Maryland Real Estate Practice Exam

Question 1

A lease with a option must include which of the following statements?

Accepted Answer

THIS IS NOT A CONTRACT TO BUY

Question 2

A person may file for errors on a survey against a land surveyor no more than how many years after the survey was made?

Accepted Answer

15

Question 3

What is required at every residential settlement in Maryland?

Accepted Answer

The settlement officer must offer owners title insurance to the purchaser

Question 4

Which of the following are subject to the Brokers Act when engaged in real estate dealing?

Accepted Answer

reciprocal brokers

Question 5

Which of the following is NOT a role that can be played by licensees in Maryland real estate brokerage?

Accepted Answer

Presumed Buyers Agent

Question 6

In order to be eligible for recordation, a deed should contain

Accepted Answer

the actual consideration paid for the property

Question 7

Form of time-share ownership in which customers buy fractional interests for designated time periods is called

Accepted Answer

time share estate

Question 8

Licensee's owe which of the following duties only to their clients?

Accepted Answer

Loyalty

Question 9

Maryland's residential anti-discrimination exceptions include

Accepted Answer

a homeowner seeking a roommate that shares their race and religion

Question 10

What are the usual steps to obtaining a real estate license?

Accepted Answer

Education, examination, and application

Question 11

In order for work to qualify for a mechanic lien, the work must improve a property by what percentage

Accepted Answer

15%

Question 12

Which are NOT one of the three levels of licenses

Accepted Answer

attorney

Question 13

The limitations on buyer protection from the guaranty fund in any transaction is

Accepted Answer

50,000

Question 14

Real estate licensees are permitted to organize as the following business entity:

Accepted Answer

any recognizable business formation with consent of their broker

Question 15

Landlords may require security deposits of up to

Accepted Answer

two months rent

Question 16

How many brokers can there be in Maryland real estate firm?

Accepted Answer

1

Question 17

Dual Agency requires

Accepted Answer

informed written consent

Question 18

Instead of the policy for title insurance, attorneys can issue

Accepted Answer

certificate of title

Question 19

Listing brokers may divide their commissions with all of the following EXCEPT

Accepted Answer

a referring agent whose license is inactive

Question 20

MD resident purchasers have the right to void contract prior to settlement if discovered the seller failed to disclose

Accepted Answer

ongoing deferred tap fees

Question 21

Types of listing contracts used in Maryland include all of the following EXCEPT

Accepted Answer

net listing

Question 22

Requirements that establish competency in entering real estate include all of the following EXCEPT

Accepted Answer

statute of frauds

Question 23

Which of the following is NOT a role that can be played by licensees in Maryland real estate brokerage?

Accepted Answer

Presumed Buyers Agent

Question 24

Maryland's general (ad valorem) tax assessment is

Accepted Answer

100% of the market value indicated in triennial assessment

Question 25

Which of the following activities may an unlicensed personal assistant perform?

Accepted Answer

Submit listings to a multiple listing service

Maryland Real Estate Practice Exam

Questions 25

Maryland Real Estate Practice Exam

Questions 25