
request to have an federal law an appraisal isn't required.
appraisal performed on a
property inheritance that
she is transferring from
her deceased client's
estate to his heir. Which of
these statements is true?
, Bernie represented Oscar Yes, because exclusive right to sell means Bernie gets
in the sale of Oscar's paid no matter who finds the buyer.
home. They signed an
exclusive right to sell
listing agreement. If Oscar
was able to find his own
buyer, would he owe
Bernie a commission?
Bob signed a contract to A rescission is a definitive end of the parties'
purchase Ingrid's commitments under an agreement—one in which the
apartment building. Bob parties are returned to their pre-contract status. Each
decided he didn't want to party gives back anything he or she received under
be a landlord, and Ingrid the contract.
decided she didn't want to
sell and move to Maui.
They mutually agreed to
cancel the contract and
Ingrid returned Bob's
earnest money. This is
referred to as ______.
Brenda represents Tina in Fiduciary....Fiduciary duties include obedience, loyalty,
a real estate transaction. disclosure, confidentiality, accounting, and
She therefore owes Tina reasonable skill and care.
______ duties, such as
confidentiality, obedience,
and reasonable skill and
care.
