MD Real Estate License Exam Questions and Answers 2024 with complete solution

MD Real Estate License Exam Questions and Answers 2024 with complete solution The buyer must work exclusively with the broker during the term of the agreement. - answerWhich of the following is one of the buyer's responsibilities as stated in the Maryland exclusive buyer agency agreement? -The buyer must work exclusively with the broker during the term of the agreement. -The buyer has seven days to consent to being represented by a designated or dual agency before terminating the agreement. -The buyer must attend three open house events on their own. -The buyer must make a purchase offer on the first property the agent finds that meets the buyer's needs. The address of the property the buyer is purchasing - answerWhich of the following is NOT a required inclusion in a Maryland buyer representation agreement? -Each party's duties and responsibilities to the other -The address of the property the buyer is purchasing -A definite termination date -Compensation details Devon and Courtney will be held to their previous dual agency consent and the transaction will continue unhindered. - answerDevon and Courtney both consented to dual agency when they signed their listing agreement with Chad from Crab Shack Homes, the Eastern Shore's premiere vacation home brokerage. But when another licensee from Crab Shack presented Chad with an offer, the couple got cold claws and decided they didn't want the potential conflict of interest with dual agency and withdrew their consent. Which of the following is NOT a potential outcome? -The buyers may find another broker to represent them. -Devon and Courtney will be held to their previous dual agency consent and the transaction will continue unhindered. -Crab Shack may terminate the listing agreement. -Devon and Courtney may terminate their agency relationship with Crab Shack and find another broker. Jackson, an associate broker, acts as dual agent and designates two salespersons from the brokerage to represent each party. - answerWhich of these scenarios depicts a potentially illegal dual agency arrangement in Maryland? -Corrina gives preliminary consent to dual agency when she signs her listing agreement, then re- affirms her consent when an offer is made. -Sandrine represents the seller in a transaction, and another licensee from her firm represents the buyer. Both parties have consented to dual agency. -Parker represents a seller, and Jane, a licensee with another firm, delivers a buyer customer's offer for that seller's property. -Jackson, an associate broker, acts as dual agent and designates two salespersons from the brokerage to represent each party. Fatima isn't permitted to act as a dual agent. - answerFatima, a salesperson, is hosting an open house in Annapolis for her seller client Ramona. Two interested buyers come in, and after Fatima gives them a tour they tell her they'd like her to represent them in making an offer. Since her seller client has already consented to dual agency, she gladly offers to represent the buyers and helps them write an offer right there at the open house, making sure that they also sign a Consent for Dual Agency form. What's wrong with this scenario? -Fatima must wait until the open house is finished to have her new clients sign the Consent for Dual Agency form. -Fatima isn't permitted to act as a dual agent. -Fatima doesn't need them to sign the Consent for Dual Agency form since her seller client already has. -Fatima needs to reaffirm the seller's dual agency consent before she can help the buyers make their offer. As a sub-agent for the seller - answerCheyenne has been working with a buyer, though they don't have a signed agency agreement. When he finds a house he likes, Cheyenne helps him fill out the offer paperwork and submits it to the seller's agent. In what capacity is Cheyenne contributing to this transaction? -As an agent for the buyer -As a non-agent for the seller -As a sub-agent for the buyer -As a sub-agent for the seller Offering earnest money deposit advice Ministerial acts do not require that the licensee advocate for or advise the customer. Licensees should not use their discretion or judgment in assisting customers. - answerWhich of the following does NOT qualify as a ministerial act under Maryland law? -Answering informational questions about a listing -Offering earnest money deposit advice -Writing a purchase offer as instructed -Granting property access to a home inspector She is out of luck and won't be able to request further action from MREC. - answerMREC received a complaint from Rose, stating that licensee Stan had placed a sign on her property without her permission. As a result, she received a $250 fine from her homeowners association for illegal signage. MREC notified Stan and his broker about the complaint, and Stan's broker responded by sending a copy of an email from Rose, stating that the firm could have a sign installed. As a result, the hearing panel dismissed the claim. What can Rose do now? -She can wait six months and then file another claim. -She can appeal the hearing panel's decision. -She can seek damages, including emotional distress and attorney's fees, from the Guaranty Fund. -She is out of luck and won't be able to request further action from MREC. Make note of the seller's refusal on the agency disclosure, being sure to include the date when you presented it to the person. - answerYou are the buyer's agent and are meeting with the unrepresented seller for the first time. You present the seller with the Understanding Whom Real Estate Agents Represent form and explain that you represent the buyer. You then ask the seller to acknowledge receipt of the agency disclosure, but the seller refuses to sign the form. What do you do? -Make note of the seller's refusal on the agency disclosure, being sure to include the date when you presented it to the person. -Tell the seller that they are required by law to sign the form. -Explain to the seller that unless the disclosure is acknowledged, the transaction cannot continue. -Throw up your hands in disgust and storm out of the room. Her former broker returns them to the commission. - answerWhen Janet, a licensed salesperson, transfers to a new brokerage, what happens to her license and pocket card? -Her former broker gives them to Janet to provide to her new broker. -Her former broker destroys them. -Her former broker returns them to the commission. -Her former broker gives them to the new broker. Five days - answerCharlie and her girlfriend, Frank