Released Real Estate Maryland-Real-Estate-Salesperson Updated Questions PDF
Maryland-Real-Estate-Salesperson Dumps and Practice Test (214 Exam Questions)
NEW QUESTION # 55
Which comments field in an MLS listing may contain gate, lockbox, and security code information with the seller's written permission?
- A. General
- B. Private
- C. Public
- D. Seller
Answer: B
Explanation:
The brokerage operations/MLS compliance section explains that sensitive showing instructions-such as gate codes, lockbox combinations, alarm details, and security instructions-must not appear in public- facing remarks. With the seller's written permission, these details, when necessary, may be placed only in
"Private" (Agent) Remarks, which are visible to MLS participants/subscribers (licensees) but not to the public. This protects seller security and complies with MLS rules and professional standards on advertising and confidentiality.
References (Course Outline/Study Topics):
Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course - "Real Estate Brokerage Operations" (MLS usage and compliance: public vs. private/agent remarks, confidentiality, seller permissions for showing/access instructions).
NEW QUESTION # 56
According to the Maryland Code of Ethics, which statement most accurately describes a licensee's responsibility related to written offers on their listings?
- A. All formal written offers received by the licensee must be presented to the owner until the seller accepts an offer.
- B. A licensee is only required to present formal written offers that are equal to or more than the listing price.
- C. All formal written offers received by the licensee must be presented to the owner, even after the seller accepts an offer.
- D. A licensee is only required to present formal written offers within a certain range of the listing price of the property.
Answer: A
Explanation:
Comprehensive and Detailed
Under COMAR 09.11.02.33A(5) and the Maryland Code of Ethics, a licensee must promptly present all written offers to the property owner until an offer has been accepted. After acceptance, new offers need not be presented unless the seller specifically requests. This rule ensures fair treatment and full disclosure to clients while maintaining professional standards of practice.
NEW QUESTION # 57
What type of ownership do most corporations use to hold real property?
- A. Common
- B. Trust
- C. Joint tenancy
- D. Severalty
Answer: D
Explanation:
Comprehensive and Detailed
A corporation is a single legal entity, separate from its shareholders. When it holds title to real property, ownership is in severalty, meaning "sole" ownership by one legal person. Unlike joint tenancy or tenancy in common, there are no co-owners in severalty; the corporate entity alone holds all rights of ownership. This principle is highlighted in the ownership portion of the Maryland pre-licensing curriculum.
NEW QUESTION # 58
Janice's life tenant, Jacob, is currently living on her property. Once Jacob dies, Janice has arranged for the property to be given to the School for the Gifted. What interest does the School for the Gifted currently have?
- A. Ownership
- B. Remainder
- C. Possession
- D. Reversionary
Answer: B
Explanation:
When a life estate is measured by the life of a life tenant (Jacob) and the grantor (Janice) specifies that, upon the life tenant's death, the property passes to a third party, that third party holds a remainder interest (a present, non-possessory future interest). If the property were set to return to the grantor instead, the grantor would hold a reversionary interest.
References: Maryland 60-Hour Course - Interests in Real Estate module (freehold estates, life estates, remainder vs. reversion; present vs. future interests).
NEW QUESTION # 59
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?
- A. When the buyer asks you to represent them as well
- B. After the seller accepts the buyer's offer
- C. After the buyer deposits the earnest money in escrow
- D. At your first scheduled face-to-face meeting with the buyer about the seller's property
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:
Maryland law requires that a licensee acting as a seller's agent must provide any unrepresented buyer with the "Understanding Whom Real Estate Agents Represent" disclosure at the first scheduled face-to-face meeting about a specific property.
The purpose is to ensure that consumers understand who represents whom before discussing confidential or motivational information.
This rule is clearly detailed in the Maryland Agency Law module of the pre-licensing course.
Reference (Maryland Source):
- Maryland 60-Hour Principles and Practices Course, Maryland Agency Law section.
- Business Occupations and Professions Article §17-530 through §17-534.
- COMAR 09.11.07.01 - Agency Disclosure Requirements.
NEW QUESTION # 60
What type of property is a condominium?
- A. A condo is a multi-family property.
- B. A condo always includes landownership.
- C. A condo is a single-family property.
- D. A condo has a proprietary lease.
Answer: A
Explanation:
Comprehensive and Detailed
A condominium is a form of ownership, not a type of structure.
It typically consists of multiple units (multi-family or multi-unit buildings) in which each owner holds title to their individual unit and shares ownership of common areas (e.g., hallways, pools, grounds) through the condominium association.
This differs from a cooperative (co-op), where residents hold shares and a proprietary lease.
Reference:
Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course - "Forms of Real Estate Ownership" Module Maryland Condominium Act, Real Property Article §11-101 et seq.
NEW QUESTION # 61
Dan is buying Chuck's property, which is listed with Nevin's brokerage. Who are the parties to the exclusive right-to-sell listing agreement?
- A. Dan, Chuck, and Nevin
- B. Dan and Nevin
- C. Dan and Chuck
- D. Chuck and Nevin's brokerage
Answer: D
Explanation:
The course states that an exclusive right-to-sell listing is a brokerage employment agreement between the seller and the listing brokerage (through the authorized broker), not with the buyer. The listing contract authorizes the brokerage to market the property and earn compensation upon a sale during the listing term, regardless of who procures the buyer. Therefore, the parties are the seller (Chuck) and the listing brokerage (Nevin's brokerage).
References: Maryland 60-Hour Principles and Practices of Real Estate - Listing Agreements: parties to the agreement, broker's authority, and compensation provisions in exclusive right-to-sell listings.
NEW QUESTION # 62
What formula would you use to calculate the total amount a seller needs to receive after paying a commission to the real estate agent?
- A. Sales price × (100% - commission rate)
- B. Sales price - (100% - commission rate)
- C. Sales price ÷ (100% - commission rate)
- D. (Net amount + mortgage or other expenses) ÷ (100% - commission rate)
Answer: A
Explanation:
Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:
The net to seller calculation determines how much the seller will receive after the broker's commission and other costs are deducted from the sales price.
The correct formula is:
Net to Seller = Sales Price × (100% - Commission Rate)
For example, if a home sells for $300,000 and the commission rate is 6%, the seller's net before other expenses is:
$300,000 × (100% - 6%) = $300,000 × 94% = $282,000.
This formula is a required competency under the Math for Real Estate and Practical Applications unit of the Maryland pre-licensing course.
NEW QUESTION # 63
What instruments are commonly used to secure the purchase of real property?
- A. Mortgage and deed of trust
- B. Deed of trust and promissory note
- C. Mortgage and lease
- D. Mortgage and promissory note
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:
A promissory note is a borrower's written promise to repay a specified amount of money under agreed terms.
A mortgage is the security instrument that pledges real property as collateral for that note.
Together, they form the legal and financial foundation for most real estate loans.
If the borrower defaults, the lender may foreclose on the property under the rights granted by the mortgage.
The Maryland 60-Hour Course explains that while some states use deeds of trust instead of mortgages, Maryland primarily uses mortgages and promissory notes in conventional real estate financing.
Reference:
Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course - "Real Estate Financing" Module Md. Real Property Article §7-105 - Mortgage and Foreclosure Provisions.
NEW QUESTION # 64
Why should buyers be cautious when considering a property with an older tank (e.g., septic or fuel tank)?
- A. Buyers don't need to know.
- B. Older tanks may leak and contaminate the ground.
- C. The buyer will need to check if the tank is correctly sized.
- D. The buyer may want to use the tank.
Answer: B
Explanation:
Comprehensive and Detailed
Underground storage tanks (USTs), particularly older ones made of steel, may corrode and leak, releasing hazardous substances such as oil or fuel into the soil and groundwater.
Maryland environmental law and the 60-Hour Course emphasize that sellers must disclose known environmental hazards, and buyers should be aware of potential remediation costs.
The Maryland Department of the Environment (MDE) regulates USTs, requiring proper registration, maintenance, and closure procedures to prevent contamination.
NEW QUESTION # 65
Who is typically responsible for paying the commission to a listing agent in a real estate transaction?
- A. The buyer and the seller
- B. The seller
- C. The buyer
- D. The buyer and the licensee
Answer: B
Explanation:
In Maryland, agency exists when a licensee represents a client under a brokerage agreement. If the seller has a written listing agreement with a broker, the seller is the client.
An unrepresented buyer is considered a customer, not a client. The licensee owes customers limited duties- honesty, fair dealing, and disclosure of material facts-but does not owe fiduciary duties such as loyalty, confidentiality, or obedience.
Therefore, in this case, the seller is the only client.
Reference: Maryland 60-Hour Principles and Practices - "Law of Agency" module; Maryland Business Occupations and Professions Article 17-530-17-532.
NEW QUESTION # 66
What is one drawback of sub-agency from a listing broker's standpoint?
- A. There aren't any drawbacks.
- B. Both parties must agree to dual agency.
- C. The listing broker will have to pay two agents' commissions.
- D. The listing broker and listing agent can be liable for the sub-agent's actions.
Answer: D
Explanation:
Under sub-agency, a cooperating broker or licensee assists the listing broker in selling the property and represents the seller as a sub-agent of the listing broker.
A key drawback is that the listing broker is legally responsible for the sub-agent's actions because the sub- agent owes fiduciary duties to the same principal (the seller).
Any misrepresentation, negligence, or violation by the sub-agent can expose the listing broker to disciplinary action or civil liability.
This is why many Maryland brokers now prefer buyer agency over sub-agency.
Reference (Maryland Source):
- Maryland 60-Hour Principles and Practices Course, Agency Relationships and Sub-Agency section.
- Business Occupations and Professions Article 17-534.
NEW QUESTION # 67
How many approaches to value do appraisers generally use?
- A. One
- B. Four
- C. Three
- D. Two
Answer: C
Explanation:
Appraisers generally employ three approaches to value: the Sales Comparison Approach (market data), the Cost Approach (replacement/reproduction cost minus depreciation plus land value), and the Income Approach (capitalizing net operating income). Maryland's pre-licensing curriculum teaches all three as standard methodology, with applicability depending on property type and data availability.
References: Maryland 60-Hour Principles & Practices Course - Real Estate Appraisal and Valuation (sales comparison, cost, and income approaches; reconciliation).
NEW QUESTION # 68
Which photograph of a home for sale should not be published for public viewing?
- A. A wide-angle photo of the renovated kitchen that makes the area look larger than it really is
- B. An exterior photo showcasing the pool and outdoor kitchen/bar area
- C. A photo of the master bathroom that also shows the photographer's arm reflected in the mirror
- D. A photo of the billiards room that reveals the owner's collection of antique guns
Answer: D
Explanation:
The course stresses that licensees must protect a seller's privacy and personal security when marketing property. Photos that display personal possessions such as firearms, medications, financial documents, or valuables should never be published. Revealing these items can create a safety and liability risk for the seller and may violate professional ethical standards regarding confidentiality.
Therefore, the image showing the owner's collection of antique guns should not be made public.
Reference (Maryland Source):
- Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course, Listing and Marketing Property section.
- Maryland Code of Ethics for Real Estate Licensees, COMAR 09.11.02.01 et seq.
NEW QUESTION # 69
Kip is a sub-agent working with a buyer customer, Charlie, for Sheila's listing of May's property. To whom does Kip owe his loyalty?
- A. Sheila and May
- B. Charlie
- C. May
- D. Sheila and Charlie
Answer: C
Explanation:
Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:
In a sub-agency relationship, the cooperating licensee (sub-agent) works with a buyer but represents the seller, not the buyer.
Kip, as a sub-agent, owes fiduciary duties of loyalty, obedience, confidentiality, and disclosure to the seller (May), the same client represented by Sheila, the listing agent.
The buyer, Charlie, is treated as a customer, not a client, meaning no fiduciary obligations exist beyond honesty and fair dealing.
This principle is covered in Maryland's Law of Agency and Brokerage Operations modules.
Reference (Maryland Source):
- Maryland 60-Hour Principles and Practices Course, Agency Relationships and Sub-Agency sections.
- Business Occupations and Professions Article §17-530 - §17-534.
NEW QUESTION # 70
Which of the following is an example of positive misrepresentation?
- A. An agent knowingly made a false statement that caused harm.
- B. An inadvertent error occurred.
- C. It results in a positive outcome.
- D. An agent made an unintentional error that resulted in a positive outcome.
Answer: A
Explanation:
In real estate, positive (affirmative) misrepresentation occurs when a licensee makes an affirmative statement of fact that is false. When the statement is knowingly false and causes reliance and harm, it rises to fraudulent misrepresentation-but it is still a positive (affirmative) misrepresentation because it is an overt, false assertion (as opposed to concealment/nondisclosure, sometimes called passive misrepresentation).
* Option A describes an affirmative false statement that causes harm (i.e., a classic example of positive misrepresentation; intent makes it fraudulent).
* Options B and C describe innocent/negligent errors but don't clearly state an affirmative false statement of material fact.
* Option D confuses "positive" with "beneficial outcome," which is not what the term means.
References (Maryland Pre-Licensing Core Content):
* Maryland 60-Hour Course: "Real Estate Brokerage and the Law of Agency" (truthful dealing; material facts; affirmative vs. passive misrepresentation; fraudulent vs. negligent vs. innocent misrepresentation).
* COMAR 09.11.02 (standards of practice: honesty, fair dealing, and prohibition against misrepresentation).
NEW QUESTION # 71
What is self-dealing?
- A. Having undisclosed personal interest in a transaction
- B. Profiting from the sale of a property
- C. Insinuating your interest into a contract
- D. Profiting from the purchase of a property
Answer: A
Explanation:
Within the Agency/Fiduciary Duties portion of the course, self-dealing is identified as a breach of fiduciary duty that occurs when a licensee has a personal interest in a transaction and fails to disclose it fully and obtain informed consent. Examples include purchasing a client's property for oneself (or through an undisclosed third party), steering a client to a business in which the licensee has a hidden financial stake, or otherwise placing personal gain ahead of the client's interests without disclosure. Maryland law requires full disclosure of material interests and adherence to fiduciary duties of loyalty, disclosure, and obedience.
References: Maryland 60-Hour Principles and Practices of Real Estate - Maryland Agency Law: fiduciary duties, conflicts of interest, disclosure requirements, and prohibitions on self-dealing.
NEW QUESTION # 72
A buyer can submit the earnest-money deposit in the form of _______.
- A. Verbal assurance
- B. A post-dated check
- C. A personal check
- D. A promissory note
Answer: C
Explanation:
Comprehensive and Detailed
Maryland license law allows the earnest-money deposit (good-faith deposit) to be paid in cash, certified funds, or personal check, provided the terms are disclosed in the sales contract. A post-dated check or promissory note is not considered "good funds" unless all parties agree in writing. Verbal assurances never satisfy the deposit requirement. The broker must promptly deposit the funds in a designated trust (escrow) account.
NEW QUESTION # 73
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