Maryland Real Estate Salesperson Exam Preparation Resources

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Maryland Real Estate Salesperson exam is pop nowadays. This Maryland Real Estate Salesperson exam contains two parts: National Portion and Maryland State Portion. National Portion part contains 80 multiple-choice questions, and you have 90 minutes to complete part 1. The required passing score is 70%. Maryland State Portion part contains 30 multiple-choice questions, and you have 30 minutes to answer all the questions. The required passing score is 70%. We provide the latest Maryland Real Estate Salesperson exam preparation resources, which are valuable in your preparation. Free Maryland Real Estate Salesperson exam preparation resources are available below.

Page 1 of 4

1. Members of the Maryland Real Estate Commission serve _______ -year terms.

Five

Four

Six

Two

2. In relation to appraisals, what is a "federally related transaction"?

An appraisal that a federally licensed appraiser conducts

A real estate transaction in which a federal financial agency or regulatory authority is involved

A transaction involving the sale of government secrets

A transaction in which financing is obtained from foreign investors

3. Which of the following is one of your duties as a listing agent?

Disclose material facts to the seller only.

Hold confidential all facts from the buyer, even material facts.

Promote your client's interests throughout the entire transaction.

Secure a profit for your client.

4. What happens when a married couple who owns a property as tenants by the entirety divorce?

Their ownership changes to tenants in common.

Their ownership rights terminate.

The one who records title first gets the property.

They become joint tenants with right of survivorship.

5. ________ can be defined as everything that’s not real property.

Land property

Personal property

Private property

Real estate

6. The cost approach to finding an appraised value measures which of the following?

The cost to acquire land and construct a reproduction

The cost to acquire land only

The cost to construct a reproduction only

The expenses the property is expected to produce for the owner

7. Which photograph of a home for sale should not be published for public viewing?

An exterior photo showcasing the pool and outdoor kitchen/bar area

A photo of the billiards room that reveals the owner's collection of antique guns

A photo of the master bathroom that also shows the photographer's arm reflected in the mirror

A wide-angle photo of the renovated kitchen that makes the area look larger than it really is

8. Which of the following is a method a real estate licensee uses to determine an appropriate listing price range?

Appraisal

Comparative market analysis

Market process

Proforma

9. What is it called when a person who has possession of a property through a life estate abuses the property or allows it to deteriorate?

Act of waste

Escheat

Estate at sufferance

Reversionary interest

10. In a real estate transaction, what's a real estate licensee's responsibility regarding household lead hazards for homes built before 1978?

To disclose to buyers that there's lead-based paint in a home

To instruct the seller to remediate the lead-based paint

To make sure all lead is removed by a licensed professional

To remind the sellers to disclose the possible presence of lead-based paint to a buyer

Page 2 of 4

11. A veteran licensee always has a face-to-face meeting before he works with any buyer.

What might be a good reason for this?

To build trust and rapport

To determine the buyer's ethnicity

To get the buyer's FICO score, credit report, and tax receipts

To look the buyer in the eye to see if the buyer is hiding anything

12. An organization with many investors who jointly participate in a real estate investment and must adhere to the rules and regulations of the Securities and Exchange Commission is a

C corporation

Partnership

S corporation

Syndicate

13. What's a foreclosure?

A property sale that occurs in less than one week

A sale that fails to receive a high enough bid at auction and then falls to the bank's ownership

The forced sale of a property due to the borrower defaulting on the mortgage loan

The sale of a property when the market value of the home is less than what is owed, plus closing cost

14. Octogenarians Gertie and Frank both have advanced Alzheimer’s disease and met in Sunset Living, a skilled nursing center for people with advanced Alzheimer’s disease, where they're both residents. They fell in love and get hitched, signing a marriage certificate. This is an example of a _____ contract.

An executory

An implied

An invalid

A valid

15. You represent a buyer of a $1 million property. The seller's agent offers a 2.5% cooperative agent compensation. Who's your client?

The buyer

The seller

The seller's agent

The seller's agent's broker

16. Which type of antitrust violation involves two or more businesses conspiring against another business?

Group boycotting

Market allocation

Price fixing

Tie-in arrangement

17. Edgar is in the process of selling his home in a short sale.

What's a short sale?

A property sale that occurs in less than one week

A sale that fails to receive a high enough bid at auction, and then falls to the bank's ownership

The forced sale of a home due to the borrower defaulting on the mortgage loan

The sale of a property at an amount less than is owed, not including closing costs

18. Assume you are a licensee in Maryland who has recently entered into an agreement with a seller to represent their interests in a real estate transaction. At what point are you required to provide a potential buyer with the agency disclosure notice?

After the buyer deposits the earnest money in escrow

After the seller accepts the buyer's offer

At your first scheduled face-to-face meeting with the buyer about the seller's property

When the buyer asks you to represent them as well

19. A valid deed must contain all of the essential elements, plus which of the following?

It must be approved by the local judge.

It must be in nuncupative form.

It must be in writing.

It must be sent to all parties via registered mail.

20. A buyer can submit the earnest-money deposit in the form of _______.

A personal check

A post-dated check

A promissory note

Verbal assurance

Page 3 of 4

21. What do you call the person or entity that oversees trust or escrow money?

Escrow agent

Escrow master

Mortgage agent

Special agent

22. How does the income from property taxes benefit the community?

It’s used to build high-end housing.

It’s used to build new shopping malls.

It’s used to determine property tax increases.

It’s used to fund essential services and public works.

23. Which of the following from property taxes benefits the community?

It’s used to build high-end housing.

It’s used to build new shopping malls.

It’s used to determine property tax increases.

It’s used to fund essential services and public works.

24. Which of the following is a potential drawback to a real property exchange?

Deferment

Depreciation

Equity

Taxable gains

25. What’s an MLS?

A classified advertising site that charges by the column inch

A free service for real estate professionals and the public

An online database of active, under contract, sold, expired, and withdrawn listings

A proprietary site open only to real estate professionals

26. How can a licensee avoid crossing the line into unauthorized legal advice when explaining contract provisions?

By advising the client on landlord/tenant responsibilities

By describing the legal implications of contract clauses in detail

By drafting new contract language to suit the client’s needs

By explaining the general purpose of the contract clause without interpreting its legal impact

27. Why would a buyer want to know whether any additions or alterations were made to a property?

So the buyer can decide whether a price reduction is in order

So the buyer can determine if permits were pulled

So the buyer can remove these items prior to closing

So the buyer can use the same contractor for additional additions and alterations

28. What regulation or regulatory authority identifies sites that have hazardous substances, and requires the responsible parties to clean them up?

Comprehensive Environmental Response, Compensation, and Liability Act

Department of Housing and Urban Development

State Department of Environmental Quality

The National Environmental Policy Act

29. Once signed, the listing agreement is a legally binding contract between

The buyer and seller

The buyer’s agent and seller

The listing broker and seller

The seller and lender

30. Between commercial and residential properties, which type of property is depreciated for a longer time?

Both commercial and residential income-producing properties are depreciated according to the same schedule.

Commercial income-producing properties are depreciated longer (39 years) than residential income-producing properties (27.5 years) are.

Residential income-producing properties are depreciated longer (39 years) than commercial income-producing properties (27.5 years) are.

You cannot depreciate income-producing properties.

Page 4 of 4

31. When operating under a power of attorney concerning the transfer of real property, who may sign in place of the principal?

Agent

County clerk

Grantee

Principal

32. How does the building department ensure that a builder who has obtained a permit builds according to code?

The builder is required to submit to weekly inspections performed by peers in the industry.

The builder signs an affidavit to that effect.

The builder submits a monthly progress report.

The building department sends inspectors to inspect the work.

33. Why are legal descriptions required in real estate contracts?

To calculate the exact property taxes owed by the new owner

To ensure the piece of property can be clearly identified from all other properties

To establish the legal boundaries for future construction on the property

To guarantee the buyer is receiving the exact property they believe they are purchasing

Maryland Real Estate Salesperson Exam Preparation Resources

Maryland Real Estate Salesperson Exam Preparation Resources

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